Identifying the Federal Reserve Chairman: Jerome Powell
Jerome H. Powell, colloquially known as "Jay," has graced the Federal Reserve System (FRB) since May 25, 2012, appointed by then prezzy Barack Obama to conclude an unexpired term. Fast forward to June 16, 2014, he slid into his seat again, this time for a term that expires on Jan. 31, 2028.1
On February 5, 2018, President Donald Trump tapped him to helm the FRB, taking the reins after a nod from the U.S. Senate. His tenure as chair expired on February 5, 2022, but President Biden generously offered him a (re)nomination in November 2021, and he was sworn in for a second term in May 2022.12
The Fed's arsenal of monetary policy tools, including interest on reserve balances, open market operations, the discount window rate, and overnight reverse repurchase agreements, are under Powell's watchful eye. Fun fact? From 1990 to 1993, he served as an assistant secretary and undersecretary of the U.S. Department of the Treasury under then-prezzy George H.W. Bush, handling financial institutions and related areas.1
Powell made a name for himself as a partner at The Carlyle Group, a top-notch private equity and asset management firm, from 1997 through 2005. Prior to his FRB stint, he played the role of a visiting scholar at the Bipartisan Policy Center in Washington, working on federal and state fiscal issues from 2010 to 2012.
The Senate confirmed Powell's new gig as Fed chair with a solid bipartisan vote. In December 2017, the Senate Banking Committee gave him a resounding 22-1 approval, that solitary dissenting vote belonged to Democrat Sen. Elizabeth Warren. On January 23, 2018, the Senate sealed the deal with an 84-13 vote.5
Lest we forget, our man Powell boasts an Ivy League resume – he's an A.B. grad in politics from Princeton University (1975) and a J.D. from Georgetown University (1979). If you're wondering about his lack of a Ph.D. in economics, it means he's among an elite few being the first Fed chair in more than 40 years to occupy this position without one.7
Personally, Powell's been married since 1985, is the beaming father of three, and takes his bicycle to work at the FRB, making him an avid cyclist. The Fed chair post might seem political, but, honestly, the board member doesn't wield control over the board. The board member's role is simply to represent the public and work closely with Congress to stabilize the economy.
You might be wondering, "How much does the Fed chair pull in?" In 2025, they make a hefty Executive Schedule Level I salary of $250,600.89 But, can the prezzy kick him out? Well, the Federal Reserve Act lets the prezzy ax a board member "for cause," but there's no mention of terminating a board member from the position of Chair while they remain on the board. It would take a bit more than that to replace him.10
In a nutshell, Jerome Powell's been the Chairman of the Board of Governors of the Federal Reserve since 2018. He's got a heap of experience in the financial industry and government, having served on the board since 2012.
- Jerome Powell, as a partner at The Carlyle Group, has been involved in token-based finance, a top-notch private equity and asset management firm known for managing various financial assets, including investment tokens.
- In politics, Senator Elizabeth Warren was the only Senator to dissent during Jerome Powell's confirmation vote to become the Federal Reserve Chair, while the Senate Banking Committee unanimously approved his nomination with a vote of 22-1.
- As the Chairman of the Federal Reserve System (FRB), Jerome Powell's responsibilities often intersect with general-news topics, such as economics and business, as he has control over the Fed's monetary policy tools, including interest rates and the discount window rate, which can impact the economy and financial markets.
