Name: Jerome Hayden Powell
Born: February 4, 1953
Occupation: Attorney, banker and Federal Reserve official
Jerome Powell was born in Washington, D.C. on February 4, 1953. He is the son of Jerome Powell, a lawyer, and Patricia Hayden.
Jerome studied at the Georgetown Preparatory School, a Jesuit university-preparatory school. In 1975, he graduated from Princeton University, earning a Bachelor of Arts in politics. Four years later, he received a Juris Doctor from the Georgetown University Law Center.
He has been married to Elissa Leonard, vice chair of the board of managers at Chevy Chase Village. They have three children: Lucy, Sam, and Susie. The family presently resides in Chevy Chase Village.
One of Jerome’s first gigs was a legislative assistant to Pennsylvania Senator Richard Schweiker, who attempted to run for Vice President with Ronald Reagan in 1976. He was also the editor-in-chief of the Georgetown Law Journal.
In 1979, Jerome relocated to New York City, to serve as a clerk to Judge Ellsworth Van Graafeiland and as an attorney in private practice. Between 1984 and 1990, Jerome was hired by Dillon, Read & Co., an investment bank, and would eventually become a vice president.
Once his tenure at the investment bank was complete, Jerome was employed at the United States Treasury Department, later appointed to the position of Under Secretary of the Treasury of Domestic Finance by President George H.W. Bush. He left after just a couple of years, and was tapped by the Bankers Trust as a managing director. Until 2005, Jerome was a partner at The Carlyle Group, and then founded Severn Capital Partners, a private investment firm.
In 2011, President Barack Obama nominated Jerome to the Federal Reserve Board of Governors. In November 2017, President Donald Trump nominated Jerome to serve as the Chair of the U.S. central bank, which was approved 22-1 in the Senate.
Jerome is considered to be the same as his predecessor, Janet Yellen: a monetary dove, who supports liberal legislation in the banking system and other progressive policies.
He has been a part of non-profit organizations and think-tank groups, such as Bipartisan Policy Center, DC Prep, Bendheim Center for Finance at Princeton University, and The Nature Conservancy.
We estimate that Jerome Powell’s net worth is $112 million (2017).
So how much is $112 million really?
$112 million would cover just a fraction of the $4.5 trillion balance sheet held by the Federal Reserve. $112 million would also cover only a fraction of the $250 billion in interest payments the U.S. government makes every year just to service its $20 trillion debt.