President Donald Trump announced Thursday afternoon that he has tapped a current Federal Reserve board member to lead the United States' central banking system. And, well, it's safe to say the new chair knows money. Jerome Powell's net worth might make him the richest Federal Reserve chairman since the 1940s, The Washington Post reported.
According to his financial disclosures from June of this year, Powell is reportedly worth from $19.7 million to $55 million. As a member of the board of governors of the Federal Reserve System, Powell submitted a public financial disclosure report listing the potential value of his assets and accounts. Because the potential value of, say, one bond could range from $50,001 to $100,000, it makes his exact net worth hard to pinpoint.
The Washington Post reviewed past Federal Reserve chair financial disclosures and determined that Marriner Eccles, who oversaw the central bank from 1934 to 1948, was the most recent chair whose net worth could hold a candle to Powell's.
Of course, the Federal Reserve System oversees billions and trillions of dollars, but beyond his own personal wealth, Powell is mostly seen as a safe choice for the job as he's been working at the bank since 2012 and holds ideals similar to the current chair, Janet Yellen.
Yellen, who Powell would replace, was the first woman to chair the United States Federal Reserve. She has led the banking system since 2014 when President Obama nominated her for the position. Her net worth is reportedly between $5.1 million to $16.6 million, and her term at the Federal Reserve will end in February.
In his announcement declaring his pick for the position, Trump called Yellen "a wonderful woman who's done a terrific job," and touted Powell as someone who can get the country through tough times:
He’s strong, he’s committed, he’s smart. And if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation's independent central bank.
Trump added, "Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy will face."
The New York Times' Binyamin Appelbaum and Ana Swanson described Powell as a "Republican with deep roots in the party’s establishment and in the financial industry."
"I'm both honored and humbled by this opportunity to serve our great country," Powell said at the announcement Thursday. "If I am confirmed by the Senate, I will do everything within my power to achieve our congressional assigned goals of stable prices and maximum employment."