damage when some complex derivative transactions caused large losses for major corporate clients. He then went back to work for Dillon, Read & Co. From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund. After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector. In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy. Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C., where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling. He worked for a salary of $1 per year. Federal Reserve Board of Governors (2012–2018) In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. The nomination included two people to help garner bipartisan support for both nominees since Stein's nomination had previously been filibustered. Powell's nomination was the first time that a president nominated a member of the opposition party for such a position since 1988. He took office on May 25, 2012, to fill the unexpired term of Frederic Mishkin, who resigned. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67–24 vote for a 14-year term ending January 31, 2028. Powell was a skeptic of round 3 of quantitative easing (or QE3), initiated in September 2012, although he eventually voted for it. In 2013 Powell endorsed financial regulation to end the problem of institutions that are too big to fail, while urging that it should be implemented carefully. In April 2017, he was assigned to head the bank oversight committee In a July 2017 speech, Powell said that in regard to Fannie Mae and Freddie Mac the status quo is "unacceptable" and that the current situation "may feel comfortable, but it is also unsustainable". He warned that "the next few years may present our last best chance" to "address the ultimate status