Jerome Powell: The economy is well on its way to recovery
Federal Reserve Chairman Jerome Powell says the Fed’s current stance on interest rates is appropriate for the U.S. economy.
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Jerome Powell is the chairman of the Federal Reserve, and he will be remembered for the role he played in trying to insulate the United States from an economic catastrophe triggered by the coronavirus pandemic.
Powell took office as head of the U.S. central bank in 2018 after he was nominated for the position by President Trump at the end of 2017. His term as chairman will expire in 2022, although a chair may be reappointed for several consecutive terms.
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The 67-year-old stands out from recent incumbent Fed chairs: He's the first with no formal economics training, and, according to The Washington Post, the richest since the 1940s.
Powell, a lawyer-turned-banker, served as an assistant secretary and undersecretary of the Treasury Department under President George H.W. Bush. In that role, he was responsible for policy on financial institutions, the Treasury debt market and related areas.
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When he left the government, Powell joined the Carlyle Group, a private-equity firm, where he worked from 1997 through 2005 before eventually starting his own business. After that, worked for the Bipartisan Policy Centre, a centrist think-tank where he focused on federal and state fiscal issues.
He's a registered Republican, and he has served on the Fed’s Board of Governors since 2012.
In his capacity as chairman of the world's most powerful central bank, Powell is tasked with trying to ensure that, once the virus outbreak subsides, the American economy can return to pre-crisis levels.
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Since the crisis began, the Fed slashed interest rates to zero during two emergency meetings; relaunched crisis-era programs to support lending of all entities; and relaunched its program to purchase massive quantities of bonds.
Powell is married with three children.
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