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History of Federal Open Market Committee actions. The effective federal funds rate over time, through December 2023. This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC). The FOMC controls the supply of credit to banks and the sale of treasury securities.
The Federal Reserve has used the Federal funds rate as a primary tool to bring down inflation (quantitative tightening) or induce more inflation (quantitative easing) to get to get to their target of 2% annual inflation. [11]
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.
William McChesney Martin Jr. (December 17, 1906 – July 27, 1998) was an American business executive who served as the 9th chairman of the Federal Reserve from 1951 to 1970, making him the longest holder of that position. He was nominated to the post by President Harry S. Truman and reappointed by four of his successors.
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Powell was born on February 4, 1953, in Washington, D.C., as one of six children to Patricia (née Hayden; 1926–2010) and Jerome Powell (1921–2007), a lawyer in private practice. His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law at Catholic University of America and later a lecturer at Georgetown Law School.He has fiv...
Legal and investment banking
In 1979, Powell moved to New York City and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, Powell was a lawyer with Davis Polk & Wardwell, and, from 1983 to 1984, he worked at the firm of Werbel & McMillen. From 1984 to 1990, Powell worked at Dillon, Read & Co., an investment bank, where he concentrated on financing, merchant banking, and mergers and acquisitions, rising to the position of vice president. Betwe...
Federal Reserve Board of Governors
In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. The nomination included two people to help garner bipartisan support for both nominees since Stein's nomination had previously been filibustered. Powell's nomination was the first time that a president nominated a member of the opposition party for such a position since 1988. He took office on May 25, 2012, to fill the unexpired term of Frederic Mishkin, who...
Federal Reserve Chairman
On November 2, 2017, President Donald Trump nominated Powell to serve as the chair of the Federal Reserve, replacing Janet Yellen at the helm of the central bank. On December 5, the Senate Banking Committee approved Powell's nomination to be chair in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote. His nomination was confirmed by the Senate on January 23, 2018, by an 84–13 vote.Powell assumed office as chair on February 5, 2018.
Powell married Elissa Leonard in 1985 at the Episcopal Washington National Cathedral. They have three children and live in Chevy Chase Village, Maryland, where Elissa is chair of the board of managers of the village. In 2010, Powell was on the board of governors of Chevy Chase Club, a country club. Based on public filings, as of 2019 Powell's net w...
Official
1. Biography from the Federal Reserve 2. FederalReserve.gov
Other
1. Statements and Speeches of Jerome H. Powellin Saint Louis Federal Reserve Database 2. Appearances on C-SPAN
In a move to protect the broader economy from the over-inflated stock market, the Fed began raising interest rates in 1999, culminating in a market crash and a string of high-profile bankruptcies beginning the following year.
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pande...
