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Janet Yellen

April 08, 2023

Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.

Janet Yellen
Official portrait, 2021
78th United States Secretary of the Treasury
Assumed office
January 26, 2021
PresidentJoe Biden
DeputyWally Adeyemo
Preceded bySteven Mnuchin
15th Chair of the Federal Reserve
In office
February 3, 2014 – February 3, 2018
PresidentBarack Obama
Donald Trump
DeputyStanley Fischer
Preceded byBen Bernanke
Succeeded byJerome Powell
19th Vice Chair of the Federal Reserve
In office
October 4, 2010 – February 3, 2014
PresidentBarack Obama
Preceded byDonald Kohn
Succeeded byStanley Fischer
Member of the Federal Reserve Board of Governors
In office
October 4, 2010 – February 3, 2018
PresidentBarack Obama
Donald Trump
Preceded byMark W. Olson
Succeeded byLisa D. Cook
In office
August 12, 1994 – February 17, 1997
PresidentBill Clinton
Preceded byWayne Angell
Succeeded byEdward Gramlich
11th President of the Federal Reserve Bank of San Francisco
In office
June 14, 2004 – October 4, 2010
Preceded byRobert T. Parry
Succeeded byJohn C. Williams
18th Chair of the Council of Economic Advisers
In office
February 18, 1997 – August 3, 1999
PresidentBill Clinton
Preceded byJoseph Stiglitz
Succeeded byMartin Neil Baily
Personal details
Born
Janet Louise Yellen

(1946-08-13) August 13, 1946 (age 76)
Brooklyn, New York City, U.S.
Political partyDemocratic
Spouse
​
(m. 1978)​
Children1
EducationBrown University (AB)
Yale University (MA, PhD)
Signature
Academic career
Institution
FieldMacroeconomics
Labor economics
School or
tradition		New Keynesian economics
Doctoral
advisor		James Tobin
Academic
advisors		Joseph Stiglitz
Doctoral
students		Charles Engel
InfluencesJohn Maynard Keynes
Information at IDEAS / RePEc
Academic background
ThesisEmployment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach (1971)
Janet Yellen's voice
Janet Yellen speaks on the importance of raising the debt ceiling
Recorded March 23, 2023

Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and earned a Ph.D. in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 until 1976 when she began working for the Federal Reserve Board as a staff economist from 1977 to 1978 before joining the faculty of the London School of Economics from 1978 to 1980. Yellen is professor emeritus at the Haas School of Business and the University of California, Berkeley, where she has been a faculty member since 1980 and became the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics.

Yellen served as a member of the Federal Reserve Board of Governors from 1994 to 1997 and was nominated to the position by President Bill Clinton, who then named her chair of the Council of Economic Advisers from 1997 to 1999. She subsequently returned to academia before being appointed president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 until 2010. Afterward, President Barack Obama chose her to replace Donald Kohn as vice chair of the Federal Reserve from 2010 to 2014 before nominating her to succeed Ben Bernanke as chair of the Federal Reserve three years later. She had one of the shortest tenures in that position and was succeeded by Jerome Powell after President Donald Trump refused to renominate her for a second term. Following her resignation from the Federal Reserve, Yellen joined the Brookings Institution as a distinguished fellow in residence from 2018 until 2020, when she once again went into public service.

On November 30, 2020, then-President-elect Joe Biden nominated Yellen to serve as secretary of the treasury; she was confirmed by the U.S. Senate on January 25, 2021, and took office the next day.

Early life and education

Yellen was born on August 13, 1946,[1] to a family of Polish Jewish[2] ancestry in the Bay Ridge, Brooklyn neighborhood of New York City, and grew up there.[3] Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher who gave up her teaching job to become a stay-at-home mother. Her father was Julius Yellen (1906–1975), a family physician who worked from the ground floor of their house. Janet has an older brother, John (born 1942), a program director for archaeology at the National Science Foundation.[4][5]

In a speech at the POLIN Museum of the History of Polish Jews, Yellen said that her father's family immigrated to the United States from Sokołów Podlaski, a small town about 50 miles outside of Warsaw. She shared that nearly the entirety of its Jewish population, including many of her relatives, was deported or murdered during the Holocaust.[6]

Yellen attended the local Fort Hamilton High School, where she was an honor society member and participated in the booster club, the psychology club, and the history club.[5] She also served as editor-in-chief of The Pilot, the school newspaper, which continued its 13-year streak as the first-place winner of the prestigious Columbia Scholastic Press Association contest under her leadership.[7] She earned a National Merit commendation letter and was admitted to a selective science honors program at Columbia University to voluntarily study mathematics on Saturday mornings. Yellen was one of 30 students to win state Regents scholarships for college and one of a select few to win the mayor's citation for a scholarship.[7] She graduated in 1963 as the valedictorian of her class. In line with school tradition, for the editor to interview the valedictorian, she interviewed herself in the third person.[8][5][7]

Yellen enrolled at Pembroke College in Brown University, initially intending to study philosophy. During her freshman year, she switched her planned major to economics and was particularly influenced by professors George Herbert Borts and Herschel Grossman.[9] In the spring of 1964, she also joined the business staff of The Brown Daily Herald, but soon afterward left the paper to focus on her academic studies.[10] Yellen graduated summa cum laude and Phi Beta Kappa with a bachelor's in economics from Brown University in 1967,[11] and earned her master's and PhD in economics from Yale University in 1971.[12] Her dissertation was titled Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach under the supervision of James Tobin,[13] a noted economist who would later receive the Nobel Memorial Prize.[14] As a teaching assistant, Yellen was so meticulous in her note-taking during Tobin's macroeconomics class that her notes became the unofficial textbook and were referred to as "Yellen Notes" while being circulated among generations of graduate students.[14] Her former professor and Nobel Prize in Economics laureate, Joseph Stiglitz, has called her one of his brightest and most memorable students.[15] She later described Yale professors Tobin and William Brainard as "lifelong mentors" who laid the intellectual groundwork for her economic views.[16] Yellen was the only woman among the two dozen economists who earned their doctorates from Yale in 1971.[15]

Academic career

After receiving her Ph.D., Yellen obtained the position of assistant professor of economics at Harvard University, where she taught from 1971 to 1976.[17] At that time, she was one of only two women faculty in Harvard's economics department; the other woman was Rachel McCulloch. The pair struck up a close friendship and went on to write several academic papers together.[15] In 1977, Yellen took a job within the Federal Reserve's Board of Governors after failing to win tenure at Harvard; she was recruited as a staff economist for the Board of Governors by Edwin M. Truman, who had known her from Yale. Truman was a junior professor when he heard Yellen's oral exam and was then about to take over the Fed's Division of International Finance. She was assigned to research international monetary reform.[18]

While at the Fed, she met her husband, economist George Akerlof, in the bank's cafeteria; they married in 1978, less than a year later.[18] By the time of their marriage, Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her post at the Fed to accompany him and was given a tenure-track lectureship by LSE. The couple stayed in the United Kingdom for two years before returning to the United States, in part due to identity issues because they felt American, not English.[19]

In 1980, Yellen joined the faculty of the University of California, Berkeley, where she taught at the Haas School of Business to conduct macroeconomics research and teach undergraduate and MBA students for more than two decades. She earned the Haas School's outstanding teaching award twice, in 1985 and 1988.[20] Prof. Yellen became just the second woman at Berkeley-Haas to earn tenure in 1982, as well as the title of full professor in 1985.[20] She was named the Bernard T. Rocca, Jr. Professor of International Business and Trade in 1992.[21][22]

From 1994 to 1999, Yellen took a leave of absence from Berkeley to go into public service. After returning to academia, she resumed her teaching assignment at Haas and received a joint appointment with Berkeley's Department of Economics.[23] She was appointed the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics in 1999,[21] and remained an active faculty member until she was appointed president & chief executive officer of the Federal Reserve Bank of San Francisco in 2004.[24] Yellen was awarded the title of Professor Emeritus at UC Berkeley in 2006.[22]

Throughout her career, Yellen served as an adviser to the Congressional Budget Office (CBO), the Brookings Panel on Economic Activity, and the National Science Foundation’s Panel in Economics. She was also a research associate at the National Bureau of Economic Research from 1999 to 2010.[22]

Contributions to economics

Yellen's academic career has largely focused on the analysis of the mechanisms of unemployment and labor markets, monetary and fiscal policies, and international trade. She has written a few widely cited papers, often collaborating on research with her husband, Professor George Akerlof.[25][26]

Efficiency wage models

Since the 1980s, Yellen and Akerlof have addressed what's known in the economics literature as "efficiency wage theory" – the idea that paying people more than the market wage does increase their productivity. Their 1990 paper, entitled "The Fair-Wage Effort Hypothesis and Unemployment", coined "the fair wage effort hypothesis" and was considered by economists to be a significant contribution to the topic: "A precursor to the efficiency wage literature...it had an influence, although the work on efficiency wage theory has had a bigger influence."[27] Akerlof and Yellen introduced the gift-exchange game, which argues that workers who are paid less than what they consider to be a fair wage will purposefully work less hard to exact revenge on their employer.[27][25]

Reproductive technology shock

Another work, "An Analysis of Out-of-Wedlock Childbearing in the United States", co-written with Akerlof and Michael Katz and published in 1996, aims to explain why out-of-wedlock births had grown considerably in previous decades in the United States. A research study led to a theory called "reproductive technology shock", arguing that the increased availability of both abortion and contraception in the late 1960s and early 1970s, amidst the sexual revolution, eroded the social norms surrounding sex, pregnancy, and marriage, leading to a sharp decline in the stigma of unwed motherhood.[28] At the same time, this transformation encouraged biological fathers to reject notions of marital and paternal obligations.[29]

Federal Reserve (1994–1997)

On April 22, 1994, President Bill Clinton announced his intention to nominate Yellen as a member of the Federal Reserve Board of Governors, alongside Alan Blinder, who has been designated as vice chairman, the first Democratic appointee to the Board since 1980.[30][31] In an issued statement, the president praised her as "one of the most prominent economists of her generation on the intersection of macroeconomics and labor markets."[32] President Clinton played an indirect role in the selection process, delegating most of the responsibility to NEC Director Robert Rubin, Treasury Secretary Lloyd Bentsen, and CEA Chair Laura Tyson, who was a colleague of Yellen's at Berkeley. The group settled on her candidacy after an exhaustive search that at one point included nearly 50 names.[30] In July 1994, during her confirmation hearing before the Senate Banking Committee, Yellen said that Fed policies should keep the economy growing as much as possible without accelerating inflation but avoid taking a clear position on the prospect of further increases in interest rates.[33] The Senate panel approved her nomination without much Republican opposition, by a vote of 18 to 1; the only dissenting vote came from Senator Lauch Faircloth (R-NC), who said that her concerns should be limited to inflation.[34] The nomination was confirmed in the full United States Senate by a vote of 94–6.[35] On August 12, 1994, Yellen was appointed to a full 14-year term and assumed the seat vacated by Republican Wayne Angell.[34] She was installed as the fourth female governor, joining Susan M. Phillips, which marks the first time that two women have sat on the Federal Reserve Board simultaneously.[36]

In July 1996, the Federal Reserve resisted pressure to raise interest rates as unemployment dropped. Yellen marshaled academic research to dissuade Chairman Alan Greenspan from committing the Fed to a zero inflation policy and demonstrate that the central bank should seek to moderate inflation rather than eliminate it. According to the study, a low inflation rate of around 2 percent provided a better foundation for reducing unemployment and increasing economic growth than the goal of zero.[37]

Upon her confirmation as chair of the Council of Economic Advisers, she resigned as a member of the Board of Governors of the Federal Reserve System on February 17, 1997.

Council of Economic Advisers (1997–1999)

 
Official photo as CEA chair, c. 1990s

On December 20, 1996, Yellen joined the Clinton administration as chair of President Clinton's Council of Economic Advisers (CEA), replacing Joseph Stiglitz in office.[38] She was reluctant to leave the Federal Reserve, but the White House officials passed over others with greater marquee value and talked her into the job because, as Treasury Secretary Robert Rubin said, "we wanted someone who could bring a rigorous analytic approach to the issues and who could work well with others."[39] Yellen was unanimously confirmed by the Senate on February 13, 1997,[40] thereby becoming the second woman to serve as chief economic advisor to the president after Laura Tyson.[41][39] While serving within the Administration, she concurrently chaired the OECD Economic Policy Committee from 1997 to 1999.[22]

During her time with the Council of Economic Advisers, Yellen oversaw a June 1998 report, "Explaining Trends in the Gender Wage Gap",[42] which focused on the gender pay divide. Within this study, the Council analyzed data from 1969 to 1996 to determine the reasons why women earn substantially less than men. By observing trends attributable to issues such as occupation and industry, as well as familial status, it was determined that while the Equal Pay Act of 1963 was a step forward, there was no explanation for a 25 percent difference between average pay for women and men – an improvement from the 40 percent gap two decades earlier. It was concluded that this gap had no correlation with differences in productivity and, as such, was the result of discrimination within the workforce.[15]

In June 1999, Yellen announced that she was stepping down from the CEA for personal reasons and would return to teaching at UC Berkeley.[43] It was reported that President Clinton asked her to take over from Alice Rivlin, the central bank's vice chairwoman – an offer she turned down.[44]

Return to the Federal Reserve (2004–2018)

Federal Reserve Bank of San Francisco

On April 12, 2004, the Federal Reserve announced that Yellen would replace Robert T. Parry as president and chief executive officer of the Federal Reserve Bank of San Francisco, taking office on June 14.[45] She became the first woman to hold this position.[15] While serving as district FRB president, she sat on the policy-setting Federal Open Market Committee (FOMC) and was a voting member once every three years on a rotating basis, with her first being in 2006.[45] During her time at the San Francisco Fed, the largest of the 12 Federal Reserve Banks in terms of population and economic output, Yellen publicly downplayed concerns about the potential consequences of the boom in housing prices; at FOMC meetings, on the contrary, she sounded the alarm on banks' heavy concentration in risky construction and home-development loans.[46] On the other hand, she did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of Countrywide Financial, the country's largest lender.[47][48]

On June 5, 2009, Yellen said that the Federal Reserve should consider raising interest rates earlier to prevent another housing bubble. She argued that higher short-term interest rates probably went against the expansion of a bubble in certain circumstances, like restraining the demand for housing and high-risk mortgages.[49]

In July 2009, Yellen was mentioned as a potential successor to Chairman Ben Bernanke when his term was set to expire before he was re-nominated for a second four-year term.[50] She eventually emerged as the leading contender for vice chair of the Federal Reserve Board in March 2010,[51] and following her Senate confirmation, she resigned from the San Francisco Fed in October of that year.[52]

Vice Chair of the Federal Reserve

 
Yellen takes the oath of office administered by Federal Reserve chairman Ben Bernanke in the Eccles Building, October 4, 2010

On April 28, 2010, President Barack Obama nominated Yellen to succeed Donald Kohn as vice chair of the Federal Reserve.[53] In July 2010, the Senate Banking Committee voted 17–6 to confirm her, though the top Republican on the panel, Sen. Richard Shelby of Alabama, voted no, saying "President Yellen presided over a regional housing bubble and failed to restrain the excesses."[54]

Around the same time, on the heels of related testimony by Fed chairman Bernanke, FOMC voting member James B. Bullard of the St. Louis Fed stated that the U.S. economy was at risk of becoming "enmeshed in a Japanese-style deflationary outcome within the next several years."[55] That statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen's pending confirmation, along with those of Peter Diamond and Sarah Bloom Raskin to fill vacancies, was seen as possibly furthering such a shift in the FOMC. All three nominations were seen as "on track to be confirmed by the Senate."[55]

