ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022.

Detailed explanation-2: -Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018. He was sworn in on May 23, 2022 for a second term as Chair ending May 15, 2026.

Detailed explanation-3: -Powell, a Republican, was initially appointed to the Federal Reserve board by then-President Obama in 2012 and elevated to chairman by then-President Trump. Powell was confirmed to his first term heading the central bank by a 84-13 Senate vote.

Detailed explanation-4: -The position of vice chair was most recently held by Lael Brainard who was sworn in on May 23, 2022 and resigned on February 18, 2023. The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022.

Detailed explanation-5: -The most influential figure in America’s economy earns just $190, 000 a year-and he says that’s fair. Fed Chair Jay Powell spoke openly about just how little he earns-a fraction of what CEOs are normally paid-and he even called it fair. Perhaps no single individual has more sway over the global economy than Jay Powell.