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Who is Jerome Powell?
Jerome Powell is the chairman of the Board of Governors of the Federal Reserve System, the central bank of the United States. He began his term on February 5, 2018, replacing Janet Yellen. Before assuming the role of chairman, he served as a member of the Federal Reserve Board during the presidencies of Barack Obama and Donald Trump.
Jerome Powell biography
Jerome Powell was born in 1953 in Washington, D.C. Powell, the second of six children, grew up in Chevy Chase, Maryland. His father was a lawyer representing steel companies in union negotiations, and his mother was a mathematician and statistician who worked part-time for the Republican National Committee. He married Elissa Leonard in 1985, and they have three children. He earned a bachelor's degree in politics from Princeton University and a law degree from Georgetown University. He served as the head editor of the Georgetown Law Journal.
Jerome Powell's career
Federal Reserve (FED) Chairman
When Jerome Powell took over the Fed in 2018, he was the richest Fed chairman since the 1940s and had a net worth between 19.7 million and 55 million dollars. It was expected to continue Janet Yellen's policies, including raising interest rates. During Yellen's tenure, the Fed raised interest rates five times from near-zero levels implemented after the 2007-08 financial crisis.
Powell's efforts to further raise interest rates have met with resistance from Donald Trump. Shortly after taking office, Powell oversaw a 0.25 percentage point increase in interest rates. Trump criticized Powell for raising interest rates, arguing that this move would slow economic growth and undermine his administration's policies, and discussed the possibility of removing Powell from the position of Fed chairman. Powell argued that interest rate increases were necessary to curb inflation and ensure long-term economic stability, and said he would not resign when asked.
As a measure against inflation, the Fed raised interest rates 10 times in 15 months in 2022-23 in hopes of slowing down spending and reducing inflation. A little over a year later, when prices rose slightly more than 2% annually, Jerome Powell cautiously approached the progress made by the Fed in reducing inflation. He said consumers still feel the effects of high prices and added, "It will take some time for people to regain confidence."
Following Trump's victory in the 2024 presidential election, tensions between Powell and Trump have resurfaced. Powell said at a press conference that the election result would have "no impact" on interest rate decisions in the near term. Asked if he would resign if asked, Powell said, "No," and said the president's power to fire or remove him from office was "not permitted under the law."
( Jerome Powell said that banks could provide cryptocurrency services but could issue some warnings.
Jerome Powell addressed the issue of cryptocurrencies at a press conference held after announcing unchanged interest rates, stating that banks could provide cryptocurrency services to their customers as long as they were conducted securely and soundly.
"We are not against innovation and do not want to take actions that would cause banks to lay off completely legal customers due to the avoidance of excessive risk associated with regulation and supervision."
After a court order, the Federal Deposit Insurance Corporation (FDIC) recently issued letters emphasizing the review they received when banks consider offering cryptocurrency services to their customers. In many cases, they were told to pause and never received approval.
After the Fed's interest rate decision on January 29, signals of relief started to come from the crypto market. After the interest rate decision, Bitcoin )BTC### gained 2.6 percent in value and started trading at 105,000 dollars. In addition to BTC, altcoins also started to rise.
This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.