On September 29, 2010, Yellen, alongside Raskin,[56] was confirmed by the Senate on a voice vote to be both a member of the board of governors[57] and vice chairman of the Federal Reserve System.[58] On October 4, the pair were sworn in as Fed governors, while Yellen also took the oath of office as vice chair of the board for a four-year term.[52] Simultaneously, she began a 14-year term as a member of the Federal Reserve Board, filling a vacant seat last held by Mark W. Olson.[52] Yellen was just the second woman to hold the Federal Reserve's No. 2 post, after Alice Rivlin.[59]

Yellen, as vice chair, by contrast with her predecessors, has acted more as an independent force within the institution.[60] She has been urging Bernanke and the other FOMC members to follow her preferred route for monetary policy, arguing for more forceful actions to inject money into the economy to reduce unemployment.[61] Yellen played a leading role in moving the Federal Reserve to announce its inflation target of two percent a year, after her long campaign with Chairman Bernanke; she was an early supporter of inflation targeting facing opposition from Chairman Greenspan during her first stint at the Fed in the 1990s.[62][60]

Yellen was widely considered the front-runner to succeed Bernanke as the Federal Reserve's chair when his second term ceased.[62][63][64] The other leading candidate for the position in what turned out to be a high-profile race was Lawrence Summers, a former treasury secretary under President Clinton and former director of President Obama's National Economic Council; media outlets reported that the president was leaning toward picking the latter of two.[65] However, throughout the race, Summers drew criticism from both sides of the aisle for his role in deregulating parts of the banking sector while he served in the Clinton administration. He sparked further controversy for remarks on women's aptitude in math and science, which he made in 2005 while serving as Harvard University's president.[15] In July 2013, Yellen was pushed to be named the first chairwoman of the central bank in a letter that was circulated among the Senate Democrats and had been signed by almost a third of the 54 caucus senators, who primarily represent the liberal wing of the party.[66] In addition, more than 500 professional economists from around 200 colleges and universities across the United States signed an open letter in support of her candidacy for Fed chair and sent it to the White House.[67] After weeks of opposition to his potential nomination, Summers withdrew his name from consideration for the position in September.[68][69]

Chair of the Federal Reserve

 
Official portrait as Federal Reserve chair, 2015
 
From left to right: Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker, May 1, 2014
 
Yellen in conversation with IMF managing director Christine Lagarde, July 2, 2014

On October 9, 2013, Yellen was officially nominated to replace Bernanke as chair of the Federal Reserve,[70][71] the first vice chair ever to be elevated to that post.[72] While announcing his decision, President Obama called her "one of the nation's foremost economists and policymakers" and said that "America’s workers and their families will have a champion in Janet Yellen."[73] During the nomination hearings held in November, Yellen defended the more than $3 trillion in stimulus funds that the central bank had been injecting into the U.S. economy.[74] She also said that it is important for the Fed to try to detect asset bubbles and that if she saw one, she would work to address it.[75]

On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination.[76] On January 6, 2014, she was confirmed as chair of the Federal Reserve by a vote of 56–26,[77] the narrowest margin ever for the position.[78] Yellen was a trailblazer as the first woman to head the U.S. central bank, or any major central bank, and the first Democrat to do so since Paul Volcker assumed that position in 1979 via President Jimmy Carter.[79] She was sworn into office on February 3, 2014,[80] and was previously elected as FOMC chair on January 30.[81] According to a Fed representative, on Yellen's request, her title would be altered to "chair" rather than "chairman" or "chairwoman," as she prefers a gender-neutral manner.[59][15] Only one woman ever led the central bank of a G8 country before Yellen – Russia's Elvira Nabiullina.[82]

In July 2014, at her first semi-annual congressional testimony on U S. monetary policy, Yellen said, "while real estate, equities, and corporate bond prices have risen appreciably and valuation metrics have increased they were generally in line with historical norms." She also acknowledged some concerns about the valuations of lower-rated corporate debt and affirmed that she and other Fed officials were monitoring trends but did not believe that a so-called "everything bubble" was forming.[83]

On December 16, 2015, the Federal Reserve under Yellen increased its key interest rate for the first time since 2006.[84] That move was largely expected because extraordinarily low rates for an extremely long time may contribute to financial instability and pose a threat to the economy and was considered a departure from the previous controversial Fed policy, commonly known as the "Greenspan put".[85][86] During her tenure, the Fed has gradually raised rates four additional times, leaving its key rate in a still-low range of 1.25 percent to 1.5 percent – well below historical standards.[87]

After the 2016 presidential election, Yellen gave a strong defense of the Dodd–Frank Act at her Joint Economic Committee testimony, standing in opposition to the incoming President Donald Trump's plans to review the landmark legislation. She argued that it would be inappropriate to weaken or repeal the law designed to prevent a repeat of the 2008 financial crisis.[88]

On August 25, 2017, Yellen defended financial regulations enacted in the wake of the Great Recession in a speech to the Jackson Hole Economic Symposium. In her remarks about the aftermath of the crisis she said, "The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth." Yellen further warned that any adjustment to the regulatory framework should be modest and preserve the increase in resilience.[89]

In November 2017, as Yellen's tenure as chair of the Federal Reserve was coming to an end, Trump considered nominating her for another term, but on the advice of his Treasury Secretary Steven Mnuchin, picked a Republican Fed governor, Jerome Powell, instead.[90] Yellen made her resignation from the Federal Reserve Board at the conclusion of her chairmanship known after Trump's choice, despite still having her assignment as Fed governor until 2024.[91] She served a single term and became just the second Federal Reserve chair eligible for reappointment not renominated by a successor presidential administration, the first being Arthur F. Burns almost 40 years prior.[92] That unusual departure makes her the briefest-serving central bank chief since G. William Miller, who held that office for over a year, from 1978 to 1979.[93]

On February 2, 2018, her last day in office, Yellen enforced unprecedented sanctions on Wells Fargo, the third-largest U.S. bank at the time, with a consent order that restricted the firm from future growth until the organization fixed its internal problems.[94][95] The move came in response to a string of "widespread consumer abuses and compliance breakdowns" at the company, including a fake account scandal,[96] and marked the first time the Federal Reserve has imposed a cap on the entire assets of a financial institution.[95]

Regarding labor markets, Yellen has been dubbed one of the Federal Reserve System's most successful chairpersons. During her term, the unemployment rate dropped from 6.7 percent to 4.1 percent, the lowest in 17 years.[97][98][87] For the first time since central bank creation, the economy had added jobs throughout every month of any Fed chair's tenure.[98] Yellen completed her time at the Fed with the lowest final unemployment rate of any Fed chair since William McChesney Martin in 1970.[99] Under her leadership, the U.S. unemployment rate fell more than during any other chair's term in the post-World War II era, declining 2.6 percentage points.[99] On the other hand, inflation remained below the Fed's annual two percent target, which led to the suggestion that the Federal Reserve could have done even more to bolster the economy without the risk of price increases.[100]

Yellen holds a unique place in Federal Reserve System history. In addition to being the first woman to lead the institution, she was also the first person ever to have served in the nation's central bank system, with stints as the Federal Reserve chair (from 2014 to 2018), vice chair (from 2010 to 2014), FRB regional president (at the San Francisco Fed, from 2004 to 2010), Fed governor (from 1994 to 1997), and Fed staff economist (from 1977 to 1978).[101]

After the Federal Reserve (2018–2020)

 
Yellen delivers her farewell speech to Federal Reserve staff, February 1, 2018

On February 2, 2018, the Brookings Institution announced that Yellen would join the think tank as a distinguished fellow in residence with the Economic Studies program, effective February 5, 2018.[102] She's been affiliated with the Hutchins Center on Fiscal and Monetary Policy at Brookings.[103] On July 31, 2018, the Hutchins Center announced Yellen, James H. Stock, and Louise Sheiner as co-chairs of the newly launched Productivity Measurement Initiative, aimed at improving the quality of economic statistics.[104]

In November 2020, Yellen left her position at Brookings after being selected as a nominee to serve as Treasury secretary.[105] Within the think tank, she has been providing expertise and commentary on a range of economic issues, offering her perspective and analysis at Brookings panels, congressional testimony, lectures across the United States and abroad, and regularly serving as a commentator in the media.[105]

On June 27, 2017, Yellen stated that she did not expect another financial crisis "in our lifetime" because she thought banks were "much stronger" as a result of Federal Reserve oversight.[106] In a December 10, 2018 conversation with Paul Krugman at the City University of New York, she warned of the possibility of another financial crisis by citing "gigantic holes in the system" after she departs from the Federal Reserve.[107]

On February 25, 2019, in an interview with Marketplace, when asked if she believed Trump has "a grasp of macroeconomic policy," Yellen replied, "No, I do not."[108] She expressed her doubts about the president's ability to articulate the Federal Reserve's explicit goals of "maximum employment and price stability" and emphasized his assertions that the Federal Reserve's goals include trade, which she explains are objectively false. She raised further concern over Trump's regard for the independence of the central bank and voiced support for her successor, Jerome Powell.[108] This interview marked a notable change in tone for Yellen, who traditionally handled her differences with the president in a neutral manner.[109]

On July 17, 2020, at the hearing of the House Select Oversight Subcommittee on the Coronavirus Crisis, which was set up by the House Committee on Oversight and Reform, former Federal Reserve chairs Bernanke and Yellen testified about the economic policy response to the negative impact of the coronavirus pandemic. They urged lawmakers to act aggressively with fiscal stimulus in three areas: extending the supplementary unemployment payments; providing additional financial assistance to hard-hit states and local governments; and investing in the medical response to the pandemic.[110] She also expressed this commitment to stimulus in an op-ed for The New York Times with Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities.[111]

In August 2020, it was reported that Yellen was among a handful of economists who briefed former vice president Joe Biden, the presumptive Democratic nominee for president, and his chosen running mate, Sen. Kamala Harris, on economic issues.[112] The meeting was one of the first times the Biden campaign announced its economic expert, whom few at the time predicted would take a presidential cabinet post.[113]

Between 2018 and 2020, Yellen received over $7 million in speaking fees from financial companies such as Barclays, Citigroup, Goldman Sachs, and the hedge fund Citadel after leaving the Federal Reserve.[114][115][116] With her return to government, she pledged to get official permission from the Office of Government Ethics (OGE) to participate in substantive issues involving such firms to avoid any conflict of interest.[117][116]

Secretary of the Treasury (2021–present)

Nomination and confirmation

 
President Joe Biden and Vice President Kamala Harris receive an economic briefing from Treasury Secretary Yellen in the Oval Office, January 29, 2021

Following the 2020 presidential election, Yellen was routinely mentioned as a possible secretary of the treasury in the incoming Biden administration.[118][119] She edged out other top contenders to obtain the position, including Fed Board Gov. Lael Brainard and Roger W. Ferguson Jr., a former vice chairman at the central bank.[113][120]

On November 30, 2020, then-President-elect Biden announced he would nominate Yellen as Treasury Secretary in his Cabinet.[121][122] In his remarks on the announcement, Biden lauded her as "one of the most important economic thinkers of our time" who "spent her career focused on employment and the dignity of work."[123] Despite being a highly respected figure across the political spectrum and expected to win confirmation easily, she was considered an unusual pick for the position because of her lack of experience in political maneuvering. Unlike her predecessors, she is viewed as more of an academic economist than a traditional politician used to horse-trading and dealmaking, qualities that could be critical to achieving the goals of Biden's economic agenda in a deeply partisan Congress.[124][125][126] All living former U.S. treasury secretaries, from George Shultz to Jack Lew, endorsed Yellen for the position in a bipartisan letter calling on the Senate to swiftly confirm her.[127]

The Senate Finance Committee unanimously approved Yellen's candidacy by a 26–0 vote on January 22, 2021.[128] The full U.S. Senate confirmed her nomination with a vote of 84–15 (with one abstention, Marco Rubio, R-FL)[129] on January 25.[130] With her oath of office administered by Vice President Harris the next day,[131] Yellen became the first female Secretary of the Treasury and the first person in American history to lead the three most powerful economic bodies in the federal government of the United States: the Treasury Department, the Federal Reserve, and the White House Council of Economic Advisers.[132][130]

Only two other women within the G7 nations – France's Christine Lagarde and Canada's Chrystia Freeland – have held positions analogous to Yellen's as Treasury Secretary.[133]

Tenure

Proposed international tax reform

 
Yellen meeting with German finance minister Olaf Scholz, July 2, 2021

In April 2021, Yellen proposed a global minimum corporate tax rate to prevent profit shifting used by multinational companies for purposes of tax avoidance;[134] she outlined in a written op-ed for The Wall Street Journal the impending tax system's tremendous benefits for the United States and the world economy.[135] Finance ministers from the Group of Seven (G7) reached a historic agreement to reform the global tax system on June 5, 2021, agreeing to reinstate a minimum global corporate tax rate of at least 15%; French finance minister Bruno Le Maire called it "a starting point" that could be increased in the future.[136] A few days later, Treasury Secretary Yellen joined with four foreign counterparts in penning an op-ed for The Washington Post that described the new accord as "a historic opportunity to end the race to the bottom in corporate taxation, restoring government resources at a time when they are most needed."[137] A new framework for international tax reform was endorsed the following month as a result of U.S.-backed negotiations within the Organization for Economic Cooperation and Development (OECD) to achieve greater global tax parity among the group of 130 nations, which account for more than 90 percent of global GDP.[138] On July 10, financial leaders from the G20 countries came to an agreement on plans to put an end to global tax havens, force multinational corporations to pay an appropriate share of tax wherever they operate, and create a "more stable and fair international tax architecture."[139]

In October 2021, more than 130 countries, including several low-tax jurisdictions that had resisted the pact, enforced through the OECD a landmark agreement to set a global minimum tax rate of 15% starting in 2023 for companies around the world. It said the deal could bring in an extra $150 billion in annual tax revenues. Implementation requires ratification by a two-thirds majority in the evenly divided U.S. Senate, as well as passing domestic legislation in each of the signed countries.[140][141]

Debt ceiling crisis

On July 23, 2021, Yellen sent a letter to House Speaker Nancy Pelosi and other congressional leaders, in which she urged lawmakers to increase or suspend the nation's debt limit as soon as possible before it hit its statutory limit in August and the government would be unable to pay its bills. She warned Congress that failing to meet those obligations would cause "irreparable harm" to the U.S. economy and that the Treasury Department would take “extraordinary measures” to prevent the United States from suffering government shutdown or even a debt default.[142]

On September 19, 2021, Yellen, in an op-ed for The Wall Street Journal, again called for an increase in the debt ceiling; otherwise, sometime in October, Treasury would exhaust its cash reserves, which would trigger a financial crisis.[143] After Congress adopted a short-term debt-ceiling bill to raise the country's borrowing into early December, Yellen said that lawmakers needed to act with responsibility and provide longer-term certainty for government solvency.[144] In November, Yellen expressed her willingness to consider solutions to the debt crisis without GOP support if necessary, using a budget reconciliation procedure as a viable alternative.[145]

In December 2021, President Biden signed a debt ceiling increase into law, preventing a U.S. default, a day after the Treasury's previously estimated deadline to address the issue. Congressional legislation expected to allow the government to cover its financial obligations beyond the 2022 midterm elections was passed in a nearly party-line vote.[146]

