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Jerome Hayden "Jay" Powell (born February 4, 1953) is an American attorney and investment banker who has served as the 16th chair of the Federal Reserve since 2018. After earning a degree in politics from
Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...
in 1975 and a Juris Doctor from Georgetown University Law Center in 1979, he moved to investment banking in 1984, and worked for several financial institutions, including as a partner of
The Carlyle Group The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and ...
. In 1992, Powell briefly served as under secretary of the Treasury for domestic finance under President George H. W. Bush. Powell left Carlyle Group in 2005 and founded Severn Capital Partners, a private investment firm. He was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012, before returning to public service. He became a member of the Federal Reserve Board of Governors after being nominated to the post by President
Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party (United States), Democratic Party, Obama was the first Af ...
in 2012, he was subsequently elevated to chairman by President
Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of P ...
(succeeding Janet Yellen), and renominated to the position by President Joe Biden. Powell built his reputation in Washington during the Obama administration as a consensus-builder and problem-solver. Powell received bipartisan praise for the actions taken by the Federal Reserve in early 2020 to combat the financial effects of the
COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
. As the Federal Reserve continued to apply high levels of monetary stimulus to further raise asset prices and support growth, some observers perceived a disconnect between asset prices and the economy. Powell has responded by arguing that supporting the Fed's dual mandate of stable prices and full employment outweighed concern over high asset prices. ''
Time Time is the continued sequence of existence and event (philosophy), events that occurs in an apparently irreversible process, irreversible succession from the past, through the present, into the future. It is a component quantity of various me ...
'' said the scale and manner of Powell's actions had "changed the Fed forever" and shared concerns that he had conditioned Wall Street to unsustainable levels of monetary stimulus to artificially support high asset prices. In November 2020, ''
Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...
'' called Powell "Wall Street's Head of State," as a reflection of how dominant Powell's actions were on asset prices and how profitable his actions were for Wall Street. Nearing the end of his first year in the White House, President Biden nominated Powell for a second term as Federal Reserve Chair, and the Senate Banking Committee approved of his renomination with only one dissenting vote; he was confirmed to a second term in an 80-19 vote on May 12, 2022. Following President Biden's renomination of Powell, the Fed Chairman retired his previous words "transitory inflation", and indicated a reduction in Quantitative easing (QE) and Mortgage-backed security (MBS) purchases due to high inflation, with the CPI reading in November 2021 having reached 6.8% according to the Bureau of Labor Statistics, the highest level in 40 years.


Early life and education

Powell was born on February 4, 1953, in Washington, D.C., as one of six children to Patricia (née Hayden; 1926–2010) and Jerome Powell (1921–2007), a lawyer in private practice. His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law at Catholic University of America and later a lecturer at Georgetown Law School. He has five siblings: Susan, Matthew, Tia, Libby, and Monica. In 1972, Powell graduated from Georgetown Preparatory School, a Jesuit
university-preparatory school A college-preparatory school (usually shortened to preparatory school or prep school) is a type of secondary school. The term refers to public, private independent or parochial schools primarily designed to prepare students for higher educatio ...
. He received a
Bachelor of Arts Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...
in
politics Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies ...
from
Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...
in 1975, where his senior thesis was titled "''South Africa: Forces for Change''". In 1975–76, he spent a year as a legislative assistant to Republican Pennsylvania Senator Richard Schweiker. Powell earned a Juris Doctor degree from Georgetown University Law Center in 1979, where he was
editor-in-chief An editor-in-chief (EIC), also known as lead editor or chief editor, is a publication's editorial leader who has final responsibility for its operations and policies. The highest-ranking editor of a publication may also be titled editor, managing ...
of the ''
Georgetown Law Journal ''The Georgetown Law Journal'' is a student-edited law review, scholarly journal published at Georgetown University Law Center. It is the flagship law review of the Georgetown University Law Center. Overview The ''Georgetown Law Journal'' is h ...
''.


