Who is Jerome Powell? Jerome Powell is the Chairman of the US Federal Reserve. He presided over monetary policy management and access to the US economy. Powell has shown decisiveness and flexibility in introducing measures to protect and support the economy during crises and challenges such as the global financial crisis and the COVID-19 pandemic.
To better understand who Jerome Powel is, people can refer to some of the articles below:
Who Is Jerome Powell?
Jerome Powell's background
Jerome Powell's full name is Jerome Hayden Powell, born February 4, 1953 in Washington, DC, USA. He is the son of Patricia Hayden and Jerome Powell Sr. His father, Jerome Powell Sr., worked as a civil servant in the US Department of Law and was a member of the US Federal Board of Governors. Jerome Powell has an older sister named Tia Powell, who currently works in the medical field and is a professor of medicine at New York University.
Jerome Powell Sr., father of Jerome Powell, was born on January 1, 1922 and died on October 4, 2007. He was born and raised in Roanoke, Virginia, United States. Jerome Powell Sr. was the child of Louis Powell and Maude Powell and a member of a family of African descent. Jerome Powell Sr. has had a successful career in civil service and public service.
- He has worked in the US Department of Justice and worked at the US Federal Reserve Board's Division of Banking Supervision and Regulation.
- He also served as a member of the Federal Reserve Board of Governors from 1973 to 1975.
With a family that inspired seriousness and success, Jerome Powell developed his own ability and vision in his career.
Jerome Powell's learning process
Jerome Powell went through an impressive education that played an important Vai in shaping his knowledge and skills in the field of finance and monetary policy. A summary of Jerome Powell's education:
- Princeton University: Jerome Powell graduated from Princeton University with a bachelor's degree in Economics in 1975. Here, he received a solid foundation in economic theory and basic principles of financial management. main.
- Georgetown Law School: Jerome Powell received a scholarship and continued his studies at Georgetown Law School, where he received a master's degree in Law in 1979. The combination of economic and legal knowledge provided him a solid foundation to build a career in finance and monetary policy.
- Harvard Graduate Institute: After working in investment banking and asset management, Jerome Powell returned to study at Harvard Graduate Institute and received a master's degree in Environmental Economics in 1979. Here was an important stage in his professional development and helped him gain a deeper understanding of the impact of a range of economic factors on the environment and sustainable development.
- Georgetown Law School (continued): Jerome Powell returned to Georgetown Law School and completed his doctorate in Law and Economics in 1986. The pace of his studies there not only enhanced his legal knowledge but also helps him develop analytical skills and grasp problems from many angles.
Jerome Powell's education includes a combination of economics, law, and financial management knowledge. The top universities where he studied helped build a strong and universal professional foundation and provided him with the tools and knowledge needed to work in the challenging field of finance.
Jerome Powell's career
After completing his studies, Jerome Powell began his career in investment banking and asset management. He has worked at leading firms such as Dillon, Read & Co., a multinational wealth management and brokerage firm, and Severn Capital Partners, a private wealth management firm. In this Vai , he gained experience in financial operations, business operations and risk management.
Next, Jerome Powell has worked for a long time for the US government in important positions related to finance and monetary policy. In 1990, he joined the U.S. Department of the Treasury and worked in the Office of Law and Financial Policy Management. He then moved to the Federal Reserve and worked in the Office of Financial Regulation and Markets from 1990 to 1993.
Before joining the Federal Reserve, Jerome Powell worked in investments and market access. He was the founder and co-owner of Joint Stock Company Information (Thomson Corporation), a company providing market information services to investors. This experience has given him insight into market operations and the interaction between monetary policy and financial markets.
In 2012, Jerome Powell was appointed by President Barack Obama to the Board of Governors of the Federal Reserve, and he has since become a representative of the Federal Government in shaping America's monetary policy. . He was later reappointed by President Donald Trump and JOE Biden as Vice Chairman of the Federal Reserve and finally, in 2018, he was appointed Chairman of the Federal Reserve, a position he currently holds. kept until now.
Throughout his career, Jerome Powell has been involved in responding to significant financial and economic crises. A prime example is the period of global growth and financial crisis from 2007 to 2009, when he participated in emergency measures to stabilize the financial system and minimize the negative impact on the economy. international.
Jerome Powell's career has reflected a combination of deep expertise, practical experience, and leadership in finance and monetary policy. As Chairman of the US Federal Reserve, Jerome Powell greatly influences national monetary policy and is responsible for managing the financial system of the world's largest country.
Jerome Powell's achievements
Some of Jerome Powell's outstanding achievements are navigating the US economy during the COVID-19 pandemic. Powell led the Fed in deploying unprecedented fiscal and monetary stimulus to support the U.S. economy during the COVID-19 pandemic. These measures helped prevent an economic recession and created millions of new jobs.
Fiscal stimulus measures include:
- Bond purchase program: The FED has purchased government bonds and mortgage bonds on an unprecedented scale. This has helped reduce interest rates and boost economic growth.
- Business loan program: FED has provided businesses with Capital at low interest rates. This has helped businesses stay afloat during the pandemic.
- Consumer loan program: The Fed has provided Capital to individuals at low interest rates. This has helped consumer spending and boosted economic growth.
Monetary stimulus measures include:
- Reducing interest rates: The FED has reduced interest rates to a record low. This has helped reduce borrowing costs and promote economic recovery.
- Asset purchases: The Fed has been purchasing assets, including government bonds and mortgage bonds. This has helped pump money into the economy and boost economic growth.
The Fed's stimulus measures have helped prevent a recession and created millions of new jobs. The US economy has recovered significantly from the COVID-19 pandemic.
Jerome Powell & Crypto Markets
Jerome Powell is not sympathetic to the Crypto market
During March 2021, Jerome Powell said about the Crypto market: "Cryptocurrencies have a high level of volatility, so they are not really a store of value channel. They are not supported by anyone and are similar to as a more speculative asset. So they are still not commonly used as a means of payment. Cryptocurrencies are essentially an alternative to gold rather than to the dollar" in the Online discussion about digital banking organized by the Bank for International Settlements (BIS).
At the Economic Club of New York taking place in April 2021, Jerome Powell Chia that: "Virtual currencies are really a tool for speculation, Virtual currencies have not really been actively used as a means of payment convenience" Powell's Chia coincided with the event that Coinbase was listed on the Nasdaq exchange.
By October 2021, during an interview with Republican Congressman Ted Budd, Powell Chia : "Stablecoins are like money market funds and like bank deposits, but to some extent, they are are outside the scope of regulation and they are managed accordingly."
Jerome Powell gradually became sympathetic to the Crypto market
In recent months, US Federal Reserve (FED) Chairman Jerome Powell has made positive developments regarding the Crypto market. Specifically, he:
- Appreciating the potential of cryptocurrencies: In a speech at the Jackson Hole conference in August 2023, Powell acknowledged that cryptocurrencies have the potential to "improve the efficiency and liquidation of the financial system ".
- More openness to the use of cryptocurrencies: Powell also said the Fed is XEM at ways to use cryptocurrencies in real-world applications, such as payments and clearing.
- Promoting the Development of the Crypto Market: Powell has called on policymakers and financial service providers to cooperate to create an environment favorable for the development of the Crypto market.
Summary
Jerome Powell has been Chairman of the US Federal Reserve (FED) since 2018. He is an experienced economist and lawyer, having held various positions in the financial sector. Powell has been positive about the Crypto market in recent months. He has acknowledged the potential of cryptocurrencies and is more open to the use of cryptocurrencies in real-world applications.
Hopefully through this article, people can understand more about the Chairman of the Fed and who is Jerome Powell?
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