Sanctions against Russia and oil price cap

In November 2021, Yellen and senior Treasury personnel were tasked with developing a sanctions strategy that would maximize the costs inflicted on Russia’s economy while minimizing the impact felt by the United States and ally countries should a potential aggression begin.[147] In February 2022, a multilateral coalition imposed massive and unprecedented sanctions against Russia, largely crafted by the Treasury Department in close consultation with partners in response to the invasion of Ukraine.[147]

Yellen was a key proponent of a price cap on Russian oil, a plan designed to deprive the Kremlin of funding for its war in Ukraine while at the same time intending to reduce an inflation surge by preserving the global oil supply.[148] After months of lobbying and negotiations by the United States, on December 2, 2022, the alliance consisting of the G7 nations, the European Union, and Australia agreed to cap the price of Russian oil at $60 per barrel as an upper limit, with regular reviews to check that the ceiling stays at least 5 percent below average market prices.[149]

Digital Assets Regulation

On April 7, 2022, at American University's Kogod School of Business Center for Innovation, Yellen addressed for the first time the growing impact of digital assets on the American economy.[150] Yellen outlined policy objectives and lessons that apply to the navigation of emerging technologies, which include "first, the U.S. financial system benefits from responsible innovation; second, it's often society's vulnerable who suffer most in an economic crisis when regulation is not moving at the same pace as innovation; third, regulation should focus on activities and risk, not technology; fourth, sovereign money is the core of a functioning financial system; and fifth, it'll take thoughtful public and private dialogue between various groups to move forward."[151][150]

Yellen also announced possible plans for a government version of a stablecoin; the administration is studying the possibility of issuing a central bank digital currency (CBDC) or digital dollar while taking into consideration the impact of a CBDC on monetary policy, national security, and international trade, as well as its utility for consumers. Solving such problems is an "engineering challenge that would require years of development, not months," she said.[152][150]

Friendshoring of supply chains

In a speech delivered at the Atlantic Council on April 13, 2022,[153] Yellen warned against the supply chain risks posed by reliance on supplies from countries that align with the authoritarian regimes of Russia or China and favored friendshoring, an approach that limits supply chain networks to allies and friendly countries.[154]

In December 2022, Yellen wrote an essay for Project Syndicate, where she singled out the main risks for the U.S. economy that should be solved with the implementation of friendshoring. Those risks include: "first, over-concentration of critical goods in any particular market may result in vulnerability in supply chains that hurt workers and customers; second, the need to protect from geopolitical and security risks emanating from hostile states; and third, the need to shift away from supply chains that relied on violations of core human rights, such as the use of forced labour to produce goods for import."[155]

Comments on Roe v. Wade overturning

On May 10, 2022, during a Senate Banking Committee hearing, Yellen made comments on the economic consequences of Roe v. Wade overturning after a leaked draft majority opinion in Dobbs v. Jackson Women's Health Organization showed the Supreme Court was poised to overrule its previous decisions that legalized abortion in the United States. Sen. Bob Menendez (D-NJ) asked what reversing the landmark ruling would mean economically for the country; Yellen responded, "I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades." She added that keeping women from accessing abortions "increases their odds of living in poverty or need for public assistance." Sen. Tim Scott (R-SC) called Yellen's stance "harsh." She replied, "This is not harsh. This is the truth."[156]

Following their heated exchange, Senator Scott penned an op-ed for The Washington Post, in which he called Yellen's claim "simply false" and compared her arguments to those of Margaret Sanger in support of eugenics.[157]

Internal Revenue Service reforms

After the passage of the Inflation Reduction Act, Yellen directed the Internal Revenue Service (IRS) to use $80 billion in additional IRS funding to clear backlogs, improve taxpayer services, update technology, and hire thousands of new employees.[158]

Visit to Ukraine

On February 27, 2023, Yellen made a surprise visit to Kyiv, in which she reaffirmed ongoing U.S. economic support for Ukraine in its struggle against Russia's invasion, including nearly $50 billion in security, financial, and humanitarian aid the federal government has provided over the past year as Ukraine's largest bilateral donor. She met with Ukrainian president Volodymyr Zelenskyy and the country's prime minister, Denys Shmyhal, to discuss the rollout of about $1.25 billion in budget relief, the first of a $10 billion package of civilian assistance for things like schools, hospitals, and emergency services, among others.[159]

Coinciding with her visit, Yellen wrote an op-ed for The New York Times in which she highlighted the importance of America's support and repeated President Biden’s message that Washington will stand with the Ukrainian people for as long as it takes. She said, "We cannot allow Ukraine to lose the war for economic reasons when it has shown an ability to succeed on the battlefield."[160]

Banking crisis

On March 12, 2023, amidst a series of bank failures, Yellen made an appearance on CBS' Face the Nation and affirmed that financial regulators closely monitored the state of the banking system to make sure it remained safe and well-capitalized. Addressing the collapse of Silicon Valley Bank, which marked the second-largest bank failure in American history, she said the federal government is "concerned about depositors and are focused on trying to meet their needs." However, she ruled out the possibility of a bailout.[161] Despite her statement, the same day Yellen approved actions enabling the Federal Deposit Insurance Corporation (FDIC) to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors by announcing a systemic risk exception, with similar provisions being made for Signature Bank, another failed lender. These extraordinary measures were taken to ensure confidence in the U.S. banking system and prevent a bank run from spreading.[162]

On March 21, Yellen delivered a speech to an American Bankers Association conference in which she defended forceful actions taken by regulators to avert a sweeping banking crisis and pledged resolute Biden administration support for lenders in need, regardless of their respective sizes. She said, "Our intervention was necessary to protect the broader U.S. banking system," and it was "not focused on aiding specific banks or classes of banks." Yellen went on to assure that "similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."[163]

Nevertheless, Yellen stated in her testimony the following day before the Senate Appropriations Subcommittee on Financial Services and General Government that the FDIC was not considering providing "blanket insurance or guarantees of deposits." She said uninsured bank deposits beyond the law established $250,000 limit could be protected only if a failed bank was deemed to pose a systemic risk to the financial system, and that determination would occur only on a case-by-case basis by the regulators.[164]

Economic philosophy

Yellen is widely considered to be a "dove" on monetary policy (i.e., more concerned with unemployment than with inflation) and, as such, generally favors lower rather than higher Federal Reserve interest rates.[165][166][167] She was overall in favor of more stringent financial regulation to lessen systemic risks brought on by flaws in the financial system.[168] Yellen was arguably the most liberal Federal Reserve leader since Marriner S. Eccles, who was appointed by President Franklin D. Roosevelt amidst the Great Depression in 1934.[4] On fiscal policy, publications frequently refer to her as "sort of" a deficit hawk.[167][169] She expressed concern about the United States fiscal path prior to the COVID-19 recession, particularly about the national debt; in 2018, she said, "If I had a magic wand, I would raise taxes and cut retirement spending."[167] The following year, she again suggested that she favored both raising revenue and making changes to the Medicare, Medicaid, and Social Security programs to control spending.[167] In September 2021, at a House Financial Services Committee hearing, Yellen lent support to efforts for the complete removal of the debt ceiling, arguing that the borrowing cap is "very destructive" and poses an unnecessary threat to the American economy.[170]

In January 2019, Yellen was among the original 45 signers of the Economists' Statement on Carbon Dividends, which was eventually signed by over 3,500 prominent American economists promoting a carbon dividends framework for the U.S. policy on climate change.[171] In October 2020, the Group of Thirty's Steering Committee Working Group on Climate Change and Finance, which Yellen co-chaired with Mark Carney, prepared a report that developed a robust and inclusive strategy to amplify and mainstream the global transition to a net zero emissions economy.[172] The study calls upon governments, businesses, and financial institutions to assess climate risks and supports a phase-in of carbon pricing to accelerate a shift to carbon neutrality.[173]

Yellen is a Keynesian economist and has been described as a "Keynesian to her fingertips."[174] In April 1999, Yellen discussed her views on the application of Keynesian economics to policymaking at the Yale economics department reunion. She stated that while most economists "appreciate the value of markets and incentives," Yalies "can recognize when they are not operating correctly and have higher concern for policies to remedy them."[175] During the financial crisis of a decade ago, she "warned against an over-hasty removal of stimulus," and "believes the state has a duty to tackle poverty and inequality."[176] When her appointment as treasury secretary was announced, Yellen was viewed by Wall Street as a "Treasury secretary who will push hard for expansionary policies aimed at boosting growth, profits and share prices," although the ability of Yellen to push through her preferred fiscal policies was seen as likely to be constrained by congressional gridlock.[176]

Honors and awards

Yellen has received numerous honors in recognition of her career in academia and politics. These include:

Scholastic

Chancellor, visitor, governor, rector, and fellowships
Location Date Organization Position
  New York 1986–1987 John Simon Guggenheim Memorial Foundation Guggenheim Fellowship[177]
  Connecticut 2000–2006 Yale Corporation Alumni Fellow[178]
  California 2003–2004 Western Economic Association International President[179]
  Tennessee 2004–2005 American Economic Association Vice President[180]
  California 2013–present University of California, Berkeley Berkeley Fellow[181]
  Tennessee 2020–2021 American Economic Association President[182]
Honorary degrees
Location Date School Degree Gave Commencement Address
  Rhode Island May 25, 1998 Brown University Doctor of Laws (LL.D.)[183] Yes[184]
  New York May 27, 2000 Bard College Doctor of Humane Letters (DHL)[185] No
  New York May 21, 2014 New York University Doctor of Commercial Science (DCS)[186] Yes[187]
  England May 15, 2015 London School of Economics Doctor of Science (DSc)[188] No
  Connecticut May 15, 2015 Yale University Doctor of Social Science (DSSc)[189] No
  England November 19, 2015 University of Warwick Doctor of Laws (LL.D.)[190] No
  Maryland December 19, 2016 University of Baltimore Doctor of Laws (LL.D.)[191] Yes[192]
  Israel June 5, 2019 Tel Aviv University Doctor of Philosophy (Ph.D.)[193] No
  Michigan December 15, 2019 University of Michigan Doctor of Laws (LL.D.)[194] No
  Pennsylvania May 17, 2021 University of Pennsylvania Doctor of Laws (LL.D.)[195] No

Memberships and fellowships

Location Date Organization Position
  Massachusetts 1999–2010 National Bureau of Economic Research Research Associate (Monetary Economics)[196]
  Massachusetts 2001–present American Academy of Arts and Sciences Member[197]
  New York 2002–2010 Economists for Peace and Security Trustee[198]
  New York 2005–present Council on Foreign Relations Member[22]
  District of Columbia 2009–present Group of Thirty Senior Member[199]
  Tennessee 2012–present American Economic Association Distinguished Fellow[200]
  Connecticut 2014–present Econometric Society Fellow[201]
  District of Columbia 2010–present National Association for Business Economics NABE Fellow[202]
  England 2016–present British Academy Honorary Fellow[203]

Awards

Location Date Organisation Award
  Connecticut May 26, 1997 Yale Graduate School of Arts and Sciences Wilbur Cross Medal[204]
  District of Columbia October 11, 2010 National Association for Business Economics Adam Smith Award[205]
  New York January 22, 2015 Hobart and William Smith Colleges Elizabeth Blackwell Award[206]
  Massachusetts May 27, 2016 Radcliffe Institute for Advanced Study Radcliffe Medal[207]
  Rhode Island May 5, 2017 Brown University The President's Medal[208]
  Illinois November 7, 2017 Institute of Government and Public Affairs The Paul H. Douglas Award for Ethics in Government[209]
  California February 2, 2019 University of California, Santa Cruz The Foundation Medal[210]
  Connecticut March 20, 2019 Chief Executive Leadership Institute The Legend in Leadership Award[211]
  Massachusetts September 21, 2019 Brandeis International Business School Dean's Medal[212]
  Missouri October 10, 2019 Truman Library Institute Truman Medal for Economic Policy[213]
  District of Columbia March 30, 2023 National Association for Business Economics The Paul A. Volcker Lifetime Achievement Award for Economic Policy

Other recognition

  • In March 2018, Charles D. Ellis endowed The Janet L. Yellen Chair at the Yale School of Management, which was named after her. Professor Andrew Metrick has been invested as the inaugural Janet L. Yellen Professor of Finance and Management at the School.[214]
  • In December 2018, Federal Reserve Board presented an annual Janet L. Yellen Award for Excellence in Community Development to recognize the exemplary work of Federal Reserve System staff, intended to honor former chair Yellen's commitment to public service.[215] Ariel Cisneros of the Federal Reserve Bank of Kansas City has been named the first recipient of the newly created award.[216]

Personal life

Yellen is married to George Akerlof, an economist who is a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley, as well as a 2001 Nobel Memorial Prize in Economic Sciences laureate.[19][217] The couple met in the fall of 1977, became engaged by that December, and married in June 1978, less than a year after meeting.[218][18] Their son, Robert Akerlof (born 1981), is a fellow economist; he earned a bachelor's degree in economics and mathematics from Yale University and obtained his PhD in economics from Harvard University. Robert works as an associate professor of economics at the University of Warwick.[219][218]

Yellen and Akerlof have often collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing. One of their most discussed papers at Berkeley, on why lower wages sometimes lead to lower employment, came from the personal experience of hiring a nanny for the first time.[218] Yellen says Akerlof has been her biggest intellectual influence.[218] Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is.[18][19]

Yellen has an estimated net worth of $20 million, accrued from stock holdings, speaking engagements, and various government and academic positions.[220] In February 2021, she divested holdings in corporations including Pfizer, ConocoPhillips and AT&T, among others, when she assumed the public office of U.S. Treasury Secretary.[221]

Yellen inherited from her mother a valuable collection of postage stamps worth between $15,000 and $50,000.[222][114] Despite this, she doesn’t collect them on her own.[223]

In popular culture

"Who's Yellen Now?" is a song by musician Dessa, commissioned by Marketplace,[224] following the joking suggestion by then-President-elect Biden that Lin-Manuel Miranda should write a Hamiltonesque musical about Yellen, reflecting the historic nature of her nomination as nation's first female treasury secretary.[224]

On NBC's sketch comedy show Saturday Night Live, Yellen has been parodied by actress Kate McKinnon since 2021.[225]

Selected works

Books

  • Akerlof, George A.; Yellen, Janet L., eds. (October 31, 1986). Efficiency Wage Models of the Labor Market. Cambridge University Press. doi:10.1017/cbo9780511559594. ISBN 978-0-521-31284-4.
  • Blinder, Alan S.; Yellen, Janet L. (2001). The Fabulous Decade: Macroeconomic Lessons from the 1990s. New York: The Century Foundation Press. ISBN 0-87078-467-6. OCLC 47018413.

Articles

  • Adams, William James; Yellen, Janet L. (August 1976). "Commodity Bundling and the Burden of Monopoly". The Quarterly Journal of Economics. 90 (3): 475–498. doi:10.2307/1886045. JSTOR 1886045.
  • Akerlof, George A.; Yellen, J. L. (January 1985). "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia". The Quarterly Journal of Economics. 100: 823–838. doi:10.1093/qje/100.Supplement.823. ISSN 0033-5533.
  • Akerlof, George A.; Yellen, Janet L. (May 1990). "The Fair Wage-Effort Hypothesis and Unemployment". The Quarterly Journal of Economics. 105 (2): 255–283. doi:10.2307/2937787. JSTOR 2937787.

