Jerome Powell: From boring studies to becoming chairman of the Federal Reserve!

Jerome Powell: From boring studies to becoming chairman of the Federal Reserve!

Jerome Powell, the chairman of the US Federal Reserve, recently gave a baccalaureate speech at Princeton University, where he studied. In his address to the Class of 2025, he reflected on his time at the university and the challenges he experienced back then. Powell shared that while he was in college, he found majoring in economics “boring” and useless and chose politics instead. He regrets this today, as it has become clear how important economic knowledge is in his career, which is inextricably linked to the financial sector. Yahoo Finance reports, that he had no clear plan for his future, while many of his fellow students had already decided on graduate school, political careers or Wall Street.

After graduating from Princeton, Powell first joined a warehouse, where he worked for six months. This experience, although challenging, helped put him on the path to law school at Georgetown University. There he was determined to take advantage of the opportunity he had created for himself. In his speech at Princeton, Powell recalled that many graduates often follow a set path in life, but he encouraged listeners to seek their own individual path and take risks.

Paths to success and the role of luck

In his address, Powell emphasized that initiative and lifelong learning are crucial to success in life. He encouraged graduates to make mistakes and learn from them to achieve personal growth. Happiness, Powell said, often depends on circumstances and one's upbringing, and everyone must progress at their own pace. He particularly pointed out that public service is of great importance and urged graduates to get involved in society.

Powell, who was nominated by President Barack Obama to serve on the Federal Reserve Board of Governors in 2011 and was named chairman in 2017, explained that the importance of integrity in today's times cannot be overstated. He concluded his message with a nod to the responsibility that comes with happiness and success and encouraged the graduates to live lives that matter to those they care about and to society.

In addition to the inspiring words of his speech, Powell emphasized the challenges that each individual must overcome in life's journey. His later career included positions in investment banking and the Treasury Department. Powell was also not unknown in political circles; Finally, there were tensions in his relationship with former Presidents Trump and Biden, while Trump even questioned Powell's resignation, to which Powell steadfastly replied that he would not leave his post. This facet of his career shows how important it is to remain steadfast even in difficult times.