Career


Legal and investment banking

In 1979, Powell moved to
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, Powell was a lawyer with
Davis Polk & Wardwell Davis Polk & Wardwell LLP, better known as Davis Polk is a white-shoe, international law firm headquartered in New York City with 980 attorneys worldwide and offices in Washington, D.C., Northern California, London, Paris, Madrid, Hong Kon ...
, and from 1983 to 1984, he worked at the firm of Werbel & McMillen. From 1984 to 1990, Powell worked at Dillon, Read & Co., an
investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...
, where he concentrated on financing, merchant banking, and mergers and acquisitions, rising to the position of vice president. Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time
Nicholas F. Brady Nicholas Frederick Brady (born April 11, 1930) is an American politician from the state of New Jersey, who was the United States Secretary of the Treasury under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating t ...
, the former chairman of Dillon, Read & Co., was the
United States Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush. During his stint at the Treasury, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its traders submitted false bids for a United States Treasury security. Powell was also involved in the negotiations that made Warren Buffett the chairman of Salomon. In 1993, Powell began working as a managing director for
Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corp ...
. He left in 1995 after the bank suffered irreparable reputational damage when some complex
derivative In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. ...
transactions caused large losses for major corporate clients. He then went back to work for Dillon, Read & Co. From 1997 to 2005, Powell was a partner at
The Carlyle Group The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and ...
, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund. After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector. In 2008, Powell became a managing partner of the Global Environment Fund, a
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...
and
venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which h ...
firm that invests in sustainable energy. Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a
think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-govern ...
in Washington, D.C., where he worked on getting Congress to raise the
United States debt ceiling The United States debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury, thus limiting how much money the federal government may pay on the debt they already borrowed. The d ...
during the
United States debt-ceiling crisis of 2011 The 2011 United States debt-ceiling crisis was a stage in the ongoing political debate in the United States Congress about the appropriate level of government spending and its effect on the national debt and deficit. The debate centered on th ...
. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling. He worked for a salary of $1 per year.


Federal Reserve Board of Governors (2012–2018)

In December 2011, along with
Jeremy C. Stein Jeremy Chaim Stein (born October 17, 1960) is an American macroeconomist and the Moise Y. Safra Professor of Economics at Harvard University; he also chaired Harvard's economics department. He served as a member of the Federal Reserve Board of Go ...
, Powell was nominated to the Federal Reserve Board of Governors by President
Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party (United States), Democratic Party, Obama was the first Af ...
. The nomination included two people to help garner bipartisan support for both nominees since Stein's nomination had previously been filibustered. Powell's nomination was the first time that a president nominated a member of the opposition party for such a position since 1988. He took office on May 25, 2012, to fill the unexpired term of Frederic Mishkin, who resigned. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the
United States Senate The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and po ...
in a 67–24 vote for a 14-year term ending January 31, 2028. Powell was a skeptic of round 3 of quantitative easing (or QE3), initiated in September 2012, although he eventually voted for it. In 2013 Powell endorsed financial regulation to end the problem of institutions that are too big to fail, while urging that it should be implemented carefully. In April 2017, he took over oversight of the "too big to fail" banks. In a July 2017 speech, Powell said that in regard to Fannie Mae and Freddie Mac the status quo is "unacceptable" and that the current situation "may feel comfortable, but it is also unsustainable". He warned that "the next few years may present our last best chance" to "address the ultimate status of Fannie Mae and Freddie Mac" and avoid "repeating the mistakes of the past". Powell expressed concerns that, in the current situation, the government is responsible for mortgage defaults and that lending standards were too rigid, noting that these can be solved by encouraging "ample amounts of private capital to support housing finance activities". In an October 2017 speech, Powell stated that higher capital and liquidity requirements and stress tests from the
Dodd–Frank Wall Street Reform and Consumer Protection Act The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Rece ...
have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks.


Federal Reserve Chairman (2018–present)

On November 2, 2017, President
Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of P ...
nominated Powell to serve as the chair of the Federal Reserve, replacing Janet Yellen at the helm of the
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
. On December 5, the Senate Banking Committee approved Powell's nomination to be chair in a 22–1 vote, with Senator
Elizabeth Warren Elizabeth Ann Warren ( née Herring; born June 22, 1949) is an American politician and former law professor who is the senior United States senator from Massachusetts, serving since 2013. A member of the Democratic Party and regarded as ...
casting the lone dissenting vote. His nomination was confirmed by the Senate on January 23, 2018, by an 84–13 vote. Powell assumed office as chair on February 5, 2018.


Trump Administration (2018–2021)

One of Powell's first actions was to continue to raise US interest rates, as a response to the increasing strength of the US economy. He also announced that the Fed would reduce its asset portfolio from US$4.5 trillion to a range of US$2.5–3 trillion over four years in a process called quantitative tightening. This tight policy drew public criticism from President Trump, who expressed second thoughts about nominating Powell and said that the chair was too enthusiastic about raising rates. Financial assets of all classes declined over 2018 and markets erupted in volatility in December. Powell abandoned quantitative tightening in early 2019, leading to a recovery in asset prices. Trump continued to state, with increasing hostility, that Powell was not reacting quickly enough. As a trade war with China escalated over the summer of 2019, Trump called the Fed's policies "insane" and labelled Powell an "enemy." He privately discussed with White House counsel the possibility of firing Powell, which Powell dismissed. In an August interview, Trump said that he completely disagreed with Powell's approach and called for a sharp cut in interest rates. In October 2019, as asset prices waned, Powell announced the Fed would return to expanding its balance sheet, which led to a global rally in assets. Powell said the Fed's actions were not quantitative easing, but some dubbed them as being QE4. Where Bernanke-era quantitative was conducted through outright purchases of assets, Powell's expansion operates through overnight repurchase agreements (repos) where the seller has the option to reverse the transaction. The Fed's primary dealers and other banks use the repo facilities to sell Treasury and agency securities in exchange for credit to supplement their cash on hand.


