Presumptive Fed chair nominee Jerome Powell would rank among the richest individuals ever to hold the office should he replace Janet Yellen next February, according to a report Wednesday.
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Powell, whom President Trump is expected to nominate as the next chair of the Federal Reserve on Thursday, disclosed a net worth of between $19.7 million and $55 million in his most recent financial filings. The personal fortune would establish Powell as the richest Fed chair since Marriner Eccles left the office in 1948, the Washington Post reported.
A former executive with the Carlyle Group, a private equity fund, Powell left the banking world in 2005 and later served as a fiscal policy scholar at the Bipartisan Policy Center, where he took a salary of just $1. He would be the first investment banker to hold the prestigious position.
If confirmed as Fed chair by the U.S. Senate, Powell will replace Yellen in the role when her term expires in February. FOX Business Senior Correspondent Charlie Gasparino reported that Trump wants to replace Yellen with a “dove” who is open to slashing regulations without making major changes to the Fed’s economic policies.
A registered Republican, Powell has served on the Fed’s Board of Governors since 2012.