Janet Yelle Net Worth
President of the Federal Reserve System from 2014 to 2018, Janet Yellen is an American economist who previously served as Vice Chair of the Federal Reserve System. Janet Yellen has a net worth of $16 million.
Janet will serve as Treasury Secretary under Joe Biden’s administration, according to an announcement made by the Vice President in November 2020. The assets under Janet and her husband, Nobel Prize-winning economist George Akerlof, are estimated to be between $8 million and $20 million, according to a financial statement made public before of her appointment as Treasury Secretary.
In her previous position, she served as the Federal Reserve’s 15th chairman from 2014 to 2018. Yellen formerly served as a member of the Federal Reserve Board of Governors and as head of the Council of Economic Advisers, which she chaired from 1997 to 1999 during President Clinton’s administration.
Janet Yelle Early Life
Her parents, Anna (an elementary school teacher) and Julius (a physician), welcomed her into the world on August 13, 1946 in Brooklyn, New York City, where she grew up. Her ancestors are of Polish Jewish descent, and she has an elder brother named John.
Yellen attended Fort Hamilton High School, where she graduated as valedictorian of her class. After that, she went on to Brown University’s Pembroke College, where she earned a BA in economics in 1967, summa cum laude, with honours. In 1971, Yellen graduated from Yale University with an MA and a PhD in economics, respectively.
Janet Yelle Career Beginning In Academia
Following the completion of her degree, Yellen accepted a position as an assistant professor of economics at Harvard University. She was a professor at the university from 1971 to 1976 before being hired as an economist by the Federal Reserve Board of Governors in 1977.
During her time at the Federal Reserve, Yellen studied worldwide monetary reform. Upon graduation, she went on to work as a faculty member at the Haas School of Business at the University of California, Berkeley, where she conducted macroeconomic research and taught undergraduate and MBA students. Yellen was promoted to full professor in 1985 and has received the Haas School’s award for excellent instructor on two separate occasions.
Janet Yelle Federal Reserve And Council of Economic Advisers
President Clinton named Yellen to the Federal Reserve Board of Governors while she was on leave from the University of California, Berkeley, during the fall of 1994. She left the Federal Reserve in early 1997 to become the chairman of the Council of Economic Advisers.
With the CEA, Yellen supervised the publication of a landmark study that focused on the wage inequality between men and women. The research came to the conclusion that the wage disparity was the result of workplace discrimination. In 1999, Yellen left the CEA to return to her previous position as a professor at Berkeley.
Janet Yelle Return to Federal Reserve
In 2004, Yellen became the first female president of the Federal Reserve Bank of San Francisco, a position she has held since. She served as vice chair of the Federal Reserve Board of Governors under President Barack Obama until 2010, when she departed to take up her current position.
Following that, in 2013, Yellen was nominated to succeed Ben Bernanke as chair of the Federal Reserve, marking the first time that a vice chair has been appointed to that position in the United States. She also made history by becoming the first woman to manage a central bank in the United States and the first Democrat to hold the role of chairman of the Federal Reserve since Paul Volcker took over as chairman in 1979.
The Federal Reserve raised its benchmark interest rate for the first time since 2006 under Yellen’s term. Yellen made an unusual action just before she left office in 2018, when she slapped fines on Wells Fargo in response to chronic customer abuses. In general, Yellen is regarded as one of the most successful chairwoman of the Federal Reserve System. As a result of her leadership, the unemployment rate dropped from 6.7 percent to 4.1 percent, the lowest level in seventeen years.
Janet Yelle Post Federal Reserve
In an announcement made on Janet Yellen’s final day in office at the Federal Reserve, it was revealed that she will be joining the Brookings Institution research division as a distinguished fellow. Meanwhile, between 2018 and 2020, she got more than $7 million in speaking fees from financial institutions such as Goldman Sachs and Citigroup, according to public records.
Janet Yellen Honors
Over the course of her career, Yellen has amassed a slew of awards and recognitions for her contributions to both academics and politics. She has been awarded honorary degrees from a variety of universities, including Bard College, New York University, the University of Warwick, Tel Aviv University, and the University of Pennsylvania, among others.
Memberships or fellowships have also been awarded to Yellen by organisations such as 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.
In addition to the Wilbur Cross Medal from Yale University, the President’s Medal from Brown University, and the Paul H. Douglas Award for Ethics in Government from the Institute of Government and Public Affairs, she has received several other awards and honours.
Janet Yellen Personal Life
At 1978, Yellen married fellow economist George Akerlof, whom she had met in the Federal Reserve cafeteria while working at the institution. The couple stayed in London for two years, during which time Akerlof lectured at the London School of Economics; more subsequently, he has taught at Georgetown University and the University of California, Berkeley, among other institutions. Yellen and Akerlof are the parents of a son called Robert, who works as an assistant professor of economics at the University of Warwick in the United Kingdom.
Yellen and Akerlof have worked on research projects on a number of occasions, notably on issues like as poverty and unemployment. Additional to this, Yellen enjoys stamp collecting and is said to have an extensive collection of postal stamps that is estimated to be valued between $15,000 and $50,000.