Jerome Powell '71 has been confirmed to be the Chair of the Board of Governors of the Federal Reserve System (Fed Chair), the head of the central banking system in the nation.
Powell graduated from Georgetown Prep in 1971 and matriculated to Princeton University (1975) before earning a Juris Doctor degree from Georgetown University in 1979.
Powell comes from a long Georgetown Prep lineage. His father, Jerome Powell '40 (d.), brother, Matthew Powell '73, uncles, John Powell '28 (d.), Austin Powell '31 (d.), Francis Powell '36 (d.), and cousins, John Powell '58, Thomas Powell '62, and Gregory Powell '65, graduated from Prep.
After law school, he worked as an associate for Dillon, Read & Co., an investment bank. In 1990, Powell was confirmed to serve in President George H. W. Bush's administration as an assistant secretary and as undersecretary of the Treasury.
He was a partner at the Carlyle Group for eight years and was a visiting scholar at the Bipartisan Policy Center in Washington, D.C. Powell has been a member of the Federal Reserve Board of Governors since May 2012.
Rev. Scott R. Pilarz, S.J., president of Georgetown Prep, noted, "I would like to commend Jerome Powell, class of 1971, on his confirmation to be the Chair of the Board of Governors of the Federal Reserve System. We are proud to have a son of Georgetown Prep lead our nation's central banking system. On behalf of all of us at Georgetown Prep, we congratulate Jerome on his confirmation and offer our prayers and best wishes to him and his family."
Photo courtesy of the Bipartisan Policy Center.