See also

References

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April 08, 2023
janet, yellen, janet, louise, yellen, born, august, 1946, american, economist, serving, 78th, united, states, secretary, treasury, since, january, 2021, previously, served, 15th, chair, federal, reserve, from, 2014, 2018, first, person, hold, those, positions,. Janet Louise Yellen born August 13 1946 is an American economist serving as the 78th United States secretary of the treasury since January 26 2021 She previously served as the 15th chair of the Federal Reserve from 2014 to 2018 She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post Janet YellenOfficial portrait 202178th United States Secretary of the TreasuryIncumbentAssumed office January 26 2021PresidentJoe BidenDeputyWally AdeyemoPreceded bySteven Mnuchin15th Chair of the Federal ReserveIn office February 3 2014 February 3 2018PresidentBarack ObamaDonald TrumpDeputyStanley FischerPreceded byBen BernankeSucceeded byJerome Powell19th Vice Chair of the Federal ReserveIn office October 4 2010 February 3 2014PresidentBarack ObamaPreceded byDonald KohnSucceeded byStanley FischerMember of the Federal Reserve Board of GovernorsIn office October 4 2010 February 3 2018PresidentBarack ObamaDonald TrumpPreceded byMark W OlsonSucceeded byLisa D CookIn office August 12 1994 February 17 1997PresidentBill ClintonPreceded byWayne AngellSucceeded byEdward Gramlich11th President of the Federal Reserve Bank of San FranciscoIn office June 14 2004 October 4 2010Preceded byRobert T ParrySucceeded byJohn C Williams18th Chair of the Council of Economic AdvisersIn office February 18 1997 August 3 1999PresidentBill ClintonPreceded byJoseph StiglitzSucceeded byMartin Neil BailyPersonal detailsBornJanet Louise Yellen 1946 08 13 August 13 1946 age 76 Brooklyn New York City U S Political partyDemocraticSpouseGeorge Akerlof m 1978 wbr Children1EducationBrown University AB Yale University MA PhD SignatureAcademic careerInstitutionHarvard University London School of Economics University of California Berkeley National Bureau of Economic Research Brookings InstitutionFieldMacroeconomicsLabor economicsSchool ortraditionNew Keynesian economicsDoctoraladvisorJames TobinAcademicadvisorsJoseph StiglitzDoctoralstudentsCharles EngelInfluencesJohn Maynard KeynesInformation at IDEAS RePEcAcademic backgroundThesisEmployment Output and Capital Accumulation in an Open Economy A Disequilibrium Approach 1971 Janet Yellen s voice source source Janet Yellen speaks on the importance of raising the debt ceilingRecorded March 23 2023Born and raised in Bay Ridge Brooklyn Yellen graduated from Brown University in 1967 and earned a Ph D in economics from Yale University in 1971 She taught as an assistant professor at Harvard University from 1971 until 1976 when she began working for the Federal Reserve Board as a staff economist from 1977 to 1978 before joining the faculty of the London School of Economics from 1978 to 1980 Yellen is professor emeritus at the Haas School of Business and the University of California Berkeley where she has been a faculty member since 1980 and became the Eugene E and Catherine M Trefethen Professor of Business Administration and Professor of Economics Yellen served as a member of the Federal Reserve Board of Governors from 1994 to 1997 and was nominated to the position by President Bill Clinton who then named her chair of the Council of Economic Advisers from 1997 to 1999 She subsequently returned to academia before being appointed president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 until 2010 Afterward President Barack Obama chose her to replace Donald Kohn as vice chair of the Federal Reserve from 2010 to 2014 before nominating her to succeed Ben Bernanke as chair of the Federal Reserve three years later She had one of the shortest tenures in that position and was succeeded by Jerome Powell after President Donald Trump refused to renominate her for a second term Following her resignation from the Federal Reserve Yellen joined the Brookings Institution as a distinguished fellow in residence from 2018 until 2020 when she once again went into public service On November 30 2020 then President elect Joe Biden nominated Yellen to serve as secretary of the treasury she was confirmed by the U S Senate on January 25 2021 and took office the next day Contents 1 Early life and education 2 Academic career 2 1 Contributions to economics 2 1 1 Efficiency wage models 2 1 2 Reproductive technology shock 3 Federal Reserve 1994 1997 4 Council of Economic Advisers 1997 1999 5 Return to the Federal Reserve 2004 2018 5 1 Federal Reserve Bank of San Francisco 5 2 Vice Chair of the Federal Reserve 5 3 Chair of the Federal Reserve 6 After the Federal Reserve 2018 2020 7 Secretary of the Treasury 2021 present 7 1 Nomination and confirmation 7 2 Tenure 7 2 1 Proposed international tax reform 7 2 2 Debt ceiling crisis 7 2 3 Sanctions against Russia and oil price cap 7 2 4 Digital Assets Regulation 7 2 5 Friendshoring of supply chains 7 2 6 Comments on Roe v Wade overturning 7 2 7 Internal Revenue Service reforms 7 2 8 Visit to Ukraine 7 2 9 Banking crisis 8 Economic philosophy 9 Honors and awards 9 1 Scholastic 9 2 Memberships and fellowships 9 3 Awards 9 4 Other recognition 10 Personal life 11 In popular culture 12 Selected works 12 1 Books 12 2 Articles 13 See also 14 References 15 External links 15 1 Official 15 2 OtherEarly life and education EditYellen was born on August 13 1946 1 to a family of Polish Jewish 2 ancestry in the Bay Ridge Brooklyn neighborhood of New York City and grew up there 3 Her mother was Anna Ruth nee Blumenthal 1907 1986 an elementary school teacher who gave up her teaching job to become a stay at home mother Her father was Julius Yellen 1906 1975 a family physician who worked from the ground floor of their house Janet has an older brother John born 1942 a program director for archaeology at the National Science Foundation 4 5 In a speech at the POLIN Museum of the History of Polish Jews Yellen said that her father s family immigrated to the United States from Sokolow Podlaski a small town about 50 miles outside of Warsaw She shared that nearly the entirety of its Jewish population including many of her relatives was deported or murdered during the Holocaust 6 Yellen attended the local Fort Hamilton High School where she was an honor society member and participated in the booster club the psychology club and the history club 5 She also served as editor in chief of The Pilot the school newspaper which continued its 13 year streak as the first place winner of the prestigious Columbia Scholastic Press Association contest under her leadership 7 She earned a National Merit commendation letter and was admitted to a selective science honors program at Columbia University to voluntarily study mathematics on Saturday mornings Yellen was one of 30 students to win state Regents scholarships for college and one of a select few to win the mayor s citation for a scholarship 7 She graduated in 1963 as the valedictorian of her class In line with school tradition for the editor to interview the valedictorian she interviewed herself in the third person 8 5 7 Yellen enrolled at Pembroke College in Brown University initially intending to study philosophy During her freshman year she switched her planned major to economics and was particularly influenced by professors George Herbert Borts and Herschel Grossman 9 In the spring of 1964 she also joined the business staff of The Brown Daily Herald but soon afterward left the paper to focus on her academic studies 10 Yellen graduated summa cum laude and Phi Beta Kappa with a bachelor s in economics from Brown University in 1967 11 and earned her master s and PhD in economics from Yale University in 1971 12 Her dissertation was titled Employment Output and Capital Accumulation in an Open Economy A Disequilibrium Approach under the supervision of James Tobin 13 a noted economist who would later receive the Nobel Memorial Prize 14 As a teaching assistant Yellen was so meticulous in her note taking during Tobin s macroeconomics class that her notes became the unofficial textbook and were referred to as Yellen Notes while being circulated among generations of graduate students 14 Her former professor and Nobel Prize in Economics laureate Joseph Stiglitz has called her one of his brightest and most memorable students 15 She later described Yale professors Tobin and William Brainard as lifelong mentors who laid the intellectual groundwork for her economic views 16 Yellen was the only woman among the two dozen economists who earned their doctorates from Yale in 1971 15 Academic career EditAfter receiving her Ph D Yellen obtained the position of assistant professor of economics at Harvard University where she taught from 1971 to 1976 17 At that time she was one of only two women faculty in Harvard s economics department the other woman was Rachel McCulloch The pair struck up a close friendship and went on to write several academic papers together 15 In 1977 Yellen took a job within the Federal Reserve s Board of Governors after failing to win tenure at Harvard she was recruited as a staff economist for the Board of Governors by Edwin M Truman who had known her from Yale Truman was a junior professor when he heard Yellen s oral exam and was then about to take over the Fed s Division of International Finance She was assigned to research international monetary reform 18 While at the Fed she met her husband economist George Akerlof in the bank s cafeteria they married in 1978 less than a year later 18 By the time of their marriage Akerlof had already accepted a teaching position at the London School of Economics LSE Yellen left her post at the Fed to accompany him and was given a tenure track lectureship by LSE The couple stayed in the United Kingdom for two years before returning to the United States in part due to identity issues because they felt American not English 19 In 1980 Yellen joined the faculty of the University of California Berkeley where she taught at the Haas School of Business to conduct macroeconomics research and teach undergraduate and MBA students for more than two decades She earned the Haas School s outstanding teaching award twice in 1985 and 1988 20 Prof Yellen became just the second woman at Berkeley Haas to earn tenure in 1982 as well as the title of full professor in 1985 20 She was named the Bernard T Rocca Jr Professor of International Business and Trade in 1992 21 22 From 1994 to 1999 Yellen took a leave of absence from Berkeley to go into public service After returning to academia she resumed her teaching assignment at Haas and received a joint appointment with Berkeley s Department of Economics 23 She was appointed the Eugene E and Catherine M Trefethen Professor of Business Administration and Professor of Economics in 1999 21 and remained an active faculty member until she was appointed president amp chief executive officer of the Federal Reserve Bank of San Francisco in 2004 24 Yellen was awarded the title of Professor Emeritus at UC Berkeley in 2006 22 Throughout her career Yellen served as an adviser to the Congressional Budget Office CBO the Brookings Panel on Economic Activity and the National Science Foundation s Panel in Economics She was also a research associate at the National Bureau of Economic Research from 1999 to 2010 22 Contributions to economics Edit Yellen s academic career has largely focused on the analysis of the mechanisms of unemployment and labor markets monetary and fiscal policies and international trade She has written a few widely cited papers often collaborating on research with her husband Professor George Akerlof 25 26 Efficiency wage models Edit Since the 1980s Yellen and Akerlof have addressed what s known in the economics literature as efficiency wage theory the idea that paying people more than the market wage does increase their productivity Their 1990 paper entitled The Fair Wage Effort Hypothesis and Unemployment coined the fair wage effort hypothesis and was considered by economists to be a significant contribution to the topic A precursor to the efficiency wage literature it had an influence although the work on efficiency wage theory has had a bigger influence 27 Akerlof and Yellen introduced the gift exchange game which argues that workers who are paid less than what they consider to be a fair wage will purposefully work less hard to exact revenge on their employer 27 25 Reproductive technology shock Edit Another work An Analysis of Out of Wedlock Childbearing in the United States co written with Akerlof and Michael Katz and published in 1996 aims to explain why out of wedlock births had grown considerably in previous decades in the United States A research study led to a theory called reproductive technology shock arguing that the increased availability of both abortion and contraception in the late 1960s and early 1970s amidst the sexual revolution eroded the social norms surrounding sex pregnancy and marriage leading to a sharp decline in the stigma of unwed motherhood 28 At the same time this transformation encouraged biological fathers to reject notions of marital and paternal obligations 29 Federal Reserve 1994 1997 EditOn April 22 1994 President Bill Clinton announced his intention to nominate Yellen as a member of the Federal Reserve Board of Governors alongside Alan Blinder who has been designated as vice chairman the first Democratic appointee to the Board since 1980 30 31 In an issued statement the president praised her as one of the most prominent economists of her generation on the intersection of macroeconomics and labor markets 32 President Clinton played an indirect role in the selection process delegating most of the responsibility to NEC Director Robert Rubin Treasury Secretary Lloyd Bentsen and CEA Chair Laura Tyson who was a colleague of Yellen s at Berkeley The group settled on her candidacy after an exhaustive search that at one point included nearly 50 names 30 In July 1994 during her confirmation hearing before the Senate Banking Committee Yellen said that Fed policies should keep the economy growing as much as possible without accelerating inflation but avoid taking a clear position on the prospect of further increases in interest rates 33 The Senate panel approved her nomination without much Republican opposition by a vote of 18 to 1 the only dissenting vote came from Senator Lauch Faircloth R NC who said that her concerns should be limited to inflation 34 The nomination was confirmed in the full United States Senate by a vote of 94 6 35 On August 12 1994 Yellen was appointed to a full 14 year term and assumed the seat vacated by Republican Wayne Angell 34 She was installed as the fourth female governor joining Susan M Phillips which marks the first time that two women have sat on the Federal Reserve Board simultaneously 36 In July 1996 the Federal Reserve resisted pressure to raise interest rates as unemployment dropped Yellen marshaled academic research to dissuade Chairman Alan Greenspan from committing the Fed to a zero inflation policy and demonstrate that the central bank should seek to moderate inflation rather than eliminate it According to the study a low inflation rate of around 2 percent provided a better foundation for reducing unemployment and increasing economic growth than the goal of zero 37 Upon her confirmation as chair of the Council of Economic Advisers she resigned as a member of the Board of Governors of the Federal Reserve System on February 17 1997 Council of Economic Advisers 1997 1999 Edit Official photo as CEA chair c 1990s On December 20 1996 Yellen joined the Clinton administration as chair of President Clinton s Council of Economic Advisers CEA replacing Joseph Stiglitz in office 38 She was reluctant to leave the Federal Reserve but the White House officials passed over others with greater marquee value and talked her into the job because as Treasury Secretary Robert Rubin said we wanted someone who could bring a rigorous analytic approach to the issues and who could work well with others 39 Yellen was unanimously confirmed by the Senate on February 13 1997 40 thereby becoming the second woman to serve as chief economic advisor to the president after Laura Tyson 41 39 While serving within the Administration she concurrently chaired the OECD Economic Policy Committee from 1997 to 1999 22 During her time with the Council of Economic Advisers Yellen oversaw a June 1998 report Explaining Trends in the Gender Wage Gap 42 which focused on the gender pay divide Within this study the Council analyzed data from 1969 to 1996 to determine the reasons why women earn substantially less than men By observing trends attributable to issues such as occupation and industry as well as familial status it was determined that while the Equal Pay Act of 1963 was a step forward there was no explanation for a 25 percent difference between average pay for women and men an improvement from the 40 percent gap two decades earlier It was concluded that this gap had no correlation with differences in productivity and as such was the result of discrimination within the workforce 15 In June 1999 Yellen announced that she was stepping down from the CEA for personal reasons and would return to teaching at UC Berkeley 43 It was reported that President Clinton asked her to take over from Alice Rivlin the central bank s vice chairwoman an offer she turned down 44 Return to the Federal Reserve 2004 2018 EditFederal Reserve Bank of San Francisco Edit On April 12 2004 the Federal Reserve announced that Yellen would replace Robert T Parry as president and chief executive officer of the Federal Reserve Bank of San Francisco taking office on June 14 45 She became the first woman to hold this position 15 While serving as