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Jerome Powell


Chairman of the Federal Reserve Nominee
Taking office TBD*
President	Donald Trump
Succeeding	Janet Yellen
Member of the Federal Reserve Board of Governors
Incumbent
Assumed office May 25, 2012
President	Barack Obama Donald Trump
Preceded by	Frederic Mishkin
Under Secretary of the Treasury for Domestic Finance
In office 1992–1993
President	George H. W. Bush
Preceded by	Robert R. Glauber
Succeeded by	Frank N. Newman
Personal details
Born	Jerome Hayden Powell February 4, 1953 (age 64) Washington, D.C.
Political party	Republican^[1]
Spouse(s)	Elissa Leonard (m. 1985)
Children	3
Residence	Chevy Chase, Maryland
Education	Princeton University (BA) Georgetown University (JD)
Net worth	$19.7 – 112 million^[2]^[3]
*Pending Senate confirmation

Jerome Hayden Powell (born February 4, 1953) is a member of the Federal Reserve Board of Governors and has served since 2012. On November 2, 2017, PresidentDonald Trump nominated Powell to serve as the next Chairman of the Federal Reserve.^[4]

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Early life and education[edit]

Powell was born on February 4, 1953 inWashington, D.C., the son of Patricia (Hayden) and Jerome Powell, a lawyer in private practice.^[5] His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law.^[6]

In 1971, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school. He received a Bachelor of Arts in politics from Princeton University in 1975, where his senior thesis was titled "South Africa: Forces for Change."^[7] In 1975-1976, he spent a year as a legislative assistant to Senator Richard Schweiker of Pennsylvania,^[8]^[9] who ran an unsuccessful campaign for Vice President of the United States on a ticket with Ronald Reagan during the primary election in 1976.

Powell earned a Juris Doctor degree fromGeorgetown University Law Center in 1979, where he was editor-in-chief of theGeorgetown Law Journal.^[10]

Career[edit]

In 1979, Powell moved to New York City 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, and from 1983 to 1984, he worked at the firm of Werbel & McMillen.^[9]

From 1984 to 1990, Powell worked at Dillon, Read & Co., an investment bank, where he concentrated on financing, merchant banking, and mergers and acquisitions, rising to the position of vice president.^[9]^[11]

Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time Nicholas F. Brady, the former chairman of Dillon, Read & Co., was the United States Secretary of the Treasury. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush.^[9]^[11]^[8]During his stint at the Treasury, Powell oversaw the investigation and sanctioning ofSalomon Brothers after one of its traders submitted false bids for a United States Treasury security.^[12] Powell was also involved in the negotiations that made Warren Buffett thechairman of Salomon.^[13]

In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995 after the bank got into trouble after several customers suffered large losses due toderivatives. He then went back to work for Dillon, Read & Co.^[11]

From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund.^[10]^[14]

After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.^[15]

In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.^[15]

Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, athink tank in Washington, D.C., where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling.^[14] He worked for a salary of $1 per year.^[2]

Federal Reserve Board of Governors[edit]

In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. 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.^[1] 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 in a 67-24 vote for a 14-year term ending January 31, 2028.^[16]

In 2013, Powell made a speech regarding financial regulation and ending "too big to fail".^[17]In April 2017, he took over oversight of the "too big to fail" banks.^[18]

Nomination as Chair of the Federal Reserve[edit]

On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.^[4]

Economic philosophy[edit]

Monetary policy[edit]

A survey of 30 economists in March 2017 noted that Powell was slightly more of amonetary dove than the average member of the Board of Governors. However, The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (i.e. neither a hawk nor a dove). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation.^[19]

Financial regulation[edit]

Powell “appears to largely support” the Dodd–Frank Wall Street Reform and Consumer Protection Act, although he has stated that "we can do it more efficiently".^[19] In an October 2017 speech, Powell stated that higher capital and liquidity requirements and stress tests 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.^[19]

Housing finance reform[edit]

In a July 2017 speech, Powell said that, in regards 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".^[20]

Personal life[edit]

In 1985, Powell married Ellissa Leonard.^[5] They have 3 children^[10] and reside in Chevy Chase Village, Maryland, where Ellissa is vice chair of the board of managers.^[21] In 2010, Powell was on the board of governors of Chevy Chase Club, a country club.^[22]

Based on public filings, Powell's net worth is estimated to be as much as $112 million.^[2]^[3]He is the richest member of the Federal Reserve Board of Governors.^[23]

Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, 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.^[14]

Powell is a registered Republican.^[1]

https://en.wikipedia.org/wiki/Jerome_Powell

美國聯準會新任主席鮑威爾5日上午將正式就職，現任主席葉倫則於2月結束任期，成為40年來第一位不連任的聯準會主席。預計鮑威爾將延續葉倫政策，以緩慢腳步審慎升息。

美國參議院1月23日以85票贊成、12票反對順利通過，確認鮑威爾（Jerome Powell）將接掌聯邦準備理事會（Fed）主席，共和黨籍的鮑威爾現年64歲，曾任律師和投資銀行家，2012年起即通過參議院認可擔任聯準會理事。

