How much is Janet Yellen worth?
| Net Worth: | $20 Million |
|---|---|
| Profession: | Economist |
| Date of Birth: | August 13, 1946 |
| Country: | United States of America |
| Height: | 1.6 m |
About Janet Yellen
Yellen was born on August 13, 1946 and raised in the Bay Ridge, Brooklyn district of New York City. Her family has Polish Jewish origin. She was raised by Anna Ruth (née Blumenthal), a stay-at-home mother who had previously taught elementary school. Julius Yellen, a family doctor who practiced from the family’s home’s ground floor and died in 1975, was her father.
Since Yellen is commonly seen as a “dove” on monetary policy (i.e., more concerned with unemployment than with inflation), she often supports lower Federal Reserve interest rates rather than higher ones. However, newspapers commonly describe her as “kind of” a deficit hawk when it comes to fiscal policy.
From 1994 to 1997, Yellen was a member of the Federal Reserve Board of Governors and was appointed to it by President Bill Clinton. From 1997 to 1999, she served as chair of the Council of Economic Advisers. Later, from 2004 to 2010, Yellen served as president and CEO of the Federal Reserve Bank of San Francisco. President Barack Obama then appointed her to succeed Ben Bernanke as the Federal Reserve’s chair from 2014 to 2018 after first selecting her to succeed Donald Kohn as vice chair from 2010 to 2014.
Yellen initially intended to study philosophy when she attended in Pembroke College at Brown University. She changed her intended major, though, to economics during her first year of college after being notably affected by George Herbert Borts and Herschel Grossman.
Yellen received a bachelor’s degree in economics with honors and membership in Phi Beta Kappa from Brown University in 1967. In 1971, she finished with a master’s degree and a PhD in economics from Yale University.
After being denied tenure at Harvard in 1977, Yellen accepted a position on the Board of Governors of the Federal Reserve. Yellen joined the University of California, Berkeley faculty in 1980 and spent more than two decades conducting macroeconomics research and instructing undergraduate and MBA students at the Haas School of Business.
Yellen took a leave of absence from Berkeley from 1994 to 1999 to enter the public sector. In 1994, President Bill Clinton declared that Yellen would be his choice to join the Federal Reserve Board of Governors.
As unemployment fell in July 1996, the Federal Reserve defied calls to boost interest rates. In order to convince Chairman Alan Greenspan that the Fed should pursue a zero inflation policy rather than one that seeks to manage inflation rather than eradicate it, Yellen marshaled scholarly evidence. Yellen resigned from the Federal Reserve on February 17, 1997, to become the helm of the Council of Economic Advisers.
On December 20, 1996, Yellen became the head of President Clinton’s Council of Economic Advisers, joining the Clinton administration (CEA). Yellen oversaw the publication of a significant report on the gender pay gap in June 1998 called “Explaining Trends in the Gender Wage Gap” while she was on the Council of Economic Advisers. Yellen declared in June 1999 that she was leaving the CEA for personal reasons and would resume her position as a professor at UC Berkeley.
Before Chairman Ben Bernanke was nominated for a second four-year term, his term was slated to expire in July 2009, and Yellen was discussed as a possible replacement. She resigned from the San Francisco Fed in 2010 to accept a position as vice chair of the Board of Governors of the Federal Reserve.
Yellen was formally proposed on October 9, 2013, to succeed Bernanke as head of the Federal Reserve. Yellen defended the more than $3 trillion in stimulus money that the central bank has been infusing into the American economy during the nomination hearings that took place on November 14, 2013. Additionally, she stated that it is crucial for the Fed to look for asset bubbles and that, in the event that she did, she would take action to correct it.
After leaving the Federal Reserve, Yellen collected more than $7 million in speaking fees from financial institutions like Barclays, Citigroup, Goldman Sachs, and the hedge fund Citadel between 2018 and 2020.
As soon as she rejoined the government, she vowed to obtain official approval from the Office of Government Ethics before taking part in any substantive matters affecting these companies in order to avoid any conflicts of interest.
A historic deal to establish a global minimum tax rate of 15% starting in 2023 for firms around the world was implemented through the OECD on October 8, 2021, with the support of more than 130 countries, including numerous low-tax jurisdictions that had opposed the pact. It claimed that the agreement may increase tax receipts by $150 billion annually. However, the treaty’s implementation will require both the ratification of domestic law in each of the signing nations and a two-thirds vote in the Senate of the United States, which is evenly divided.
Yellen instructed the Internal Revenue Service (IRS) to use an additional $80 billion in funding after the Inflation Reduction Act was passed in order to reduce backlogs, enhance taxpayer services, modernize technology, and hire thousands of new personnel.
Yellen’s estimated net worth is $20 million, which she has accumulated from stock ownership, speeches, and different academic and governmental roles.
She sold her shares in companies including Pfizer, ConocoPhillips, and AT&T among others in February 2021, the month she started working as the Treasury Secretary of the United States. A priceless collection of postal stamps that is estimated to be valued between $15,000 and $50,000 was left to Yellen by her mother.