district FRB president she sat on the policy setting Federal Open Market Committee FOMC and was a voting member once every three years on a rotating basis with her first being in 2006 45 During her time at the San Francisco Fed the largest of the 12 Federal Reserve Banks in terms of population and economic output Yellen publicly downplayed concerns about the potential consequences of the boom in housing prices at FOMC meetings on the contrary she sounded the alarm on banks heavy concentration in risky construction and home development loans 46 On the other hand she did not lead the San Francisco Fed to move to check the increasingly indiscriminate lending of Countrywide Financial the country s largest lender 47 48 On June 5 2009 Yellen said that the Federal Reserve should consider raising interest rates earlier to prevent another housing bubble She argued that higher short term interest rates probably went against the expansion of a bubble in certain circumstances like restraining the demand for housing and high risk mortgages 49 In July 2009 Yellen was mentioned as a potential successor to Chairman Ben Bernanke when his term was set to expire before he was re nominated for a second four year term 50 She eventually emerged as the leading contender for vice chair of the Federal Reserve Board in March 2010 51 and following her Senate confirmation she resigned from the San Francisco Fed in October of that year 52 Vice Chair of the Federal Reserve Edit Yellen takes the oath of office administered by Federal Reserve chairman Ben Bernanke in the Eccles Building October 4 2010 On April 28 2010 President Barack Obama nominated Yellen to succeed Donald Kohn as vice chair of the Federal Reserve 53 In July 2010 the Senate Banking Committee voted 17 6 to confirm her though the top Republican on the panel Sen Richard Shelby of Alabama voted no saying President Yellen presided over a regional housing bubble and failed to restrain the excesses 54 Around the same time on the heels of related testimony by Fed chairman Bernanke FOMC voting member James B Bullard of the St Louis Fed stated that the U S economy was at risk of becoming enmeshed in a Japanese style deflationary outcome within the next several years 55 That statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves Yellen s pending confirmation along with those of Peter Diamond and Sarah Bloom Raskin to fill vacancies was seen as possibly furthering such a shift in the FOMC All three nominations were seen as on track to be confirmed by the Senate 55 On September 29 2010 Yellen alongside Raskin 56 was confirmed by the Senate on a voice vote to be both a member of the board of governors 57 and vice chairman of the Federal Reserve System 58 On October 4 the pair were sworn in as Fed governors while Yellen also took the oath of office as vice chair of the board for a four year term 52 Simultaneously she began a 14 year term as a member of the Federal Reserve Board filling a vacant seat last held by Mark W Olson 52 Yellen was just the second woman to hold the Federal Reserve s No 2 post after Alice Rivlin 59 Yellen as vice chair by contrast with her predecessors has acted more as an independent force within the institution 60 She has been urging Bernanke and the other FOMC members to follow her preferred route for monetary policy arguing for more forceful actions to inject money into the economy to reduce unemployment 61 Yellen played a leading role in moving the Federal Reserve to announce its inflation target of two percent a year after her long campaign with Chairman Bernanke she was an early supporter of inflation targeting facing opposition from Chairman Greenspan during her first stint at the Fed in the 1990s 62 60 Yellen was widely considered the front runner to succeed Bernanke as the Federal Reserve s chair when his second term ceased 62 63 64 The other leading candidate for the position in what turned out to be a high profile race was Lawrence Summers a former treasury secretary under President Clinton and former director of President Obama s National Economic Council media outlets reported that the president was leaning toward picking the latter of two 65 However throughout the race Summers drew criticism from both sides of the aisle for his role in deregulating parts of the banking sector while he served in the Clinton administration He sparked further controversy for remarks on women s aptitude in math and science which he made in 2005 while serving as Harvard University s president 15 In July 2013 Yellen was pushed to be named the first chairwoman of the central bank in a letter that was circulated among the Senate Democrats and had been signed by almost a third of the 54 caucus senators who primarily represent the liberal wing of the party 66 In addition more than 500 professional economists from around 200 colleges and universities across the United States signed an open letter in support of her candidacy for Fed chair and sent it to the White House 67 After weeks of opposition to his potential nomination Summers withdrew his name from consideration for the position in September 68 69 Chair of the Federal Reserve Edit Official portrait as Federal Reserve chair 2015 From left to right Janet Yellen Alan Greenspan Ben Bernanke and Paul Volcker May 1 2014 Yellen in conversation with IMF managing director Christine Lagarde July 2 2014 On October 9 2013 Yellen was officially nominated to replace Bernanke as chair of the Federal Reserve 70 71 the first vice chair ever to be elevated to that post 72 While announcing his decision President Obama called her one of the nation s foremost economists and policymakers and said that America s workers and their families will have a champion in Janet Yellen 73 During the nomination hearings held in November Yellen defended the more than 3 trillion in stimulus funds that the central bank had been injecting into the U S economy 74 She also said that it is important for the Fed to try to detect asset bubbles and that if she saw one she would work to address it 75 On December 20 2013 the U S Senate voted 59 34 for cloture on Yellen s nomination 76 On January 6 2014 she was confirmed as chair of the Federal Reserve by a vote of 56 26 77 the narrowest margin ever for the position 78 Yellen was a trailblazer as the first woman to head the U S central bank or any major central bank and the first Democrat to do so since Paul Volcker assumed that position in 1979 via President Jimmy Carter 79 She was sworn into office on February 3 2014 80 and was previously elected as FOMC chair on January 30 81 According to a Fed representative on Yellen s request her title would be altered to chair rather than chairman or chairwoman as she prefers a gender neutral manner 59 15 Only one woman ever led the central bank of a G8 country before Yellen Russia s Elvira Nabiullina 82 In July 2014 at her first semi annual congressional testimony on U S monetary policy Yellen said while real estate equities and corporate bond prices have risen appreciably and valuation metrics have increased they were generally in line with historical norms She also acknowledged some concerns about the valuations of lower rated corporate debt and affirmed that she and other Fed officials were monitoring trends but did not believe that a so called everything bubble was forming 83 On December 16 2015 the Federal Reserve under Yellen increased its key interest rate for the first time since 2006 84 That move was largely expected because extraordinarily low rates for an extremely long time may contribute to financial instability and pose a threat to the economy and was considered a departure from the previous controversial Fed policy commonly known as the Greenspan put 85 86 During her tenure the Fed has gradually raised rates four additional times leaving its key rate in a still low range of 1 25 percent to 1 5 percent well below historical standards 87 After the 2016 presidential election Yellen gave a strong defense of the Dodd Frank Act at her Joint Economic Committee testimony standing in opposition to the incoming President Donald Trump s plans to review the landmark legislation She argued that it would be inappropriate to weaken or repeal the law designed to prevent a repeat of the 2008 financial crisis 88 On August 25 2017 Yellen defended financial regulations enacted in the wake of the Great Recession in a speech to the Jackson Hole Economic Symposium In her remarks about the aftermath of the crisis she said The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth Yellen further warned that any adjustment to the regulatory framework should be modest and preserve the increase in resilience 89 In November 2017 as Yellen s tenure as chair of the Federal Reserve was coming to an end Trump considered nominating her for another term but on the advice of his Treasury Secretary Steven Mnuchin picked a Republican Fed governor Jerome Powell instead 90 Yellen made her resignation from the Federal Reserve Board at the conclusion of her chairmanship known after Trump s choice despite still having her assignment as Fed governor until 2024 91 She served a single term and became just the second Federal Reserve chair eligible for reappointment not renominated by a successor presidential administration the first being Arthur F Burns almost 40 years prior 92 That unusual departure makes her the briefest serving central bank chief since G William Miller who held that office for over a year from 1978 to 1979 93 On February 2 2018 her last day in office Yellen enforced unprecedented sanctions on Wells Fargo the third largest U S bank at the time with a consent order that restricted the firm from future growth until the organization fixed its internal problems 94 95 The move came in response to a string of widespread consumer abuses and compliance breakdowns at the company including a fake account scandal 96 and marked the first time the Federal Reserve has imposed a cap on the entire assets of a financial institution 95 Regarding labor markets Yellen has been dubbed one of the Federal Reserve System s most successful chairpersons During her term the unemployment rate dropped from 6 7 percent to 4 1 percent the lowest in 17 years 97 98 87 For the first time since central bank creation the economy had added jobs throughout every month of any Fed chair s tenure 98 Yellen completed her time at the Fed with the lowest final unemployment rate of any Fed chair since William McChesney Martin in 1970 99 Under her leadership the U S unemployment rate fell more than during any other chair s term in the post World War II era declining 2 6 percentage points 99 On the other hand inflation remained below the Fed s annual two percent target which led to the suggestion that the Federal Reserve could have done even more to bolster the economy without the risk of price increases 100 Yellen holds a unique place in Federal Reserve System history In addition to being the first woman to lead the institution she was also the first person ever to have served in the nation s central bank system with stints as the Federal Reserve chair from 2014 to 2018 vice chair from 2010 to 2014 FRB regional president at the San Francisco Fed from 2004 to 2010 Fed governor from 1994 to 1997 and Fed staff economist from 1977 to 1978 101 After the Federal Reserve 2018 2020 Edit Yellen delivers her farewell speech to Federal Reserve staff February 1 2018 On February 2 2018 the Brookings Institution announced that Yellen would join the think tank as a distinguished fellow in residence with the Economic Studies program effective February 5 2018 102 She s been affiliated with the Hutchins Center on Fiscal and Monetary Policy at Brookings 103 On July 31 2018 the Hutchins Center announced Yellen James H Stock and Louise Sheiner as co chairs of the newly launched Productivity Measurement Initiative aimed at improving the quality of economic statistics 104 In November 2020 Yellen left her position at Brookings after being selected as a nominee to serve as Treasury secretary 105 Within the think tank she has been providing expertise and commentary on a range of economic issues offering her perspective and analysis at Brookings panels congressional testimony lectures across the United States and abroad and regularly serving as a commentator in the media 105 On June 27 2017 Yellen stated that she did not expect another financial crisis in our lifetime because she thought banks were much stronger as a result of Federal Reserve oversight 106 In a December 10 2018 conversation with Paul Krugman at the City University of New York she warned of the possibility of another financial crisis by citing gigantic holes in the system after she departs from the Federal Reserve 107 On February 25 2019 in an interview with Marketplace when asked if she believed Trump has a grasp of macroeconomic policy Yellen replied No I do not 108 She expressed her doubts about the president s ability to articulate the Federal Reserve s explicit goals of maximum employment and price stability and emphasized his assertions that the Federal Reserve s goals include trade which she explains are objectively false She raised further concern over Trump s regard for the independence of the central bank and voiced support for her successor Jerome Powell 108 This interview marked a notable change in tone for Yellen who traditionally handled her differences with the president in a neutral manner 109 On July 17 2020 at the hearing of the House Select Oversight Subcommittee on the Coronavirus Crisis which was set up by the House Committee on Oversight and Reform former Federal Reserve chairs Bernanke and Yellen testified about the economic policy response to the negative impact of the coronavirus pandemic They urged lawmakers to act aggressively with fiscal stimulus in three areas extending the supplementary unemployment payments providing additional financial assistance to hard hit states and local governments and investing in the medical response to the pandemic 110 She also expressed this commitment to stimulus in an op ed for The New York Times with Jared Bernstein a senior fellow at the Center on Budget and Policy Priorities 111 In August 2020 it was reported that Yellen was among a handful of economists who briefed former vice president Joe Biden the presumptive Democratic nominee for president and his chosen running mate Sen Kamala Harris on economic issues 112 The meeting was one of the first times the Biden campaign announced its economic expert whom few at the time predicted would take a presidential cabinet post 113 Between 2018 and 2020 Yellen received over 7 million in speaking fees from financial companies such as Barclays Citigroup Goldman Sachs and the hedge fund Citadel after leaving the Federal Reserve 114 115 116 With her return to government she pledged to get official permission from the Office of Government Ethics OGE to participate in substantive issues involving such firms to avoid any conflict of interest 117 116 Secretary of the Treasury 2021 present EditNomination and confirmation Edit President Joe Biden and Vice President Kamala Harris receive an economic briefing from Treasury Secretary Yellen in the Oval Office January 29 2021 Following the 2020 presidential election Yellen was routinely mentioned as a possible secretary of the treasury in the incoming Biden administration 118 119 She edged out other top contenders to obtain the position including Fed Board Gov Lael Brainard and Roger W Ferguson Jr a former vice chairman at the central bank 113 120 On November 30 2020 then President elect Biden announced he would nominate Yellen as Treasury Secretary in his Cabinet 121 122 In his remarks on the announcement Biden lauded her as one of the most important economic thinkers of our time who spent her career focused on employment and the dignity of work 123 Despite being a highly respected figure across the political spectrum and expected to win confirmation easily she was considered an unusual pick for the position because of her lack of experience in political maneuvering Unlike her predecessors she is viewed as more of an academic economist than a traditional politician used to horse trading and dealmaking qualities that could be critical to achieving the goals of Biden s economic agenda in a deeply partisan Congress 124 125 126 All living former U S treasury secretaries from George Shultz to Jack Lew endorsed Yellen for the position in a bipartisan letter calling on the Senate to swiftly confirm her 127 The Senate Finance Committee unanimously approved Yellen s candidacy by a 26 0 vote on January 22 2021 128 The full U S Senate confirmed her nomination with a vote of 84 15 with one abstention Marco Rubio R FL 129 on January 25 130 With her oath of office administered by Vice President Harris the next day 131 Yellen became the first female Secretary of the Treasury and the first person in American history to lead the three most powerful economic bodies in the federal government of the United States the Treasury Department the Federal Reserve and the White House Council of Economic Advisers 132 130 Only two other women within the G7 nations France s Christine Lagarde and Canada s Chrystia Freeland have held positions analogous to Yellen s as Treasury Secretary 133 Tenure Edit Proposed international tax reform Edit Yellen meeting with German finance minister Olaf Scholz July 2 2021 In April 2021 Yellen proposed a global minimum corporate tax rate to prevent profit shifting used by multinational companies for purposes of tax avoidance 134 she outlined in a written op ed for The Wall Street Journal the impending tax system s tremendous benefits for the United States and the world economy 135 Finance ministers from the Group of Seven G7 reached a historic agreement to reform the global tax system on June 5 2021 