=COVID-19 recession response

= In early 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic, which included a dramatic expansion of the Fed's balance sheet and introduction of new tools, including the direct purchase of corporate bonds, and direct lending programs. Powell emphasized ''monetary policy'' alone without an equivalent ''fiscal policy'' response from Congress would widen income inequality. Powell's actions earned him bi-partisan praise, including from Trump, who told
Fox News The Fox News Channel, abbreviated FNC, commonly known as Fox News, and stylized in all caps, is an American multinational conservative cable news television channel based in New York City. It is owned by Fox News Media, which itself is o ...
that he was "very happy with his performance" and that "over the last period of six months, he's really stepped up to the plate". On November 19, 2020, after disagreeing with Treasury Secretary Steve Mnuchin, Powell agreed to return unused crisis funds to the United States Treasury. Both he and Mnuchin then urged Congress to approve more stimulus.


=Asset price inflation

= To mitigate the financial market impact of the COVID-19 pandemic, Powell accepted asset price inflation as a consequence of Fed policy actions. Powell was criticized for using high levels of direct and indirect quantitative easing as valuations hit levels last seen at the peaks of previous bubbles. The Fed's acceptance of asset price inflation from 2019 onwards resulted in levels of wealth inequality not seen in the United States since the 1920s. Fed asset purchases were also seen as contributing to the K-shaped recovery that emerged during the coronavirus pandemic, where the asset bubbles protected the wealthier segments of society from the financial effects of the pandemic, at the expense of most other segments, and particularly on the younger non-asset owning segments such as millennials. In January 2021,
Edward Luce Edward Geoffrey Luce (born 1 June 1968) is an English journalist and the ''Financial Times'' chief US commentator and columnist based in Washington, D.C. Early life and education Luce is the son of Rose Helen (née Nicholson) and Richard Luc ...
of the ''Financial Times'' warned that the Fed's use of asset purchases, and the resultant widening of wealth inequality, could lead to political and social instability in the United States, saying: "The majority of people are suffering amid a Great Gatsby-style boom at the top". Powell's expansion of credit through repo contracts, seen as a new " Greenspan put," created large profits for Wall Street investment banks. In June 2020, Jim Grant likened Powell's policy to drug dealing, calling him "the Fed's Dr. Feelgood." In a September 2020 testimony, Powell said: "Our actions were in no way an attempt to relieve pain on Wall Street". By the end of 2020, Wall Street investment banks recorded their best year in history, and ''Bloomberg'' called 2020, ".. a great year for Wall Street, but a bear market for Humans". Mohamed A. El-Erian called Powell "a follower, not a leader", of markets. Powell defended his actions saying: "I don't know that the connection between asset purchases and financial stability is a particularly tight one", and that he wasn't worried that the Fed's actions were creating asset bubbles. In July 2020,
CNBC CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk s ...
host
Jim Cramer James Joseph Cramer (born February 10, 1955) is an American television personality and author. He is the host of ''Mad Money'' on CNBC and an anchor on ''Squawk on the Street''. A former hedge fund manager, founder, and senior partner of Crame ...
said, "I'm sick and tired of hearing that we're in a bubble, that Powell's overinflating the price of stocks by printing money to keep the economy moving". The ''Washington Post'' called the Fed "addicted to propping up markets, even when there is no need". In August 2020, investors Leon Cooperman and Seth Klarman warned of a dangerous "speculative bubble", with market psychology "unhinged from market fundamentals". In August 2020, ''
Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...
'' called Powell's policy "exuberantly asymmetric" (echoing
Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...
's " irrational exuberance" quote from 1996), and that the "Powell Put" had become more extreme than the "Greenspan Put". Steven Pearlstein in ''
The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large n ...
'' said that Powell had "adopted a strategy that works like a one-way ratchet, providing a floor for stock and bond prices but never a ceiling", and that any attempt by Powell to abandon this strategy "will trigger a sharp sell-off by investors who have become addicted to monetary stimulus". By December 2020, Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest in the history of the GSFCI (goes back to 1987), and had created simultaneous asset bubbles across most of the major asset classes in the United States: For example, in equities, in housing, and in bonds. Cryptocurrencies also saw dramatic increases in price during 2020, leading Powell to win the 2020 ''Forbes Person Of The Year In Crypto''. The asset price boom during the pandemic attracted a generation of young investors who explicitly credited Powell for promoting froth in financial markets. Gathering in online communities like Reddit's r/wallstreetbets board, they discussed high-risk trades and shared memes that depicted "J-Pow" using the Fed's money printer to flood the economy. In December 2020, Powell defended high asset prices by invoking the controversial Fed model, saying: "Admittedly P/Es are high but that's maybe not as relevant in a world where we think the 10-year Treasury is going to be lower than it's been historically from a return perspective". The author of the Fed model, Edward Yardeni, said Powell's actions could form the greatest financial bubble in history, while the ''Wall Street Journal'' described Powell's comparison as an attempt to "rewrite the laws of investing".


