Fed Member Details


Jerome Powell

Board of Governors

Policy Stance Neutral
Voting Member Yes
Date Assumed Current Office 01/01/2012
Rate Outlook
“We are getting to the point where zero is not going to be the right rate," Powell said in New York in April, but "from a macroeconomic perspective, the precise timing of liftoff is less important than the path of subsequent additional rate increases." "June is a different world than today," Powell said. "I don't think we need to be in a hurry," he said, but "you have to start well before you actually hit the goal." Still, he wants rates to remain relatively low for an extended period. "It’s even more difficult than usual to assess how much slack remains in the economy. It seems plausible that at least part of the supply-side damage could be reversed if the economy enjoys a period of sustained growth.”
Powell was born in February 1953 in Washington, D.C. He received an A.B. in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal. He served as an Assistant Secretary and as Undersecretary of the Treasury under President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Prior to joining the Administration, he worked as a lawyer and investment banker in New York City. Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama, who was hoping to gain bi-partisan support for his nominees.