Jerome Powell Becomes the New Fed Chairman
Starting from Monday 5 Feb 2018 Jerome Powell will resume office as the new Federal Reserve Bank chairman.
Powell will be replacing Janet Yellen in that position. He was nominated by President Donald Trump.
Jerome Powell is a lawyer by practice. He earned his Juris Doctor degree from George town university in 1979.
In 2011 he was appointed by President Barrack Obama to serve as a member of Fed Bank Board of Governors.
In 2014, he was again nominated for his 2 term with a duration of 14 years expected to end on 31 January, 2028.
on November 2, 2017 he was nominated to replace Janet Yellen as the next board chairman. This nomination was approved by The Senate Banking Committee on Dec 5, 2017.
Powell’s net-worth is estimated to be USD$112 million making him the richest Federal Reserve Bank Board member.