Biden administration (2021–present)

In April 2021, Powell reassured concerns over a potential housing bubble, similar to the
one 1 (one, unit, unity) is a number representing a single or the only entity. 1 is also a numerical digit and represents a single unit of counting or measurement. For example, a line segment of ''unit length'' is a line segment of length 1. I ...
that preceded the
Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
. He stated, "we don't see bad loans and unsustainable prices and that kind of thing." In August 2021, Powell expected the Fed to reduce economic support later in the year. In the past Powell has considered inflation transitory, a term Powell states should now be "retired". In response to widespread high inflation readings Jerome Powell has indicated an increase in the speed of tapering asset purchases, namely up to $30 billion per month. In Jerome Powell's confirmation hearing in 2022 he described inflation as being a "severe threat" to the US economic recovery due to "higher costs of essentials like food, housing and transportation". Prices for American consumers are rising at their fastest annual rate since June 1982. In response, the central bank aims to raise rates as soon as March 2022. The most recent December 2021 CPI reading hit 7%. In light of his term as chair expiring in February 2022, many Democrats began to express opposition to Powell's reappointment. In August 2021, progressive Democrats, including Alexandria Ocasio-Cortez, called on President Joe Biden to replace Powell, criticizing him for failing to "mitigate the risk climate change poses to our financial system". In September 2021, Senator Elizabeth Warren, Democrat of Massachusetts, criticized Powell for his financial regulation track record and called him as a "dangerous man to head up the Fed." Powell was renominated for a second term by President Joe Biden on November 22, 2021. His initial nomination expired at the end of the year and was returned to President Biden on January 3, 2022. President Biden presented his nomination to the Senate the following day. Hearings were held on Powell's nomination before the Senate Banking Committee on January 11, 2022. The committee favorably reported Powell's nomination to the Senate floor on March 16, 2022, in a 22-1 vote; Senator Elizabeth Warren was the lone member to vote against his nomination. His nomination for another term as chair was confirmed by the full U.S. Senate on May 12, 2022 in an 80-19 vote. He was sworn in for his second term as chair on May 23, 2022.


Personal life

Powell married Elissa Leonard in 1985 at the Episcopal Washington National Cathedral. They have three children and live in Chevy Chase Village,
Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean t ...
, where Elissa is chair of the board of managers of the village. In 2010, Powell was on the board of governors of Chevy Chase Club, a country club. Based on public filings, as of 2019 Powell's net worth was estimated to be in a range between $20 million and $55 million. Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the
Bendheim Center for Finance Bendheim Center for Finance (BCF) is an interdisciplinary center at Princeton University. It was established in 1997 at the initiative of Ben Bernanke and is dedicated to research and education in the area of money and finance, in lieu of there not ...
at
Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...
, and The Nature Conservancy. He was also a founder of the Center City Consortium, a group of 16 parochial schools in the poorest areas of Washington, D.C. Powell is a registered Republican.


See also

* 2020 stock market crash *
China–United States trade war The China–United States trade war () is an ongoing economic conflict between the People's Republic of China and the United States of America. In January 2018, U.S. President Donald Trump began setting tariffs and other trade barriers on ...
* COVID-19 recession * Greenspan put * Fed model * Financial market impact of the COVID-19 pandemic


References


External links


Official


Biography
from the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...

Federal Reserve main website


Other


Statements and Speeches of Jerome H. Powell
(Saint Louis Federal Reserve Database) * {{DEFAULTSORT:Powell, Jerome Hayden 1953 births Living people 20th-century American lawyers 21st-century American lawyers Biden administration personnel Chairs of the Federal Reserve The Carlyle Group people Davis Polk & Wardwell lawyers Georgetown Preparatory School alumni Georgetown University alumni Lawyers from Washington, D.C. Obama administration personnel Princeton University alumni Trump administration personnel Washington, D.C., Republicans