Fed Chair Jerome Powell
Source: Federal Reserve Twitter

Jerome Powell’s Millions Didn't Come From His Role as Fed Chair

Anuradha Garg - Author
By

Jul. 28 2022, Published 2:32 p.m. ET

The Federal Reserve raised the interest rates in the U.S. by 75 basis points in its July policy meeting after making a similar move in June. Soaring inflation has forced the Fed to be more aggressive with raising rates. Fed Chair Jerome Powell said a similar move was possible again.

Article continues below advertisement

Powell said that the Fed won't surrender to inflation. Due to the risks of a recession rising as the Fed keeps on hiking aggressively, the role of the fed chair has become even more important. Many people want to know how Powell made his money. Keep reading for all the details.

Jerome Powell

Fed Chairman, attorney, investment banker

Net worth: $50 million

Jerome Powell is the first investment banker to chair the Federal Reserve.

Birthdate: February 4, 1953

Birthplace: Washington, D.C.

Birth name: Jerome Hayden Powell

Education: Bachelor of Arts in politics from Princeton University, Juris Doctor degree from Georgetown University Law Center

Father: Jerome Powell

Mother: Patricia Powell

Article continues below advertisement
fed board of governors
Source: Federal Reserve Twitter

Powell is the 16th chair of the Federal Reserve, having served since 2018. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.

Article continues below advertisement

Jerome Powell comes from a big family.

Born in 1953, he was one of the six children in his family. After earning his Bachelor of Arts and Juris Doctor degree, he moved to New York City and became a clerk to judge of the U.S. Court of Appeals for the second circuit. After working as a lawyer from 1981–1983, he began his career in investment banking in 1984.

Between 1990 and 1993, Powell worked in the U.S. Department of Treasury. In 1992, he became the under secretary of the Treasury for Domestic Finance after being nominated by George H.W. Bush with responsibility for policy on financial institutions, the Treasury debt market, and related areas.

Article continues below advertisement

From 1997–2005, Powell was a partner at The Carlyle Group. He got appointed to the fed board of governors in 2012 and prior to that he was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues.

Article continues below advertisement

Powell is married and has three children.

Powell married his wife Elisa Leonard in 1985. She serves as the chair in Chevy Chase Village, Maryland, and is an active member of the village’s board of managers. Together, they have three children, Susie, Sam, and Lucy.

How much money does Jerome Powell make?

Congress sets the salaries of the Fed board members. As per Forbes in October 2021, the board chairman’s salary is $203,000 annually.

As per Celebrity Net Worth, Powell's net worth is $50 million. He's the richest member of the Federal Reserve Board of Governors. However, he didn't earn his fortune from his Fed board position. During his working years from the late '90s to the early 2000s, Powell was a partner with the private equity firm, Carlyle Group. This is where he made most of his big money. Powell's investments and other smart decisions are the reason for his disproportionate wealth compared to his fellow Fed governors.

Advertisement

Latest Net Worth News and Updates

    © Copyright 2022 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.