The 16th Chairman of the Federal Reserve is an American lawyer and banker named Jerome Powell. On January 23, 2018, the Senate approved his nomination. Powell has a wealth of expertise in both the public and private sectors.
He has held a range of positions in both the U.S. Treasury Department and The Carlyle Group, one of the biggest private equity firms in the world. He has also held positions on the boards of various businesses. In this article, we will learn about Powell’s net worth and the success of his life.
Jerome Powell Net Worth 2023
Jerome Powell is a prominent politician in the United States who is estimated to have a net worth of $50 million. In the history of the Federal Reserve, Jerome is one of the wealthiest people to ever hold the office of Chairman of the Board.
|Place of Birth||Washington, D.C., U.S.|
|Net Worth||$50 million|
|Date of Birth||February 4, 1953|
|Age||70 years old|
Fed Chairman Salary
The Fed Chairman had a salary of $203,500 per year in 2019. The yearly salary of the other Governors is $183,000. Jerome Powell made $226,300 in 2023.
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Jerome Powell’s Early Life
Powell was one of six children who were born to Patricia (née Hayden; 1926–2010) and Jerome Powell (1921–2007), both of whom worked as lawyers in private practice. Powell was born on February 4, 1953, in Washington, District of Columbia.
James Hayden, his maternal grandpa, served as Dean of the Columbus School of Law at the Catholic University of America and afterward as a lecturer at Georgetown Law School. James is the man who gave him his name. Susan, Matthew, Tia, Libby, and Monica are his sisters and brothers, respectively.
Jerome Powell’s Education
After attending the Jesuit Georgetown Preparatory School, from which he graduated in 1972, Powell went on to Harvard University. At Princeton University, he studied politics and wrote a senior thesis titled “South Africa: Forces for Change,” earning him a Bachelor of Arts degree in 1975.
A Republican from Pennsylvania, Senator Richard Schweiker employed him as his legislative aide from 1975–1976. Powell received his J.D. in 1979 from Georgetown University Law Center, where he also served as editor-in-chief of the Georgetown Law Journal.
Jerome Powell’s Personal Life
In 1985, at the Episcopal Washington National Cathedral, Powell wed Elissa Leonard. Elissa serves as the head of the village’s board of management, and the couple has three kids. They reside in Chevy Chase Village in Maryland. Powell served on the Chevy Chase Club’s board of governors in 2010.
Powell’s net worth as of 2019 was estimated to be between $20 million and $55 million based on public records. Powell has held positions on the boards of numerous nonprofit and educational organizations, including The Nature Conservancy, the Bendheim Center for Finance at Princeton University, and the public charter school DC Prep.
In addition, Powell founded the Center City Consortium, a collection of 16 private schools in some of Washington, D.C.’s most underprivileged neighborhoods. Powell is a Republican registered voter.
How Did Jerome Powell Build His Net Worth?
Powell worked at two different legal offices after beginning as a clerk in New York City. He began working for Dillon, Read & Co., an investment bank, in 1984. His primary areas of interest were mergers & acquisitions, financing, and merchant banking. He rose to the rank of the president over the course of his six-year tenure.
When President George Bush proposed Powell for the position of undersecretary of the treasury for domestic finance in 1990, Powell started working for the American Department of Treasury. Throughout his career, he engaged in negotiations with other important individuals, including Warren Buffet.
After his spell, he started working for Bankers Trust and eventually launched a number of other businesses. He eventually started a private investment company called Severn Capital Partners. In 2008, he also assumed management of the Global Economic Fund.
This company concentrated on venture capital and private equity, particularly in the field of renewable energy. He has collaborated with the majority of administrations to this day on a variety of issues. His yearly wage is reported to be $200,000. His time working for the private equity firm Carlyle Group is where the majority of his wealth came from.
What is The Career of Jerome Powell?
Powell served in the U.S. Department of Treasury from 1990 until 1993. He was appointed by George H.W. Bush as the under-secretary of the Treasury for domestic finance in 1992, where he was in charge of Treasury debt market policies as well as other related matters.
Powell worked as a partner with The Carlyle Group from 1997 through 2005. Prior to being named to the federal board of governors in 2012, he worked as a visiting expert on federal and state budget issues at the Bipartisan Policy Center in Washington, D.C.