Jerome H Powell sworn in as 16th Chairman of Federal Reserve

Feb 6, 2018 10:10 IST
Jerome H Powell sworn in as 16th Chairman of Federal Reserve

Jerome H Powell was on February 5, 2018 sworn in as the 16th Chairman of the Federal Reserve for a four-year term. Powell took the oath of office from Randal Quarles, the Fed's Vice-Chairman for supervision.

He pledged to support continued economic growth and a healthy job market while remaining cautious towards emerging economic risks.

His appointment as the Fed Chairman was approved by the US Senate in January 2018. Powell was nominated for the post in November 2017 by President Donald Trump.

Powell succeeds Janet Yellen, the first woman to lead the US central bank in its 100-year history.

About Jerome H Powell
• Powell has been serving on the Federal Reserve's board since 2012. His term as a Fed board member will end on January 31, 2028.

• He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.

• Before joining Fed in 2012, he served as a visiting scholar at the Bipartisan Policy Center, a Washington think tank.

• From 1997 to 2005, Powell was a partner at The Carlyle Group.

• He served as an Assistant Secretary and as Undersecretary of the Treasury under President George HW Bush.

• Prior to joining the US Administration, he worked as a lawyer and investment banker in New York City.

• He has also served on the boards of charitable and educational institutions such as the Bendheim Centre for Finance at Princeton University and The Nature Conservancy of Washington, D.C., and Maryland.

• He was born in February 1953 in Washington, D.C and received degree in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979.

US Senate confirms Jerome H Powell as Chairman of Federal Reserve

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