Fed’s Powell: No economic recovery until coronavirus is contained
FOX Business’ Edward Lawrence breaks down what Fed Chairman Jerome Powell will address on Capital Hill concerning coronavirus recovery.
Jerome Powell, the chairman of the Federal Reserve, will be remembered for guiding the U.S. through the worst economic catastrophe since the Great Depression.
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Powell took office as head of the U.S. central bank in 2018 after he was nominated for the position by President Trump at the end of 2017. His term as chairman will expire in 2022, although a chair may be reappointed for several consecutive terms.
WHO IS JEROME POWELL?
The 67-year-old stands out from recent incumbent Fed chairs: He's the first with no formal economics training, and the richest since the 1940s, worth somewhere between $19.7 million and $55 million, according to a financial disclosure.
But Powell did not earn his vast fortune from serving on the world's most powerful central bank.
HOW DID JEROME POWELL MAKE HIS FORTUNE?
Congress sets the salaries of the Fed board members. In 2019, the chair's annual salary was $203,500. The annual salary of the other board members, including the vice chair, is $183,100.
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in 2015, all of the 12 district Fed presidents drew in a bigger salary than Powell does, four years later. The biggest earner is the president of the New York Fed, who earns $466,500 annually. The president of the San Fransisco Fed makes $422,900.
In his capacity as chairman of the world's most powerful central bank, Powell is tasked with trying to ensure that, once the virus outbreak subsides, the American economy can return to pre-crisis levels.
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