An Unconventional Career Path Jerome Powell's ascent to the role of Federal Reserve Chair diverges markedly from the traditional trajectory of economists, making him the first leader of the U.S. central bank in nearly four decades without a doctorate in economics. He earned a Bachelor of Arts in political science from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979, where he served as editor-in-chief of the Georgetown Law Journal.

Cross-Sector Experience in Investment Banking and Government Powell began his professional journey working as an attorney and in investment banking in New York. From 1984 to 1990, he worked at the investment bank Dillon Read & Co., transitioning from law to finance. In 1990, he entered the U.S. Department of the Treasury under President George H.W. Bush, serving as Assistant Secretary and later Under Secretary for Domestic Finance, where he was responsible for financial institution policy. After leaving government in 1993, he joined the private equity firm The Carlyle Group, serving as a partner from 1997 to 2005.

The Path to the Federal Reserve with Bipartisan Support From 2010 to 2012, Powell served as a visiting scholar at the Bipartisan Policy Center in Washington, D.C., focusing on federal and state fiscal issues. In May 2012, he was appointed by President Barack Obama to the Board of Governors of the Federal Reserve System. In November 2017, President Donald Trump nominated him to succeed Janet Yellen as the 16th Chair of the Federal Reserve, a nomination confirmed by an 84-13 Senate vote. Powell officially took the oath of office on February 5, 2018. In 2022, President Joe Biden renominated him for a second term, which is set to conclude on May 15, 2026.