In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

After rumors spread that he was about to sack the Federal Reserve leader and stocks dropped, the president told reporters that he wasn't "planning on doing anything."

TheStreet. In a sudden turn of events, President Donald Trump said he was "not planning on doing anything" to get rid of Federal Reserve Chair Jerome Powell, reported CNBC. This occurred after he mentioned the idea during a private meeting with congressional Republicans,

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

Jerome Powell's net worth is estimated to be between $20 and $50 million. Learn more about the Fed Chair's career and net worth.

Floats idea with GOP lawmakers. President Donald Trump denied Wednesday that he is planning to fire Federal Reserve Chair Jerome H. Powell, a day after asking Republican lawmakers at the White House whether he should remove the central bank chief.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.