Jerome Powell is an American economist and central banker who currently serves as the Chair of the Board of Governors of the Federal Reserve System, commonly referred to as the Federal Reserve or simply the Fed. Born on February 4, 1953, in Washington, D.C., Powell has had a distinguished career in finance and public service. Powell was nominated by President Donald Trump and sworn in as Chair of the Federal Reserve on February 5, 2018, succeeding Janet Yellen. Prior to his appointment as Chair, Powell served as a member of the Federal Reserve Board of Governors from 2012 to 2018. As Chair of the Federal Reserve, Powell is responsible for overseeing the central bank's monetary policy decisions and regulatory activities. He leads the Federal Open Market Committee (FOMC), which sets the target range for the federal funds rate and determines the course of monetary policy to achieve the Fed's dual mandate of maximum employment and stable prices. Powell has been instrumental in guiding the Federal Reserve's response to various economic challenges, including the COVID-19 pandemic and its economic fallout. Under his leadership, the Fed implemented unprecedented measures to support the economy, including lowering interest rates to near-zero, purchasing government bonds and mortgage-backed securities, and providing emergency lending facilities to support financial markets and institutions. In addition to his responsibilities at the Federal Reserve, Powell is actively involved in international monetary policy discussions and represents the United States at meetings of the Group of Seven (G7) and the Group of Twenty (G20) major economies. Powell's leadership style is characterized by pragmatism, transparency, and a commitment to data-driven decision-making. He has emphasized the importance of clear communication and accountability in central banking and has worked to enhance the Fed's transparency and public engagement. Overall, Jerome Powell is widely regarded as a steady and effective leader who has guided the Federal Reserve through challenging times with skill and resolve. His leadership and stewardship of monetary policy play a critical role in shaping the trajectory of the U.S. economy and financial markets.
