30-10-2018 13:22 9080

jerome powell usa

 

Jerome Powell, American lawyer, member of the Board of Governors of the Federal Reserve System since May 25, 2012. Since February 5, 2018 Powell has been the Chairman of the Board of Governors of the Federal Reserve System; On November 2, 2017, he was promoted to this position by US President Donald Trump and approved by a Senate vote on January 23, 2018.
He took the 11th place in the ranking of the most influential people of the world from 2018, according to the version of the Forbes magazine.
Origin and Education
Jerome H. Powell was born on February 4, 1953 in Washington, DC, in the family of a lawyer. His maternal grandfather was the dean of the Law School of the Catholic University of America.
He studied politics at Princeton University (bachelor, 1975). In 1979 he graduated from the Georgetown University Law School (during his years of study he was the editor-in-chief of a law journal published by the university).
Career
After completing his studies in Princeton, he worked for a year as an assistant to the senator from the state of Pennsylvania, Republican Richard Schweiker. After Georgetown University, he served as a judge clerk at the Court of Appeals for the US Second Circuit (New York). In 1981-1983 he was a lawyer at Davis Polk & Wardwell (an international law firm headquartered in New York), and from 1983-1984 in Werbel & McMillen (New York).

In 1984 Jerome Powell changed his line of business and became an investment banker at Dillon, Read & Co (later part of the Swiss financial holding company UBS), where he was responsible for corporate finance, mergers and acquisitions. At the time of leaving the company in 1990 he served as its senior vice president.
In 1990 he joined the Ministry of Finance, where he first became an assistant and then deputy finance minister of Nicholas Brady (in 1970-1988, Brady headed the board of directors of Dillon, Read & Co). He was responsible for the policy on financial institutions, the ministry’s debt market. After a scandal in 1991 with the Salomon Brothers investment bank, when one of its traders filed false claims for treasury papers, Powell supervised the investigation of this bank. He also prepared proposals, on the basis of which changes were subsequently made to the system of auctions of government securities.
In 1993 he began working as a managing director of a large Bankers Trust (in 1998, it was acquired by Deutsche Bank). However, in 1995 after a scandal over derivative contracts that resulted in losses for customers, he returned to Dillon, Read & Co.
In 1997-2005 Jerome Powell was a partner of one of the largest investment funds of the Carlyle Group.
In 2010-2012 he worked as a visiting scholar (for a salary of $ 1 per year) at the Center for Two-Party Policy (think tank in Washington), where he was involved in fiscal issues.
He was a board member of various charitable and educational organizations. In 2008 he became Managing Partner of the Global Environment Facility, which invests in sustainable energy development projects.
In the Federal Reserve System
In december 2011 US President Barack Obama proposed to introduce Powell to the Board of Governors of the Federal Reserve System (for two years for a vacant seat). May 25, 2012 he took office. In June 2014 Powell was approved by the US Senate for a full 14-year term (till 2028). He supported the policy of FRS Chairman Janet Yellen (since 2014) to gradually increase the interest rate.
Wealth, family
In 2012-2017 Powell’s assets were estimated at between $ 20 and $ 55 million. According to the Washington Post, he will become the richest head of government since Marriner Eccles, who led the FRS in 1934–1948.
Republican. In 2008 he invested about $ 30,000 in the election campaign of John McCain, who was running for the US presidency.
He is fond of cycling, often rides a bicycle from home to the FRS office.
He is married to Elissa Leonard, has three children.

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