Jerome Powell, the head of the Federal Reserve, is under fire this week as he appears before Congress. Investors will be keeping a careful eye out for any indications of potential rate increases.
On Tuesday morning before the Senate Banking Committee and on Wednesday before the House Financial Services Committee, Powell is scheduled to testify. He will have to persuade legislators during these testimony sessions that the central bank can lower inflation without also crashing the US economy.
When Powell last testified before Congress in June, the inflation rate was at 40-year highs and was close to 9%. Powell will have some positive news to report. Today, that rate has decreased to 6.4%, but it is still significantly higher than the Fed’s 2% annual goal. Inflation on an annual basis has decreased for seven straight months.
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Here’s all you need to know about Jerome Powell –
Jerome Powell’s net worth-
Jerome Powell’s net worth is estimated to be between $18 and $55 million.
Jerome Powell’s age-
Jerome Powell was born on born February 4, 1953. He is now 70 years old.
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Jerome Powell relationship-
In 1985, at the Episcopal Washington National Cathedral, Jerome Powell married Elissa Leonard. They have three children and live in Chevy Chase Village, Maryland, where Elissa serves on the village’s board of managers.
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Jerome Powell’s career-
Powell was born in the city of Washington, D.C. He graduated from Princeton University with a bachelor’s degree in politics in 1975 and from Georgetown University with a law degree in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.
President George H.W. Bush appointed Powell as an assistant secretary and undersecretary of the Treasury. He was in charge of policy on financial institutions, the Treasury debt market, and other areas. He worked as a lawyer and investment banker in New York City before joining the administration.
Powell worked as a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he concentrated on federal and state fiscal problems, before being appointed to the Board of Governors. Powell served as an associate at The Carlyle Group from 1997 to 2005.
Along with serving on business boards, Powell has also sat on the boards of philanthropic and academic organizations, such as the Princeton University Bendheim Center for Finance and the Nature Conservancy of Washington, D.C., and Maryland.
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Jerome Powell’s family-
Powell was one of six children born to Patricia Powell and Jerome Powell (1921–2007), a private practice attorney. James J. Hayden, his maternal grandfather, served as the dean of Catholic University of America’s Columbus School of Law and subsequently as a lecturer at Georgetown Law. Tia, Libby, Monica, Susan, Matthew, and Matthew are his five brothers.