Jerome Powell is the President of the Board of Directors of the Federal Reserve System (FED), the central bank of the United States. On February 5, 2018, Janet Yellen started to work for a four -year period. Before he started to work as president, he served as a member of the Board of Directors of Federal Reserve during the presidents of Barack Obama and Donald Trump.
Jerome Powell Biography
Jerome Powell was born in 1953 at Washington, DC. Powell grew up in Chevy Chase, the second of six children. His father was a lawyer who represented steel companies in the union talks and his mother was a part -time mathematician and statistician for the Republican National Committee. He married Elissa Leonard in 1985 and had three children. He received a bachelor’s degree in politics and a law degree from Georgetown University. He served as the chief editor of Georgetown Legal Journal.
Jerome Powell career
- 1975: Undergraduate degree in the field of Politics, Princeton University
- 1979: JD, Georgetown University
- 1990-1992: President George HW Bush in the period of the Ministry of Treasury Department
- 1992-1993: Undersecretary of Treasury
- 1997-2005: Partners in The Carlyle Group
- 2012-day: Federal Reserve Board Member
- 2018-Day: Federal Reserve President
Federal Reserve (FED) President
When Jerome Powell took over the FED in 2018, he was the richest FED president since the 1940s and had a net reserve between 19.7 million and 55 million dollars. Janet Yellen, including increasing interest rates, was expected to maintain its policies. During the Yellen period, the FED increased five times from nearly zero ratios applied after the 2007-08 financial crisis.
Powell’s efforts to further increase interest rates faced Donald Trump’s resistance. Shortly after taking office, Powell inspected the first interest rate increase of 0.25 points. Trump criticized Powell for increasing interest rates and argued that this movement would slow down economic growth and undermine the Trump administration’s policies, and discussed the possibility of Powell’s FED chairmanship. Powell argued that interest rate hikes were necessary to prevent inflation and provide long -term economic stability, and said he would not resign when he was asked.
As an anti-inflation measure, the Fed expenditures increased interest rates in 15 months in 2022-23, hoping to slow down expenditures and reduce inflation. A year later, the prices increased slightly more than 2 percent annually, while Jerome Powell was cautious about the progress of the Fed in reducing inflation. He said that consumers still felt the effects of high prices and added, “It will take some time for people to regain their trust.”
Following the victory of Trump in the 2024 presidential elections, tensions between Powell and Trump came to light again. At a press conference, Powell said that the election result would have a “any effect üzerinde on interest rates in the near term. When asked whether he would resign if he was asked, Powell said, “No ve and said that the president’s authority to dismiss or dismiss him were“ not allowed in accordance with the law ”.
Jerome Powell said that banks can provide crypto currency services, but they can make some warnings
At a press conference after announcing unchanged interest rates, Jerome Powell touched upon crypto currencies. He said that as long as banks are made safely and solidly, they can provide crypto money services to their customers.
Iz We are not against innovation and we certainly do not want to take actions that will cause banks to dismiss customers who are completely legal due to the excessive risk that may be related to regulation and audit, ”he added.
Following a court order, the Federal Deposit Insurance Institution (FDIC) recently published letters emphasizing the examination of banks when they thought to provide crypto money services to their customers. In many cases they were told to pause and never approved.
Following the Fed’s interest rate decision on January 29th, relief signals began to come from the crypto market. Following the interest rate decision, Bitcoin (BTC) gained 2.6 percent and started to be traded for $ 105 thousand. However, not only BTC but also Altcoins began to rise.
