This is where Powell worked to get Congress to raise the debt ceiling in 2011. Powell then pivoted (see what I did there? □) and went back to DC to work for a think tank. Then he moved back into the private sector, working on mergers and acquisitions, and then for a fund that he founded himself. After that, Powell spent some time at the US Treasury where he oversaw investigations of Salomon Brothers investment bank. After a few years as a judge clerk and then an attorney, he moved into mergers and acquisition work at Dillion Read, a New York investment bank. In contrast, Jerome Powell, the current Fed Chairman, is a lawyer and politician by study and trade, having studied politics at Princeton and then law at Georgetown. Then, twenty-seven years into his professional career, he was appointed Chairman of the Federal Reserve. He then worked alternating stints at the US Treasury and Chase Manhattan Bank before returning as the President of the New York Fed. His first job was as an economist at the Federal Reserve Bank of New York. Why do we keep hearing his name 40 years after his so-called moment at the Fed?įor starters, Paul Volcker was an economist by study and trade, having studied at Princeton’s School of Public and International Affairs, then Harvard’s Graduate School of Public Administration, and finally at the London School of Economics. First of all, who is this Paul Volcker character we keep hearing about? Like a Federal Reserve superhero or something.
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