Jerome Hayden Powell is a well-known American politician. He was the 16th and the richest person to ever hold the chairman position at the Federal Reserve.
For those who are curious to know his estimated net worth in 2024 is $50 million. We will cover more details about his personal life and career in the post below.
Quick Facts
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Family and Early Life Details
Jerome Powell was born on 4th February 1953, in Washington, D.C. He comes from a big family and has five siblings namely, Monica, Libby, Tia, Susan, and Matthew. His parents were Jerome and Patricia Powell.
Powell’s maternal grandfather, James J. Hayden was a lecturer at Georgetown Law School. He also served as the Dean at the Columbus School of Law.
Education Background
Powell attended Georgetown Preparatory School and completed his graduation in 1972. In 1975, he obtained his B.A. degree in politics from Princeton University.
From 1975-76, he served as a legislative assistant to Richard Schweikerl, who was the U.S. senator of Pennsylvania back then.
In 1979, he earned his Juris Doctor degree from Georgetown University Law Center. He was also the chief editor of the Georgetown Law Journal.
Married Life
Jerome Powell is a married man. He married Elisa Leonard back in 1985. For those who don’t know his wife is the chairman at Chevy Chase Village, Maryland. She is also an active member of the village’s board of managers.
The couple has three children Lucy, Sam, and Susie. Powell is a member of the Republican Party. He has served on the boards of multiple educational and charitable institutions, including DC Prep, the Nature Conservancy, and the Bendheim Center for Finance.
He founded Center City Consortium, which is a group of parochial schools in the poorest areas of Washington, D.C.
Career
At the beginning of his career, Powell worked in the U.S. Department of Treasury. Later he was nominated by George H.W. as the secretary of the Treasury of Domestic Finance.
Between 1997 and 2005, he was associated with the Carlyle Group. After that, he established his own private investment company called Severn Capital Partners. Later he became a managing partner at Global Environment Firm.
Fast forward to 2012, he became a member of the fed board of governors. In 2018, he was appointed as the 16th chairman of the Federal Reserve under the Donald Trump administration.
In 2020, he introduced a series of actions to improve the condition of the finance market during the Covid-19 pandemic.
Personal Wealth
According to sources, Jerome Powell’s current net worth is around $50 million. He happens to be the richest person to ever become the chair of the Federal Reserve.
The annual salary of the Fed Chairman is $203,500. However, he didn’t build his fortune from his Fed board position. A major percentage of his wealth is generated from his business and investments.
Powell’s partnership with the Carlyle Group helped him earn a good amount of money. His other investments are also the reason behind his massive wealth.
FAQs
1. Who is Jerome Hayden Powell?
Jerome Hayden Powell is a well-known American economist, politician, and central banker who served as the Chairman of the Federal Reserve from 2018 to 2022. His estimated net worth is around $50 million.
2. What is Jerome Powell’s background and education?
Jerome Powell was born on February 4, 1953, in Washington, D.C. He belongs to a big family and has five siblings. As per online sources, Jerome earned a B.A. degree in politics from Princeton University. Later, he completed a Juris Doctor degree from Georgetown University Law Center in 1979.
3. Is Jerome Powell a married man?
Jerome Powell is married to Elisa Leonard. The two tied the knot in 1985 and have three children together. His wife is the chairman at Chevy Chase Village, Maryland. She is also a member of the board of managers of the village.
4. Was Jerome Powell reappointed for another term as Chairman of the Federal Reserve?
No, Jerome Powell was not reappointed for a second term as Chairman of the Federal Reserve. He was the 16th chair of the Federal Reserve under former president Donald Trump. Jerome’s term lasted from 2018 to 2022. He was succeeded by Lael Brainard who is nominated by President Joe Biden.