美國總統川普（Donald Trump）選擇撤換現任主席葉倫（Janet Yellen），延續他清除前總統歐巴馬（Barack Obama）任內人事安排的決策，也是近40年來第一位不續用現任聯準會主席的美國總統。

《華爾街日報》分析，鮑威爾接任主席後，在勞動力市場與全球經濟成長強勁帶動下，應會繼續執行升息政策以維持經濟擴張。不過鮑威爾也是罕見非由經濟學家出身，部分人士擔心鮑威爾面對升息速度的決策

另有分析指出，鮑威爾長期在金融市場工作以及過去不同領域的工作經驗，可能讓他成為川普眼中能平衡各方利益的聯準會主席，而且他擔任理事5年多來從未對聯準會貨幣決策提出任何異議，顯然支持延續葉倫緩慢且審慎升息的政策。

鮑威爾也在參議院聽證會上明確表示，如獲任聯準會主席，將領導聯準會保持目前漸進升息政策，繼續縮減資產負債表，但在銀行監管方面會適當放鬆，同時不忘堅持金融危機後的核心改革措施。

經濟研究機構「牛津經濟公司」（Oxford Economics）美國宏觀投資者服務總監博斯姜琪克（Kathy Bostjancic）指出：「美國經濟處於全球經濟同步復甦的循環晚期，而且財政刺激正在發揮效用，他最大的挑戰將是領導（聯準會）進一步調控利率。」

美國聯準會新任主席鮑威爾。（美聯社）

去年12月是聯準會去年第3度調升基準貸款利率。聯準會也指出，今年可能會有3次升息。外界普遍預期，今年第一次升息會發生在3月，鮑爾屆時也會舉行首次記者會。

鮑威爾1975年自普林斯頓大學（Princeton University）政治系畢業，1979年獲得喬治城大學（Georgetown University）法律博士（J.D.）。短暫擔任律師後便投身金融界，他在前總統老布希（George H. W. Bush）時代曾任美國財政部次長，2012年由歐巴馬提名為聯準會理事，鮑威爾的資產估計約5500萬美元（約台幣16億元），是最富有的理事之一。

未獲續任葉倫嘆「失望」

英國衛報《the Guardian》報導，葉倫表示沒有續任讓她「很失望」，她罕見接受美國公共電視網（PBS）「新聞時刻」（NewsHour）專訪，她在4日播出的訪問中說：「我很清楚地表示希望能多效力一個任期，所以，我對沒有再次獲得任命滿失望的。」

葉倫表示「我已經在聯準會任職高位很多年，我一直以為我有『一席之地』可以提出反對意見並提出好的政策。」她還說：「我覺得經濟會很好，一切看起來都十分強勁。」但是葉倫也表示，她會支持繼任者鮑威爾。

聯準會主席任期結束後仍可繼續擔任理事，但葉倫已經表示會辭去理事職務，也意味著她將正式退出聯準會決策高層。

美國聯準會主席葉倫不續任，是40年來第一位僅做4年的主席。（美聯社）

民主黨籍的葉倫是聯準會史上第一位女性主席，也是近40年來唯一未續任的主席。2013年，時任總統歐巴馬提名葉倫接替伯南克出任主席，4年來美國經濟持續擴張，全國失業率也從上任初期的6.7%降至今年1月份的4.1%。

在葉倫領導下，聯準會的貨幣政策走上正常化軌道，削減投資規模、結束大規模債券收購計畫，並採取漸進升息方式，以確保經濟穩定復甦。聯準會在葉倫任內5度調升主要貸款利率，包括去年3度升息。

葉倫1946年生於紐約布魯克林區，曾先後在哈佛大學、倫敦政經學院和加州大學柏克萊分校任教；1977年就曾擔任聯準會經濟學家；1994年至1997年任聯準會理事；2004年至2010年任舊金山聯邦準備銀行董事長；2010年至2013年出任聯準會副主席。

美國聯準會主席葉倫不續任，是40年來第一位僅做4年的主席。（美聯社）

華盛頓智庫布魯金斯研究所（Brookings Institution）2日宣布71歲的葉倫將加入該智庫，2月5日開始在布魯金斯哈欽斯財政和貨幣政策中心擔任高級研究員，前聯準會主席柏南克（Ben Bernanke）再度共事。

葉倫表示，她很高興加入布魯金斯研究院，期待繼續研究經濟問題，尤其是勞動力市場相關議題，繼續為有關經濟的公共政策貢獻力量。

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川普提名鮑爾史上最富Fed主席

支持鬆綁金融監管

身家16億曾任華爾街私募基金老闆

Jerome Powell

Contents

Early life and education[edit]