agreeing to reinstate a minimum global corporate tax rate of at least 15 French finance minister Bruno Le Maire called it a starting point that could be increased in the future 136 A few days later Treasury Secretary Yellen joined with four foreign counterparts in penning an op ed for The Washington Post that described the new accord as a historic opportunity to end the race to the bottom in corporate taxation restoring government resources at a time when they are most needed 137 A new framework for international tax reform was endorsed the following month as a result of U S backed negotiations within the Organization for Economic Cooperation and Development OECD to achieve greater global tax parity among the group of 130 nations which account for more than 90 percent of global GDP 138 On July 10 financial leaders from the G20 countries came to an agreement on plans to put an end to global tax havens force multinational corporations to pay an appropriate share of tax wherever they operate and create a more stable and fair international tax architecture 139 In October 2021 more than 130 countries including several low tax jurisdictions that had resisted the pact enforced through the OECD a landmark agreement to set a global minimum tax rate of 15 starting in 2023 for companies around the world It said the deal could bring in an extra 150 billion in annual tax revenues Implementation requires ratification by a two thirds majority in the evenly divided U S Senate as well as passing domestic legislation in each of the signed countries 140 141 Debt ceiling crisis Edit On July 23 2021 Yellen sent a letter to House Speaker Nancy Pelosi and other congressional leaders in which she urged lawmakers to increase or suspend the nation s debt limit as soon as possible before it hit its statutory limit in August and the government would be unable to pay its bills She warned Congress that failing to meet those obligations would cause irreparable harm to the U S economy and that the Treasury Department would take extraordinary measures to prevent the United States from suffering government shutdown or even a debt default 142 On September 19 2021 Yellen in an op ed for The Wall Street Journal again called for an increase in the debt ceiling otherwise sometime in October Treasury would exhaust its cash reserves which would trigger a financial crisis 143 After Congress adopted a short term debt ceiling bill to raise the country s borrowing into early December Yellen said that lawmakers needed to act with responsibility and provide longer term certainty for government solvency 144 In November Yellen expressed her willingness to consider solutions to the debt crisis without GOP support if necessary using a budget reconciliation procedure as a viable alternative 145 In December 2021 President Biden signed a debt ceiling increase into law preventing a U S default a day after the Treasury s previously estimated deadline to address the issue Congressional legislation expected to allow the government to cover its financial obligations beyond the 2022 midterm elections was passed in a nearly party line vote 146 Sanctions against Russia and oil price cap Edit In November 2021 Yellen and senior Treasury personnel were tasked with developing a sanctions strategy that would maximize the costs inflicted on Russia s economy while minimizing the impact felt by the United States and ally countries should a potential aggression begin 147 In February 2022 a multilateral coalition imposed massive and unprecedented sanctions against Russia largely crafted by the Treasury Department in close consultation with partners in response to the invasion of Ukraine 147 Yellen was a key proponent of a price cap on Russian oil a plan designed to deprive the Kremlin of funding for its war in Ukraine while at the same time intending to reduce an inflation surge by preserving the global oil supply 148 After months of lobbying and negotiations by the United States on December 2 2022 the alliance consisting of the G7 nations the European Union and Australia agreed to cap the price of Russian oil at 60 per barrel as an upper limit with regular reviews to check that the ceiling stays at least 5 percent below average market prices 149 Digital Assets Regulation Edit On April 7 2022 at American University s Kogod School of Business Center for Innovation Yellen addressed for the first time the growing impact of digital assets on the American economy 150 Yellen outlined policy objectives and lessons that apply to the navigation of emerging technologies which include first the U S financial system benefits from responsible innovation second it s often society s vulnerable who suffer most in an economic crisis when regulation is not moving at the same pace as innovation third regulation should focus on activities and risk not technology fourth sovereign money is the core of a functioning financial system and fifth it ll take thoughtful public and private dialogue between various groups to move forward 151 150 Yellen also announced possible plans for a government version of a stablecoin the administration is studying the possibility of issuing a central bank digital currency CBDC or digital dollar while taking into consideration the impact of a CBDC on monetary policy national security and international trade as well as its utility for consumers Solving such problems is an engineering challenge that would require years of development not months she said 152 150 Friendshoring of supply chains Edit In a speech delivered at the Atlantic Council on April 13 2022 153 Yellen warned against the supply chain risks posed by reliance on supplies from countries that align with the authoritarian regimes of Russia or China and favored friendshoring an approach that limits supply chain networks to allies and friendly countries 154 In December 2022 Yellen wrote an essay for Project Syndicate where she singled out the main risks for the U S economy that should be solved with the implementation of friendshoring Those risks include first over concentration of critical goods in any particular market may result in vulnerability in supply chains that hurt workers and customers second the need to protect from geopolitical and security risks emanating from hostile states and third the need to shift away from supply chains that relied on violations of core human rights such as the use of forced labour to produce goods for import 155 Comments on Roe v Wade overturning Edit On May 10 2022 during a Senate Banking Committee hearing Yellen made comments on the economic consequences of Roe v Wade overturning after a leaked draft majority opinion in Dobbs v Jackson Women s Health Organization showed the Supreme Court was poised to overrule its previous decisions that legalized abortion in the United States Sen Bob Menendez D NJ asked what reversing the landmark ruling would mean economically for the country Yellen responded I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades She added that keeping women from accessing abortions increases their odds of living in poverty or need for public assistance Sen Tim Scott R SC called Yellen s stance harsh She replied This is not harsh This is the truth 156 Following their heated exchange Senator Scott penned an op ed for The Washington Post in which he called Yellen s claim simply false and compared her arguments to those of Margaret Sanger in support of eugenics 157 Internal Revenue Service reforms Edit After the passage of the Inflation Reduction Act Yellen directed the Internal Revenue Service IRS to use 80 billion in additional IRS funding to clear backlogs improve taxpayer services update technology and hire thousands of new employees 158 Visit to Ukraine Edit On February 27 2023 Yellen made a surprise visit to Kyiv in which she reaffirmed ongoing U S economic support for Ukraine in its struggle against Russia s invasion including nearly 50 billion in security financial and humanitarian aid the federal government has provided over the past year as Ukraine s largest bilateral donor She met with Ukrainian president Volodymyr Zelenskyy and the country s prime minister Denys Shmyhal to discuss the rollout of about 1 25 billion in budget relief the first of a 10 billion package of civilian assistance for things like schools hospitals and emergency services among others 159 Coinciding with her visit Yellen wrote an op ed for The New York Times in which she highlighted the importance of America s support and repeated President Biden s message that Washington will stand with the Ukrainian people for as long as it takes She said We cannot allow Ukraine to lose the war for economic reasons when it has shown an ability to succeed on the battlefield 160 Banking crisis Edit On March 12 2023 amidst a series of bank failures Yellen made an appearance on CBS Face the Nation and affirmed that financial regulators closely monitored the state of the banking system to make sure it remained safe and well capitalized Addressing the collapse of Silicon Valley Bank which marked the second largest bank failure in American history she said the federal government is concerned about depositors and are focused on trying to meet their needs However she ruled out the possibility of a bailout 161 Despite her statement the same day Yellen approved actions enabling the Federal Deposit Insurance Corporation FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors by announcing a systemic risk exception with similar provisions being made for Signature Bank another failed lender These extraordinary measures were taken to ensure confidence in the U S banking system and prevent a bank run from spreading 162 On March 21 Yellen delivered a speech to an American Bankers Association conference in which she defended forceful actions taken by regulators to avert a sweeping banking crisis and pledged resolute Biden administration support for lenders in need regardless of their respective sizes She said Our intervention was necessary to protect the broader U S banking system and it was not focused on aiding specific banks or classes of banks Yellen went on to assure that similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion 163 Nevertheless Yellen stated in her testimony the following day before the Senate Appropriations Subcommittee on Financial Services and General Government that the FDIC was not considering providing blanket insurance or guarantees of deposits She said uninsured bank deposits beyond the law established 250 000 limit could be protected only if a failed bank was deemed to pose a systemic risk to the financial system and that determination would occur only on a case by case basis by the regulators 164 Economic philosophy EditYellen is widely considered to be a dove on monetary policy i e more concerned with unemployment than with inflation and as such generally favors lower rather than higher Federal Reserve interest rates 165 166 167 She was overall in favor of more stringent financial regulation to lessen systemic risks brought on by flaws in the financial system 168 Yellen was arguably the most liberal Federal Reserve leader since Marriner S Eccles who was appointed by President Franklin D Roosevelt amidst the Great Depression in 1934 4 On fiscal policy publications frequently refer to her as sort of a deficit hawk 167 169 She expressed concern about the United States fiscal path prior to the COVID 19 recession particularly about the national debt in 2018 she said If I had a magic wand I would raise taxes and cut retirement spending 167 The following year she again suggested that she favored both raising revenue and making changes to the Medicare Medicaid and Social Security programs to control spending 167 In September 2021 at a House Financial Services Committee hearing Yellen lent support to efforts for the complete removal of the debt ceiling arguing that the borrowing cap is very destructive and poses an unnecessary threat to the American economy 170 In January 2019 Yellen was among the original 45 signers of the Economists Statement on Carbon Dividends which was eventually signed by over 3 500 prominent American economists promoting a carbon dividends framework for the U S policy on climate change 171 In October 2020 the Group of Thirty s Steering Committee Working Group on Climate Change and Finance which Yellen co chaired with Mark Carney prepared a report that developed a robust and inclusive strategy to amplify and mainstream the global transition to a net zero emissions economy 172 The study calls upon governments businesses and financial institutions to assess climate risks and supports a phase in of carbon pricing to accelerate a shift to carbon neutrality 173 Yellen is a Keynesian economist and has been described as a Keynesian to her fingertips 174 In April 1999 Yellen discussed her views on the application of Keynesian economics to policymaking at the Yale economics department reunion She stated that while most economists appreciate the value of markets and incentives Yalies can recognize when they are not operating correctly and have higher concern for policies to remedy them 175 During the financial crisis of a decade ago she warned against an over hasty removal of stimulus and believes the state has a duty to tackle poverty and inequality 176 When her appointment as treasury secretary was announced Yellen was viewed by Wall Street as a Treasury secretary who will push hard for expansionary policies aimed at boosting growth profits and share prices although the ability of Yellen to push through her preferred fiscal policies was seen as likely to be constrained by congressional gridlock 176 Honors and awards EditYellen has received numerous honors in recognition of her career in academia and politics These include Scholastic Edit Chancellor visitor governor rector and fellowships Location Date Organization Position New York 1986 1987 John Simon Guggenheim Memorial Foundation Guggenheim Fellowship 177 Connecticut 2000 2006 Yale Corporation Alumni Fellow 178 California 2003 2004 Western Economic Association International President 179 Tennessee 2004 2005 American Economic Association Vice President 180 Served with Angus Deaton California 2013 present University of California Berkeley Berkeley Fellow 181 Tennessee 2020 2021 American Economic Association President 182 Honorary degrees Location Date School Degree Gave Commencement Address Rhode Island May 25 1998 Brown University Doctor of Laws LL D 183 Yes 184 New York May 27 2000 Bard College Doctor of Humane Letters DHL 185 No New York May 21 2014 New York University Doctor of Commercial Science DCS 186 Yes 187 England May 15 2015 London School of Economics Doctor of Science DSc 188 No Connecticut May 15 2015 Yale University Doctor of Social Science DSSc 189 No England November 19 2015 University of Warwick Doctor of Laws LL D 190 No Maryland December 19 2016 University of Baltimore Doctor of Laws LL D 191 Yes 192 Israel June 5 2019 Tel Aviv University Doctor of Philosophy Ph D 193 No Michigan December 15 2019 University of Michigan Doctor of Laws LL D 194 No Pennsylvania May 17 2021 University of Pennsylvania Doctor of Laws LL D 195 NoThis list is incomplete you can help by adding missing items May 2021 Memberships and fellowships Edit Location Date Organization Position Massachusetts 1999 2010 National Bureau of Economic Research Research Associate Monetary Economics 196 Massachusetts 2001 present American Academy of Arts and Sciences Member 197 New York 2002 2010 Economists for Peace and Security Trustee 198 New York 2005 present Council on Foreign Relations Member 22 District of Columbia 2009 present Group of Thirty Senior Member 199 Tennessee 2012 present American Economic Association Distinguished Fellow 200 Connecticut 2014 present Econometric Society Fellow 201 District of Columbia 2010 present National Association for Business Economics NABE Fellow 202 England 2016 present British Academy Honorary Fellow 203 This list is incomplete you can help by adding missing items February 2021 Awards Edit Location Date Organisation Award Connecticut May 26 1997 Yale Graduate School of Arts and Sciences Wilbur Cross Medal 204 District of Columbia October 11 2010 National Association for Business Economics Adam Smith Award 205 New York January 22 2015 Hobart and William Smith Colleges Elizabeth Blackwell Award 206 Massachusetts May 27 2016 Radcliffe Institute for Advanced Study Radcliffe Medal 207 Rhode Island May 5 2017 Brown University The President s Medal 208 Illinois November 7 2017 Institute of Government and Public Affairs The Paul H Douglas Award for Ethics in Government 209 Awarded with Ben Bernanke California February 2 2019 University of California Santa Cruz The Foundation Medal 210 Connecticut March 20 2019 Chief Executive Leadership Institute The Legend in Leadership Award 211 Massachusetts September 21 2019 Brandeis International Business School Dean s Medal 212 Missouri October 10 2019 Truman Library Institute Truman Medal for Economic Policy 213 District of Columbia March 30 2023 National Association for Business Economics The Paul A Volcker Lifetime Achievement Award for Economic PolicyThis list is incomplete you can help by adding missing items February 2021 Other recognition Edit In March 2018 Charles D Ellis endowed The Janet L Yellen Chair at the Yale School of Management which was named after her Professor Andrew Metrick has been invested as the inaugural Janet L Yellen Professor of Finance and Management at the School 214 In December 2018 Federal Reserve Board presented an annual Janet L Yellen Award for Excellence in Community Development to recognize the exemplary work of Federal Reserve System staff intended to honor former chair Yellen s commitment to public service 215 Ariel Cisneros of the Federal Reserve Bank of Kansas City has been named