Janet Yellen Net Worth: Yellen, born in the United States, is a prominent economist. She was the Board of Governors Vice Chair from 2010 to 2014 before becoming its Chair in 2014.
She headed up the San Francisco branch of the Federal Reserve as its president and CEO. She also led the Council of Economic Advisers under the Clinton administration as its chair.
Speaking Engagement Earnings
In a Federal filing made public that same year, it was revealed that Janet had made $7 million from 50 speaking engagements between 2018 and 2020.
Similarly, Janet’s disclosure revealed that she intended to sell her shares in a dozen or more significant businesses, including Pfizer, Conoco Phillips, and AT&T.
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Childhood and Adolescence
Janet Yellen was born to elementary school teacher Anna and doctor Julius Yellen on August 13, 1946, in Brooklyn, New York.
She has an elder brother named John and Jewish roots from Poland. Yellen graduated as valedictorian from Fort Hamilton High School.
After that, she enrolled at Brown University and earned a BA in economics from Pembroke College in 1967, summa cum laude.
Yellen continued her education at Yale, where she earned both a master’s degree and a doctorate in economics in 1971.
Beginnings in Academics
Yellen started her academic career as an assistant professor of economics at Harvard after finishing her Ph.D. From 1971 to 1976, she was a professor there before getting a job as an economist with the Federal Reserve Board of Governors.
Yellen studied foreign currency reform while working for the Fed.
She began her academic career in 1980 when she joined the faculty at the University of California, Berkeley’s Haas School of Business to do research in macroeconomics and teach at the undergraduate and graduate levels.
The full professorship was awarded to Yellen in 1985, and she has since won the Haas School’s Outstanding Teacher Award thrice.
The Federal Reserve and the Economic Advisory Council
President Clinton named Yellen to the Federal Reserve Board of Governors when she was on sabbatical from Berkeley in 1994.
She stepped down as Federal Reserve chairwoman in early 1997 to lead the Council of Economic Advisers. A landmark report on the gender pay gap was produced under Yellen’s direction at the CEA.
Discrimination in the workplace was blamed by the report’s authors for causing the wage difference. Yellen left the CEA to go back to teaching at Berkeley in 1999.
Return to Federal Reserve
The Federal Reserve Bank of San Francisco appointed Yellen as its first female president in 2004. In 2010, she stepped down to take a position as vice chair of the Federal Reserve Board of Governors under President Obama.
It was the first time a vice chair of the Federal Reserve had been promoted to chair, and it happened in 2013 when Yellen was selected to succeed Ben Bernanke. And as the first Democrat to run the Federal Reserve since Paul Volcker in 1979, she also made history as the first woman to do so.
The Federal Reserve raised its benchmark interest rate for the first time since 2006 under Yellen’s tenure as chair.
Yellen made history when, shortly before she left office in 2018, she punished Wells Fargo for its widespread mistreatment of its customers. In the grand scheme of things, Yellen has been one of the most successful chairwomen at the Federal Reserve.
Under her watch, the jobless rate fell to its lowest level in 17 years, from 6.7% to 4.1%.
A Time After The Federal Reserve System
On her last day at the Fed, Yellen revealed that she will be joining the Brookings Institution as a distinguished fellow.
At the same time, she earned over $7 million in speaking fees from major financial institutions like Goldman Sachs and Citigroup between 2018 and 2020.
Secretary of the Treasury
The Senate Finance Committee unanimously supported Yellen’s nomination as United States secretary of the treasury in January 2021, after President-elect Biden revealed his intention to nominate her in November of 2020.
Yellen’s appointment was not only the first time a woman had held the role, but also the first time anyone in U.S. history has served as head of the Treasury, the Federal Reserve, and the Council of Economic Advisers.
Janet Yellen Net Worth
Janet Yellen Net Worth: American economist Janet Yellen served as Chair of the Federal Reserve System from 2014 to 2018, after having served in that role from 2010 to 2014.
The wealth of Janet Yellen is estimated to be $16 million. Joe Biden announced Janet’s appointment as Treasury Secretary in November 2020.
Janet and her husband, the Nobel Prize-winning economist George Akerlof, reportedly hold assets net worth between $8 and $20 million, as revealed in a financial disclosure submitted prior to her stint as Treasury Secretary.
She previously served as the 15th head of the Federal Reserve from 2014 to 2018.
Yellen served as chair of the Council of Economic Advisers from 1997 to 1999 and as a member of the Federal Reserve Board of Governors under President Clinton.
Ethics In Economics
Yellen is an economic theorist who places a premium on addressing unemployment by advocating for lower interest rates from the Federal Reserve.
To prevent a fiscal default in late 2021, Yellen has called for the debt ceiling to be lifted along with more taxes and reductions in retirement expenditures. In addition, she has advocated for more stringent finance rules.
— Secretary Janet Yellen (@SecYellen) July 24, 2022
Yellen has been recognized for her achievements in both academia and politics with a number of awards.
She holds honorary degrees from Bard College, NYU, the University of Warwick, Tel Aviv University, and the University of Pennsylvania, among others.
The National Association for Business Economics, the Council on Foreign Relations, the American Academy of Arts and Sciences, and the National Bureau of Economic Research are just a few of the organizations where Yellen has held membership or a fellowship in the past.
She has been honored with numerous awards, such as 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.
Yellen met her husband, George Akerlof, in the Federal Reserve cafeteria in 1978 and they married the following year.
Akerlof taught at the London School of Economics while the couple was there for two years; he has also taught at Georgetown University and the University of California, Berkeley.
Robert Yellen Akerlof, the couple’s son, is an economics professor at the University of Warwick.
In particular, Yellen and Akerlof have worked together regularly on studies of poverty and joblessness. In addition, Yellen is a philatelist who possesses a stamp collection valued between $15,000 to $50,000.
- 1 Speaking Engagement Earnings
- 2 Childhood and Adolescence
- 3 Beginnings in Academics
- 4 The Federal Reserve and the Economic Advisory Council
- 5 Return to Federal Reserve
- 6 A Time After The Federal Reserve System
- 7 Secretary of the Treasury
- 8 Janet Yellen Net Worth
- 9 Ethics In Economics
- 10 Honors
- 11 Personal Life