Powell, a Republican, has been the Federal Reserve Governor since 2012 and has close ties with the US financial institutions.
United States President Donald Trump has named fellow Republican Jerome H Powell as the next Chairman of the US Federal Reserve. Powell replaces Janet Yellen, whose term ends in early 2018. Powell has been Federal Reserve Governor since 2012.
Who is Jerome Powell?
Born in 1953 in Washington, Jerome Powell graduated from Georgetown Preparatory School before receiving a Bachelor of Arts in Politics from Princeton University in 1975.
For a year, Powell worked as a legislative assistant to Senator Richard Schweiker who ran against President Ronald Reagan in 1976.
He later became a Doctor of Jurisprudence from Georgetown University in 1979, where he was editor-in-chief of the Georgetown Law Journal.
He worked at the United States Court of Appeals for the Second Circuit before working for an investment bank, Dillon, Read & Co. where he went on to become the Vice-president.
Between 1990 and 1993, Powell worked at the US Department of Treasury and became the Under Secretary of the Treasury for Domestic Finance after being nominated by then President George HW Bush.
Between 1993 and 2005, Powell worked for various banks and financial institutions, before becoming the managing partner at a private equity and venture capital firm.
In late 2011, Powell was nominated by President Barack Obama to the Federal Reserve Board.
He has steadily supported current Chairman Yellen’s approach to monetary policy and financial regulation which has led to an expectation that he is unlikely make a large or sharp change in the Fed’s course.This year, Powell reported that his net worth was between USD 19.7 million and USD 55 million, which makes him the richest member of the Federal Reserve Board of Governors.