Here we are talking about Janet Yellen Net Worth. Janet Louise Yellen, an American economist who was born on August 13th, 1946, has been the 78th secretary of the treasury of the United States since January 26th, 2021. From 2014 until 2018, she was the Federal Reserve’s fifteenth chair. Yellen is the first woman to occupy each of those positions and the first person to have served as chair of the Federal Reserve, Treasury Department, and White House Council of Economic Advisers.
Janet Yellen Net Worth
American economist Janet Yellen previously held the position of Vice Chair before serving as Chair of the Federal Reserve System from 2014 to 2018. Janet Yellen has a $16 million net worth. Joe Biden declared that Janet would be the Treasury Secretary in his cabinet in November 2020.
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By a financial disclosure made before she was appointed Treasury Secretary, Janet and her husband, economist and Nobel Prize winner George Akerlof, are the owners of assets worth between $8 and $20 million.
She served as the Federal Reserve’s 15th chair from 2014 to 2018. Yellen held several previous jobs, including chairing the Council of Economic Advisers from 1997 to 1999 under President Clinton. She was also a member of the Federal Reserve Board of Governors.
Earnings from Speaking Engagements
By a Federal filing made public in December 2020, Janet made $7 million from about 50 speaking engagements between 2018 and 2020. The same filing revealed Janet intended to sell her holdings in over a dozen significant companies, including Pfizer, Conoco Phillips, and AT&T.
Early Life of Janet Yellen
Janet Yellen was born on August 13, 1946, to parents Anna, an elementary school teacher, and Julius, a doctor, in Brooklyn, New York City. She has an elder brother named John who is of Polish Jewish origin.
Yellen attended Fort Hamilton High School, where she graduated as salutatorian of her class. She continued her education at Brown University’s Pembroke College, where she earned a BA in economics in 1967 summa cum laude. In 1971, Yellen graduated from Yale University with an MA in economics and a Ph.D. in the subject.
Starting a Career in Academics
Yellen joined Harvard University’s faculty as an assistant professor of economics after receiving her doctorate. Before being enlisted to work as an economist with the Federal Reserve Board of Governors, she taught there from 1971 to 1976. Yellen researched global monetary change at the Fed. She began teaching undergraduate and MBA students at the Haas School of Business at the University of California, Berkeley in 1980. There, she also conducted macroeconomics research. In 1985, Yellen was promoted to full professor and twice received the Haas School’s prize for exceptional teaching.
Federal Reserve and Council of Economic Advisers
President Clinton chose Yellen to join the Federal Reserve Board of Governors when she was on leave from Berkeley in 1994. She left the Federal Reserve at the beginning of 1997 to lead the Council of Economic Advisers. With the CEA, Yellen oversaw the publication of a landmark report on the pay gap between men and women. The investigation concluded that workplace discrimination was the cause of the pay difference. Yellen departed the CEA in 1999 to resume her teaching duties at Berkeley.
Back to Federal Reserve
Yellen was elected as the first female head of the Federal Reserve Bank of San Francisco in 2004. She served until 2010 when she quit taking the vice-chair position on the board of governors of the Federal Reserve System under President Obama. The Federal Reserve nominated Yellen to succeed Ben Bernanke as chair in 2013, marking the first time a vice chair had been promoted to that post. She also became the first American woman to head a central bank and the first Democrat to do so since Paul Volcker in 1979.
The Federal Reserve raised its benchmark interest rate under Yellen’s leadership for the first time since 2006. Yellen made a historic decision just before she left office in 2018 when she sanctioned Wells Fargo in response to widespread customer abuses. Overall, Yellen is regarded as one of the most effective chairs of the Federal Reserve. During her administration, the unemployment rate fell to its lowest level in 17 years, 4.1%, from 6.7%.
Post-Federal Reserve
On the day before she left the Federal Reserve, it was revealed that Janet Yellen would become a distinguished fellow at the Brookings Institution. She also collected speaking fees totaling over $7 million from financial institutions like Citigroup and Goldman Sachs between 2018 and 2020.
Secretary of the Treasury
The Senate Finance Committee unanimously confirmed Yellen as the next secretary of the Treasury of the United States in January 2021 after Vice President-elect Biden revealed his plan to nominate her in November 2020. As a result, Yellen became not only the first woman to hold the job but also the first American to be in charge of the Treasury, the Federal Reserve, and the Council of Economic Advisers.
Economic Philosophy
The unemployment crisis is at the center of Yellen’s economic worldview, which supports lower Federal Reserve interest rates. In addition, Yellen has stated her willingness to raise taxes, reduce retirement expenditures, and do away with the debt ceiling, which she claimed was necessary to prevent a default by the government in late 2021. She has additionally backed tighter financial rules.
Janet Yellen’s Honors
Yellen has received numerous awards during her career in recognition of her achievements in politics and academics. From schools including Bard College, New York University, the University of Warwick, Tel Aviv University, and the University of Pennsylvania, she has earned honorary degrees.
The National Bureau of Economic Research, the American Academy of Arts and Sciences, the Council on Foreign Relations, and the National Association for Business Economics is among the organizations where Yellen has held memberships or fellowships.
Her honors include the President’s Medal from Brown University, the Paul H. Douglas Award for Ethics in Government from the Institute of Government and Public Affairs, and the Wilbur Cross Medal from Yale University.
Personal Life of Janet Yellen
Yellen married George Akerlof, a fellow economist she had met in the Federal Reserve cafeteria, in 1978. Akerlof taught at the London School of Economics for two years when the couple lived in London; more recently, he has also taught at Georgetown University and the University of California, Berkeley. Robert Yellen, an associate professor of economics at the University of Warwick, is the child of Yellen and Akerlof.
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