the first recipient of the newly created award 216 Personal life EditYellen is married to George Akerlof an economist who is a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California Berkeley as well as a 2001 Nobel Memorial Prize in Economic Sciences laureate 19 217 The couple met in the fall of 1977 became engaged by that December and married in June 1978 less than a year after meeting 218 18 Their son Robert Akerlof born 1981 is a fellow economist he earned a bachelor s degree in economics and mathematics from Yale University and obtained his PhD in economics from Harvard University Robert works as an associate professor of economics at the University of Warwick 219 218 Yellen and Akerlof have often collaborated on research including topics such as poverty unemployment and a paper on the costs of out of wedlock childbearing One of their most discussed papers at Berkeley on why lower wages sometimes lead to lower employment came from the personal experience of hiring a nanny for the first time 218 Yellen says Akerlof has been her biggest intellectual influence 218 Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is 18 19 Yellen has an estimated net worth of 20 million accrued from stock holdings speaking engagements and various government and academic positions 220 In February 2021 she divested holdings in corporations including Pfizer ConocoPhillips and AT amp T among others when she assumed the public office of U S Treasury Secretary 221 Yellen inherited from her mother a valuable collection of postage stamps worth between 15 000 and 50 000 222 114 Despite this she doesn t collect them on her own 223 In popular culture Edit Who s Yellen Now is a song by musician Dessa commissioned by Marketplace 224 following the joking suggestion by then President elect Biden that Lin Manuel Miranda should write a Hamiltonesque musical about Yellen reflecting the historic nature of her nomination as nation s first female treasury secretary 224 On NBC s sketch comedy show Saturday Night Live Yellen has been parodied by actress Kate McKinnon since 2021 225 Selected works EditBooks Edit Akerlof George A Yellen Janet L eds October 31 1986 Efficiency Wage Models of the Labor Market Cambridge University Press doi 10 1017 cbo9780511559594 ISBN 978 0 521 31284 4 Blinder Alan S Yellen Janet L 2001 The Fabulous Decade Macroeconomic Lessons from the 1990s New York The Century Foundation Press ISBN 0 87078 467 6 OCLC 47018413 Articles Edit Adams William James Yellen Janet L August 1976 Commodity Bundling and the Burden of Monopoly The Quarterly Journal of Economics 90 3 475 498 doi 10 2307 1886045 JSTOR 1886045 Akerlof George A Yellen J L January 1985 A Near Rational Model of the Business Cycle with Wage and Price Inertia The Quarterly Journal of Economics 100 823 838 doi 10 1093 qje 100 Supplement 823 ISSN 0033 5533 Akerlof George A Yellen Janet L May 1990 The Fair Wage Effort Hypothesis and Unemployment The Quarterly Journal of Economics 105 2 255 283 doi 10 2307 2937787 JSTOR 2937787 See also EditList of female United States Cabinet members List of people who have held multiple United States Cabinet level positionsReferences Edit Dr Janet L Yellen Chair Council of Economic Advisers clintonwhitehouse2 archives gov August 3 1999 Archived from the original on April 7 2021 Retrieved January 21 2001 Kornbluh Jacob January 18 2021 Enough for a minyan A Jewish Who s Who of Biden s Cabinet to Be The Forward ISSN 1051 340X Archived from the original on April 28 2022 Retrieved January 19 2021 It s official Bay Ridge s Janet Yellen confirmed as treasury secretary Brooklyn Eagle January 28 2021 Archived from the original on January 29 2021 Retrieved January 29 2021 a b Lemann Nicholas July 21 2014 The Hand on the Lever The New Yorker ISSN 0028 792X Archived from the original on July 24 2014 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original on March 8 2021 Retrieved September 16 2013 Facing growing opposition in Congress Lawrence H Summers the former Treasury secretary and a top contender for Federal Reserve chairman told President Obama that he didn t want to be considered for the job Calmes Jackie October 8 2013 Obama to Pick Yellen as Leader of Fed Officials Say The New York Times ISSN 1553 8095 Archived from the original on May 31 2020 Retrieved October 9 2013 Mui Ylan Q Goldfarb Zachary A October 9 2013 Obama nominates Janet Yellen to lead the Fed The Washington Post ISSN 0190 8286 Archived from the original on September 26 2021 Retrieved October 10 2013 Zumbrun Joshua June 27 2013 Yellen Betting Defies 100 Year Jinx of Fed No 2 Never Elevated Bloomberg News Archived from the original on February 28 2017 Retrieved June 28 2013 Obama Barack October 9 2013 Remarks by the President in Nominating Dr Janet Yellen as Chair of the Board of Governors of the Federal Reserve System Speech Nomination of Dr Janet Yellen as Fed Chair Washington D C The White House Archived from the original on January 26 2017 Retrieved May 2 2014 Kurtz Annalyn November 14 2013 Smooth sailing for Janet Yellen at Senate confirmation hearing CNN Business Archived from the original on August 2 2019 Retrieved November 15 2013 Kardashian Kirk November 20 2013 Janet Yellen and the Fed s Boom and Bust Problem The New Yorker ISSN 0028 792X Archived from the original on June 15 2017 Retrieved November 21 2013 Vote Summary Question On the Cloture Motion Motion to Invoke Cloture on the Nomination of Janet L Yellen to be Chairman of the Board of Governors of the Federal Reserve System U S Senate Roll Call Votes 113th Congress 1st Session Archived from the original on December 24 2013 Retrieved December 20 2013 Vote Summary Question On the Nomination Confirmation Janet L Yellen to be Chairman of the Board of Governors of the Federal Reserve System U S Senate Roll Call Votes 113th Congress 2nd Session Archived from the original on 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Irwin Neil July 15 2014 Janet Yellen on the Everything Bubble The New York Times ISSN 1553 8095 Archived from the original on April 16 2021 Retrieved July 16 2014 Gillespie Patrick December 16 2015 Finally Fed raises interest rates CNN Business Archived from the original on December 17 2015 Retrieved December 17 2015 Nutting Rex August 28 2015 Opinion Why market correction makes a September rate hike more compelling MarketWatch Archived from the original on November 24 2020 Retrieved August 29 2015 Torres Craig January 15 2015 Yellen Leaves Greenspan Put Behind as She Charts Rate Increase Bloomberg News Archived from the original on February 4 2015 Retrieved January 16 2015 a b Crutsinger Martin February 1 2018 5 Things What Yellen s Fed tenure will be remembered for Associated Press Archived from the original on May 12 2021 Retrieved February 2 2018 Crutsinger Martin November 17 2016 The Latest Yellen defends tougher bank regulation Associated Press Archived from the original on November 28 2021 Retrieved November 18 2016 YELLEN Any changes to the regulations that police Wall Street should be modest Business Insider Reuters August 25 2017 Archived from the original on October 11 2017 Retrieved August 26 2017 Jacobs Jennifer Talev Margaret Olorunnipa Toluse November 2 2017 Trump Considered Keeping Yellen at Fed Until Mnuchin Spoke Up Bloomberg News Archived from the original on November 3 2017 Retrieved November 3 2017 Appelbaum Binyamin November 20 2017 Yellen Will Leave Federal Reserve Next Year The New York Times ISSN 1553 8095 Archived from the original on November 21 2017 Retrieved November 21 2017 Factbox Past Federal Reserve chiefs and who appointed them Reuters February 22 2021 Archived from the original on February 23 2021 Retrieved February 23 2021 Cox Jeff November 2 2017 Trump picks Jerome Powell to succeed Yellen as Fed chair CNBC Archived from the original on November 24 2021 Retrieved November 3 2017 Reed Robert February 6 2018 Fed s Wells Fargo smackdown sends message to other bank giants leaders Shape up or else Chicago Tribune ISSN 2165 171X Archived from the original on May 11 2020 Retrieved February 7 2018 a b Borak Donna Wiener Bronner Danielle Wattles Jackie February 3 2018 The Fed drops the hammer on Wells Fargo CNN Business Archived from the original on June 12 2021 Retrieved February 4 2018 Flitter Emily Appelbaum Binyamin Cowley Stacy February 2 2018 Federal Reserve Shackles Wells Fargo After Fraud Scandal The New York Times ISSN 1553 8095 Archived from the original on October 9 2021 Retrieved February 3 2018 Lee Don Puzzanghera Jim January 25 2018 Yellen s legacy as Fed chief Full employment but unfinished business Los Angeles Times ISSN 2165 1736 Archived from the original on January 25 2018 Retrieved January 26 2018 a b Borak Donna February 3 2018 Yellen s historic legacy Wise caution and a successful recovery CNN Business Archived from the original on February 3 2018 Retrieved February 4 2018 a b Long Heather December 13 2017 Janet L Yellen America s first female Fed chair finishes to standing ovation The Washington Post ISSN 0190 8286 Archived from the original on December 13 2017 Retrieved December 14 2017 Casselman Ben Granville Kevin November 2 2017 Yellen s Legacy Economic Progress but a Sense of a Job Unfinished The New York Times ISSN 1553 8095 Archived from the original on November 2 2017 Retrieved November 3 2017 Wynne Mark April 18 2019 Global Perspectives Janet Yellen on Becoming an Economist Being Fed Chair and Views on Fed Independence dallasfed org Archived from the original on October 31 2020 Retrieved April 19 2019 Appelbaum Binyamin February 2 2018 Yellen Departing Fed Will Join Brookings The New York Times ISSN 1553 8095 Archived from the original on February 2 2018 Retrieved February 2 2018 Federal Reserve Chair Janet L Yellen to join Economic Studies at Brookings Press release Washington D C Brookings February 2 2018 Archived from the original on February 2 2018 Retrieved February 3 2018 Janet Yellen James Stock Louise Sheiner to chair oversight panel for new Hutchins Center initiative to improve the quality of economic statistics Press release Washington D C Brookings July 31 2018 Archived from the original on August 11 2020 Retrieved August 1 2018 a b Janet Yellen Brookings scholar and former Federal Reserve Board Chair picked to be U S Treasury Secretary Press release Washington D C Brookings November 30 2020 Archived from the original on November 15 2021 Retrieved December 1 2020 Cox Jeff June 27 2017 Yellen Banks very much stronger another financial crisis not likely in our lifetime CNBC Archived from the original on March 31 2019 Retrieved June 28 2017 Liesman Steve December 11 2018 Yellen warns of another potential financial crisis Gigantic holes in the system CNBC Archived from the original on November 27 2021 Retrieved December 12 2018 a b Yellen Janet February 25 2019 Former Fed Chair Janet Yellen Far from retired nowhere near done Marketplace Interview Interviewed by Kai Ryssdal Washington D C American Public Media Archived from the original on August 5 2019 Retrieved February 26 2019 Cox Jeff February 25 2019 Janet Yellen Trump has lack of understanding of Fed and economy CNBC Archived from the original on March 7 2019 Retrieved February 26 2019 Lane Sylvan July 17 2020 Yellen Bernanke urge Congress to extend unemployment benefit boost The Hill ISSN 1521 1568 Archived from the original on July 18 2020 Retrieved July 18 2020 Yellen Janet Bernstein Jared August 24 2020 The Senate s on Vacation While Americans Starve The New York Times ISSN 1553 8095 Archived from the original on August 25 2020 Retrieved August 25 2020 Hunnicutt Trevor August 13 2020 Former U S Fed Chair Yellen among those appearing at Biden economic briefing Reuters Archived from the original on August 17 2020 Retrieved August 14 2020 a b Cassella Megan White Ben December 1 2020 The quiet frontrunner How Biden landed on Yellen for Treasury secretary Politico Archived from the original on January 18 2021 Retrieved December 2 2020 a b Walsh Joe January 1 2021 Yellen Earned 7 2 Million In Speaking Fees Over Last Two Years Forbes ISSN 0015 6914 Archived from the original on January 1 2021 Retrieved January 2 2021 Dorman Sam January 28 2021 Yellen received 800G from hedge fund in Gamestop controversy WH doesn t commit to recusal Fox News Archived from the original on January 28 2021 Retrieved January 29 2021 a b Makortoff Kalyeena January 1 2021 Janet Yellen has made at least 7m from speaking fees records show The Guardian ISSN 1756 3224 Archived from the original on January 1 2021 Retrieved January 2 2021 Biden s Treasury nominee Yellen discloses paid speaking gigs for financial firms Reuters January 1 2021 Archived from the original on March 16 2021 Retrieved January 2 2021 Cheung Brian November 16 2020 Possible Biden picks for Treasury Secretary a who s who Yahoo Finance Archived from the original on November 16 2020 Retrieved November 17 2020 Spencer Sairam Erin November 16 2020 Meet The Women Being Considered For Treasury Secretary Forbes ISSN 0015 6914 Archived from the original on November 17 2020 Retrieved November 17 2020 Mohsin Saleha Epstein Jennifer Pager Tyler November 21 2020 Brainard Slips as Treasury Contender With Biden Nearing Pick Bloomberg News Archived from the original on May 20 2021 Retrieved November 22 2020 Guida Victoria November 23 2020 Biden to tap former Fed chief Yellen as first woman to head Treasury Politico Archived from the original on January 10 2022 Retrieved November 24 2020 Lane Sylvan November 30 2020 Biden names Janet Yellen as his Treasury nominee The Hill ISSN 1521 1568 Archived from the original on April 16 2021 Retrieved December 1 2020 Biden Joe December 1 2020 Remarks by President elect Joe Biden in Wilmington Delaware Speech Economic Policy Nominees amp Appointees Wilmington Delaware The American Presidency Project Archived from the original on April 18 2021 Retrieved December 2 2020 Mohsin Salena October 7 2021 Janet Yellen s Above the Fray Approach Is Put to a Political Test Bloomberg News Archived from the original on October 8 2021 Retrieved October 8 2021 Hilsenrath Jon Timiraos Nick November 24 2020 Politics Isn t Janet Yellen s Forte but It s What She s In for Now The Wall Street Journal ISSN 1042 9840 Archived from the original on November 25 2020 Retrieved November 25 2020 Irwin Neil November 24 2020 Janet Yellen Has Excelled at Big Jobs This Will Be the Hardest One Yet The New York Times ISSN 1553 8095 Archived from the original on November 25 2021 Retrieved November 25 2020 Fallert Nicole January 19 2021 Janet Yellen Receives Support From All Eight Living Ex Treasury Secretaries Newsweek ISSN 0028 9604 Archived from the original on January 19 2021 Retrieved January 20 2021 Lawder David Shalal Andrea January 22 2021 Yellen nomination sails through Senate panel final vote set for Monday Reuters Archived from the original on February 9 2021 Retrieved January 23 2021 Question On the Nomination Confirmation Janet Louise Yellen of California to be Secretary of the Treasury Roll Call Vote 117th Congress 1st Session January 25 2021 Archived from the original on January 26 2021 a b Tappe Anneken Egan Matt January 25 2021 Janet Yellen is confirmed as the first female Treasury secretary in US history CNN Archived from the original on January 26 2021 Retrieved January 26 2021 Rappeport Alan January 26 2021 Janet Yellen the first woman to be Treasury secretary is sworn in by the first woman to be vice president The New York Times ISSN 1553 8095 Archived from the original on October 19 2021 Retrieved January 27 2021 Janet L Yellen Sworn In As 78th Secretary of the United States Department of the Treasury Press release Washington D C U S Department of the Treasury January 26 2021 Archived from the original on January 27 2021 Retrieved January 28 2021 Kerner Andrew Choi Ha Eun Bodea Cristina February 10 2021 Janet Yellen will be the first female treasury secretary in U S Why are so few women in top economic posts The Washington Post ISSN 0190 8286 Archived from the original on February 10 2021 Retrieved February 11 2021 Rappeport Alan April 5 2021 Yellen calls for a global minimum corporate tax rate The New York Times ISSN 1553 8095 Archived from the original on April 19 2021 Retrieved April 6 2021 Treasury Secretary Janet L Yellen made the case on Monday for a global minimum tax kicking off the Biden administration s effort to help raise revenue in the United States and prevent companies from shifting profits overseas to evade taxes Ms Yellen in a speech to the Chicago Council on Global Affairs called for global coordination on an international tax rate that would apply to multinational corporations regardless of where they locate their headquarters Such a global tax could help prevent the type of race to the bottom that has been underway Ms Yellen said referring to countries trying to outdo one another by lowering tax rates to attract business Yellen Janet April 7 2021 A Better Corporate Tax for America The Wall Street Journal ISSN 1042 9840 Archived from the original on April 7 2021 Retrieved April 8 2021 Milliken David Holton Kate June 5 2021 Tech giants and tax havens targeted by historic G7 deal Reuters Archived from the original on June 7 2021 Retrieved June 6 2021 Herrera Gutierrez Arturo Mulyani Indrawati Sri Mboweni Tito Scholz Olaf Yellen Janet June 10 2021 Opinion Five finance ministers Why we need a global corporate minimum tax The Washington Post ISSN 0190 8286 Archived from the original on June 10 2021 Retrieved June 11 2021 Lynch David J July 1 2021 130 countries sign on to global minimum tax plan creating momentum for Biden push The Washington Post ISSN 0190 8286 Archived from the original on December 2 2021 Retrieved July 2 2021 Rappeport Alan July 9 2021 Finance Ministers Meet in Venice to Finalize Global Tax Agreement The New York Times ISSN 1553 8095 