One of the toughest and unenviable jobs in America in recent times has been that of Federal Reserve Chairman Jerome Powell — battle decades high inflation while making sure the economy doesn’t get hammered in the process.
As the United States tackles rising prices, billionaire David Rubenstein, co-founder and co-chairman of The Carlyle Group, had an interesting conversation with Powell regarding his salary.
“It’s around $190,000, I believe,” Powell said when asked about his pay, according to a video tweeted by Bloomberg TV.
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Without dropping the matter, Rubenstein pressed on with more questions. “Ok, so you live on $190,000. If you need to sell something, what do you do? Do you have to clear it for 45 days?” he asked.
Powell replied that is indeed the case. “That’s right. You know, if we have family expenses, if we have them that exceed my salary, then we have to sell an asset,” the Fed Chair said.
The conversation didn’t stop there. Rubenstein asked if Powell thinks the figure is fair for his job. Powell replied, “I do, yes.”
“Okay,” Rubenstein said, which led to a burst of laughter from the audience.
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Photo: Courtesy of International Monetary Fund on Flickr