Archived from the original on July 10 2021 Retrieved July 10 2021 Lynch David J October 8 2021 Global minimum tax effort moves forward as Ireland and Hungary join pact The Washington Post ISSN 0190 8286 Archived from the original on December 23 2021 Retrieved October 9 2021 Ziady Hanna Thompson Mark October 8 2021 136 countries agree to minimum corporate tax rate after Ireland drops its opposition CNN Archived from the original on November 22 2021 Retrieved October 9 2021 Franck Thomas July 23 2021 Yellen urges Congress to raise or suspend the debt limit by Aug 2 CNBC Archived from the original on November 14 2021 Retrieved July 24 2021 Yellen Janet September 19 2021 Congress Raise the Debt Limit The Wall Street Journal ISSN 1042 9840 Archived from the original on September 19 2021 Retrieved September 20 2021 Robb Greg October 18 2021 Yellen says debt ceiling deal gives Treasury only temporary reprieve through Dec 3 MarketWatch Archived from the original on November 2 2021 Retrieved October 19 2021 Stein Jeff November 1 2021 Treasury Secretary Yellen expresses openness to defusing debt ceiling without GOP votes The Washington Post ISSN 0190 8286 Archived from the original on November 1 2021 Retrieved November 2 2021 Fossum Sam Sullivan Kate December 16 2021 Biden signs debt limit increase averting potential economic disaster CNN Archived from the original on December 16 2021 Retrieved December 17 2021 a b Adeyemo Wally December 16 2022 America s New Sanctions Strategy Foreign Affairs ISSN 0015 7120 Archived from the original on December 16 2022 Retrieved December 17 2022 Stein Jeff July 14 2022 Janet Yellen s global campaign to defund Russia s war machine The Washington Post ISSN 0190 8286 Archived from the original on July 14 2022 Retrieved July 15 2022 Stevis Gridneff Matina Tankersley Jim Rappeport Alan December 2 2022 Ukraine s Allies Agree on Russian Oil Price Cap The New York Times ISSN 1553 8095 Archived from the original on February 25 2023 Retrieved December 3 2022 a b c Yellen Janet April 7 2022 Remarks from Secretary of the Treasury Janet L Yellen on Digital Assets Speech American University s Kogod School of Business Center for Innovation Address Washington D C U S Department of the Treasury Archived from the original on April 12 2022 Retrieved April 8 2022 Matthews Chris April 7 2022 Yellen warns crypto invites risks that could disrupt the financial system and our economy in first major speech on digital assets MarketWatch Archived from the original on April 8 2022 Retrieved April 8 2022 Duehren Andrew April 7 2022 Crypto Like Digital Dollar at Least Several Years Away Yellen Says The Wall Street Journal ISSN 1042 9840 Archived from the original on April 8 2022 Retrieved April 8 2022 Yellen Janet April 13 2022 Remarks by Secretary of the Treasury Janet L Yellen on Way Forward for the Global Economy Speech Atlantic Council Front Page Washington DC U S Department of the Treasury Archived from the original on April 13 2022 Retrieved April 14 2022 Condon Christopher Martin Eric April 13 2022 Yellen Talks Tough on China Warning of Fallout Over Russia Ties Bloomberg News Archived from the original on May 8 2022 Retrieved April 14 2022 Yellen Janet L December 12 2022 Resilient Trade Project Syndicate Archived from the original on December 19 2022 Retrieved December 13 2022 Shabad Rebecca May 10 2022 Treasury Secretary Yellen says reversing Roe v Wade would have damaging effects on the economy NBC News Archived from the original on May 19 2022 Retrieved May 11 2022 Scott Tim May 17 2022 Opinion Tim Scott Abortion is not the way to help single Black mothers The Washington Post ISSN 0190 8286 Archived from the original on May 17 2022 Retrieved May 18 2022 Rappeport Alan August 17 2022 Yellen Directs I R S to Embark on 80 Billion Overhaul Plan The New York Times ISSN 0362 4331 Archived from the original on November 1 2022 Retrieved August 17 2022 Hayda Julian Harbage Claire February 27 2023 Janet Yellen visits Ukraine and pledges even more U S economic aid NPR Archived from the original on March 1 2023 Retrieved February 28 2023 Yellen Janet February 27 2023 Janet L Yellen in Kyiv Economic Aid to Ukraine Is Vital The New York Times ISSN 1553 8095 Archived from the original on February 27 2023 Retrieved February 28 2023 Quinn Melissa March 12 2023 Yellen rules out bailout for Silicon Valley Bank We re not going to do that again CBS News Archived from the original on March 16 2023 Retrieved March 13 2023 Joint Statement by the Department of the Treasury Federal Reserve and FDIC Press release Washington D C U S Department of the Treasury March 12 2023 Archived from the original on March 12 2023 Retrieved March 13 2023 Rappeport Alan March 21 2023 U S Is Ready to Protect Smaller Banks if Necessary Yellen Says The New York Times ISSN 1553 8095 Archived from the original on March 22 2023 Retrieved March 22 2023 U S isn t considering blanket insurance for bank deposits Yellen says NBC News Reuters March 22 2023 Archived from the original on March 22 2023 Retrieved March 23 2023 Cassidy John October 8 2013 A Janet Yellen Question Just How Dovish Is She The New Yorker Archived from the original on April 13 2016 Retrieved October 9 2013 Appelbaum Binyamin April 25 2013 Hawks and Doves at the Fed economix blogs nytimes com Archived from the original on March 14 2023 Retrieved April 26 2013 a b c d Appelbaum Binyamin Swanson Ana Tankersley Jim Smialek Jeanna November 24 2020 Yellen Would Assume Vast Policy Portfolio as Treasury Secretary The New York Times ISSN 1553 8095 Archived from the original on November 26 2022 Retrieved November 25 2020 Yellen Janet L January 3 2019 Seven questions for Janet Yellen on financial stability brookings edu Brookings Institution Archived from the original on February 3 2019 Retrieved January 4 2019 Jones Claire January 7 2021 What Yellen s career tells us her views on fiscal policy Financial Times ISSN 0307 1766 Archived from the original on January 7 2021 Retrieved January 8 2021 Cox Jeff September 30 2021 Yellen lends support for effort to remove the debt ceiling altogether CNBC Archived from the original on October 30 2021 Retrieved October 1 2021 Economists Statement on Carbon Dividends The Wall Street Journal January 16 2019 ISSN 1042 9840 Archived from the original on January 2 2020 Retrieved January 17 2019 G30 Working Group on Climate Change and Finance October 8 2020 Mainstreaming the Transition to a Net Zero Economy PDF Report Group of Thirty p 80 Archived PDF from the original on August 31 2022 Retrieved October 9 2020 Green Matthew October 8 2020 U S could adopt carbon tax under a Biden presidency ex Fed Chair Yellen says Reuters Archived from the original on December 6 2022 Retrieved October 9 2020 Cassidy John April 3 2013 Janet Yellen A Keynesian Woman at the Fed The New Yorker ISSN 0028 792X Archived from the original on October 14 2014 Retrieved April 4 2013 Yellen Janet April 16 1999 Yale Economics in Washington Speech Yale Economics Reunion New Haven Connecticut Yale Department of Economics Archived from the original on November 24 2014 Retrieved January 15 2001 a b Elliott Larry Inman Phillip December 5 2020 Jobs slump and Covid lead litany of post Trump crises facing Janet Yellen The Guardian ISSN 1756 3224 Archived from the original on December 5 2020 Retrieved December 6 2020 Janet Louise Yellen Solomon R Guggenheim Foundation May 12 1986 Archived from the original on April 13 2019 Retrieved May 24 2008 Janet Yellen joins Yale Corporation as the newest alumni fellow archives news yale edu June 23 2000 Archived from the original on November 23 2020 Retrieved January 15 2001 Katz Daniel June 1 2006 Warner to serve on Yale Corporation yaledailynews com Archived from the original on March 2 2021 Retrieved November 30 2022 92nd Annual Conference Program PDF Western Economics Association p 4 Archived PDF from the original on January 11 2020 Retrieved October 23 2020 Past Vice Presidents American Economic Association Archived from the original on October 15 2020 Retrieved October 23 2011 Counts Laura March 13 2013 Profs Williamson Yellen Named Berkeley Fellows newsroom haas berkeley edu Archived from the original on January 10 2021 Retrieved March 14 2013 Past Presidents American Economic Association Archived from the original on January 21 2021 Retrieved January 20 2021 Honorary Degrees 1900s The Brown University Archived from the original on October 29 2020 Retrieved May 25 2014 Brown will present eight honorary degrees at Commencement May 25 Press release Providence Rhode Island The Brown University News Bureau May 11 1998 Archived from the original on May 9 2001 Retrieved May 20 2014 Largest Graduating Class in Bard s History to Receive Degrees at the College s One Hundred Fortieth Commencement on Saturday May 27 2000 Press release Annandale on Hudson New York Bard College May 27 2000 Archived from the original on September 5 2006 Retrieved October 5 2016 New York University Holds 182nd Commencement In Yankee Stadium Press release New York New York University May 21 2014 Archived from the original on November 15 2020 Retrieved May 20 2016 Yellen Janet May 21 2014 Speech by Chair Janet L Yellen at New York University s commencement Speech University of Baltimore 2016 Midyear Commencement New York New York Board of Governors of the Federal Reserve System Archived from the original on May 27 2014 Retrieved May 22 2014 LSE Honorary Graduates PDF the London School of Economics and Political Science Archived PDF from the original on May 19 2021 Retrieved May 15 2016 LSE Global Forum in New York City aflse org May 15 2015 Archived from the original on April 18 2018 Retrieved May 16 2015 Yale awards nine honorary degrees at Commencement 2015 news yale edu May 15 2015 Archived from the original on July 4 2017 Retrieved May 16 2015 Graduation Ceremony November 2015 warwick ac uk November 19 2015 Archived from the original on April 24 2016 Retrieved November 20 2015 Federal Reserve Chair Janet Yellen to Receive Honorary Degree Deliver Keynote at UB Commencement Dec 19 Press release Baltimore Maryland University of Baltimore December 15 2016 Archived from the original on December 25 2020 Retrieved October 19 2016 Yellen Janet December 19 2016 Commencement remarks by Chair Yellen Speech University of Baltimore 2016 Midyear Commencement Baltimore Maryland Board of Governors of the Federal Reserve System Archived from the original on December 19 2016 Retrieved December 20 2016 Honorary Doctor of Philosophy tau ac il June 5 2019 Archived from the original on June 29 2020 Retrieved June 6 2019 BOG 2019 Honorary Degrees Awarded tau ac il June 5 2019 Archived from the original on January 26 2021 Retrieved June 6 2019 Honorary Degrees Awarded 1852 Present By Year PDF president umich edu December 15 2019 Archived PDF from the original on January 8 2021 Retrieved December 16 2019 Zaniewski Ann Iseler James November 1 2019 Five recommended for Winter Commencement honorary degrees record umich edu University of Michigan Archived from the original on February 2 2021 Retrieved November 2 2019 Chronological Listing of Honorary Degree Recipients PDF secretary upenn edu July 1 2021 Archived PDF from the original on December 23 2021 Retrieved July 2 2021 Penn s 2021 Commencement Speaker and Honorary Degree Recipients almanac upenn edu University of Pennsylvania March 16 2021 Archived from the original on March 16 2021 Retrieved March 17 2021 Janet Yellen National Bureau of Economic Research Archived from the original on September 10 2009 Retrieved October 29 2020 Members of the American Academy of Arts and Sciences 1780 2019 XYZ PDF American Academy of Arts and Sciences Archived PDF from the original on October 18 2019 Retrieved October 25 2020 Trustees Economists for Peace and Security Archived from the original on May 27 2006 Retrieved October 25 2020 Senior Member Biography Janet Yellen group30 org October 2020 Archived from the original on October 28 2020 Retrieved October 25 2020 Janet Yellen Distinguished Fellow 2012 American Economic Association Archived from the original on April 4 2019 Retrieved December 14 2020 2014 Election of Fellows The Econometric Society Archived from the original on October 27 2020 Retrieved November 13 2020 NABE Fellows National Association for Business Economics Archived from the original on October 31 2020 Retrieved November 24 2020 British Academy announces new President and elects 66 new Fellows Press release London United Kingdom The British Academy July 15 2016 Archived from the original on August 14 2020 Retrieved July 17 2016 List of Past Wilbur Cross Recipients gsas yale edu May 26 1997 Archived from the original on November 28 2020 Retrieved January 15 2001 Wilbur L Cross Medals archives news yale edu Yale University June 2 23 1997 Archived from the original on June 10 2021 Retrieved January 15 2001 Adam Smith Award nabe com December 13 2020 Archived from the original on December 23 2020 Retrieved December 14 2020 Blackwell Recipients Dr Janet L Yellen hws edu January 22 2015 Archived from the original on March 5 2016 Retrieved January 23 2015 Bolotnikova Marina N May 27 2016 Janet Yellen Talks Policy and Inequality at Radcliffe Day Celebration harvardmagazine com Archived from the original on May 28 2016 Retrieved May 28 2016 Yellen traces the struggles progress of women in the U S economy brown edu May 5 2017 Archived from the original on November 24 2020 Retrieved May 6 2017 Federal Reserve Board chairs Ben Bernanke and Janet Yellen receive the Paul H Douglas Award for Ethics in Government igpa uillinois edu November 8 2017 Archived from the original on May 12 2018 Retrieved November 9 2017 McNulty Jennifer February 5 2019 Former Federal Reserve Chair Janet Yellen receives Foundation Medal news ucsc edu Archived from the original on February 9 2019 Retrieved September 25 2020 Chief Executive Leadership Institute Honors Janet Yellen som yale edu March 19 2019 Archived from the original on February 15 2021 Retrieved March 20 2019 Moser Douglas September 26 2019 Janet Yellen awarded Dean s Medal brandeis edu Archived from the original on November 30 2020 Retrieved September 27 2020 Truman Medal for Economic Policy to be awarded to Janet Yellen Press release Independence Missouri Truman Library Institute October 7 2019 Archived from the original on December 19 2020 Retrieved October 13 2020 Prof Andrew Metrick Expert on Financial Crises Named First Janet L Yellen Professor som yale edu March 29 2018 Archived from the original on August 12 2020 Retrieved March 30 2018 Federal Reserve Board announces plans to present Janet L Yellen Award for Excellence in Community Development Press release Washington D C Federal Reserve Board November 30 2018 Archived from the original on December 1 2018 Retrieved December 1 2018 Ariel Cisneros awarded inaugural Janet L Yellen Award for Community Development PDF Press release Kansas City Missouri Federal Reserve Bank of Kansas City December 6 2018 Archived PDF from the original on April 29 2021 Retrieved December 7 2018 Reddy Sudeep September 23 2014 George Akerlof aka Mr Janet Yellen Heads to Georgetown Real Time Economics WSJ The Wall Street Journal ISSN 1042 9840 Archived from the original on October 2 2014 Retrieved September 24 2014 a b c d Foroohar Rana January 9 2014 Janet Yellen The Sixteen Trillion Dollar Woman Time ISSN 0040 781X Archived from the original on November 14 2021 Retrieved January 10 2014 Firms are not always willing to cut wages even if there are people lined up outside the gates to work So why don t they asks Yellen The couple s conclusion some employers set pay higher to demonstrate that they value employees in a way that motivates them to do good work even when markets are ready to undercut those wages As any parent paying more than market rates for a nanny knows child care is a labor market in which the conventional wisdom doesn t always hold Robert Akerlof Resume PDF robertakerlof com Archived PDF from the original on April 13 2021 Retrieved March 13 2021 Allcot Dawn January 21 2021 How Rich Are Biden s Cabinet Picks Check Out the Finances of These Notable Nominees Yahoo Finance Archived from the original on January 22 2021 Retrieved January 22 2021 Alexander Dan June 15 2021 Here s How Much Treasury Secretary Janet Yellen Is Worth Forbes ISSN 0015 6914 Archived from the original on June 24 2021 Retrieved June 16 2021 Udland Myles August 29 2014 Janet Yellen Owns A Very Expensive Collection Of Stamps Business Insider Archived from the original on September 1 2014 Retrieved August 30 2014 Duehren Andrew September 15 2022 Janet Yellen Likes Rocks Foreign Diplomats Keep Giving Her Stamps The Wall Street Journal ISSN 1042 9840 Archived from the original on September 15 2022 Retrieved September 16 2022 a b Biden Yellen needs a Hamilton musical Dessa Here you go Marketplace January 21 2021 Archived from the original on January 22 2021 Retrieved January 22 2021 Goodwin Jazmin March 29 2021 Still not sure what NFTs are SNL explains with Eminem parody CNN Business Archived from the original on March 30 2021 Retrieved March 30 2021 External links Edit Wikimedia Commons has media related to Janet Yellen Wikiquote has quotations related to Janet Yellen Official Edit Biography at the United States Department of the Treasury Biography at the Federal Reserve Clinton White House biography archived Expert profile at the Brookings Institution Faculty profile at the Haas School of Business Faculty profile at University of California BerkeleyOther Edit Appearances on C SPAN Profile and papers at Research Papers in Economics Janet Yellen collected news and commentary at The Guardian Retrieved from https en wikipedia org w index php title Janet Yellen amp oldid 1148124084, wikipedia, wiki, book, books, library,

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