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Who is Janet Yallen?
Janet Louise Yellen, an American economist who was born on August 13th, 1946, has been the 78th secretary of the treasury of the United States since January 26th, 2021.
She was previously the 15th head of the Federal Reserve from 2014 to 2018. She is a Democrat.
Yellen is the first woman to occupy each of those positions and the first person to have served as chair of the Federal Reserve, Treasury Department, and White House Council of Economic Advisers.
Yellen, who was born and raised in Bay Ridge, Brooklyn, attended Brown University and graduated in 1967. She later obtained a PhD in economics from Yale University in 1971.
She served as an assistant professor at Harvard University from 1971 to 1976, after which she started working as an economist for the Federal Reserve Board from 1977 to 1978.
From 1978 to 1980, she was a member of the faculty at the London School of Economics.
Since joining the University of California, Berkeley’s faculty in 1980, Yellen has held the positions of Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. She is currently a professor emeritus at the Haas School of Business.
Janet Yallen; Networth
Janet Yallen Salary
Being among the wealthiest members of the president’s cabinet no longer requires hundreds of millions of dollars. Just ask Treasury Secretary Janet Yellen, whose estimated net worth of $20 million would have made her only moderately wealthy on Trump’s team but seems extravagantly wealthy among Biden’s group.
Unlike Trump’s business moguls Wilbur Ross, Steven Mnuchin, and Betsy DeVos, Yellen is neither a self-made millionaire nor a billionaire heiress. The 74-year-old instead gradually amassed her modest fortune through years spent in academia and politics, cashing in most obviously after she resigned as Fed head in 2018 and began making talks in corporate America.
Yellen, who was raised in Brooklyn as the child of a doctor and an elementary school teacher, developed an early interest in math and thought she would study it when she enrolled in Brown University. Once courses began, though, she fell in love with economics because it allowed her to utilize statistics to aid people. In a 2018 talk at the Brookings Institution, Yellen said, “After my first economics course, that was kind of love at first sight.”
As she pursued her doctorate at Yale, she worked with James Tobin, a left-leaning economist who had previously served on the Kennedy Administration’s Council of Economic Advisers. Following in his footsteps, Yellen would later switch between the public sector and academia. At the beginning of her career, she was a Harvard professor, but in 1976, she joined the Federal Reserve as an economist.
Steven Mnuchin, Trump’s secretary of the Treasury, was thought to be 20 times wealthier than Yellen.
Janet Yallen Career
Yellen earned a Ph.D. in economics from Yale University and a summa cum laude from Brown University in 1967.
She then worked at Harvard University as an assistant professor of economics until 1976. She was employed by the Federal Reserve Board of Governors as an economist from 1977 to 1978, and from 1978 to 1980, she lectured at the London School of Economics and Political Science.
At the University of California, Berkeley’s Haas School of Business, where she performed research and received multiple teaching honors, Yellen joined the faculty in 1980. She was named the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics in 1999, and the Bernard T. Rocca, Jr. Professor of International Business and Trade in 1992.
At the Haas School of Business, she later attained the title of professor emeritus.
Yellen took a leave of absence from Berkeley in 1994 to work as a member of the Federal Reserve System’s Board of Governors, a position she maintained until 1997. She later resigned from the Fed to lead President Bill Clinton’s Council of Economic Advisers from 1999 to 2000.
The Economic Policy Committee of the Organization for Economic Co-operation and Development was also under her leadership (OECD).
From 1999 until 2004, when she was named president of the Federal Reserve Bank of San Francisco, Yellen taught at Berkeley once more. In 2010, she was made vice chair of the Fed Board of Governors.
President Barack Obama proposed her as the future head of the Federal Reserve System three years later. Her candidacy caused some controversy, primarily because many Republicans thought she would put too much emphasis on lowering unemployment and not enough on managing inflation.
Nevertheless, she received the narrowest confirmation margin ever for a head of the Federal Reserve System in January 2014 when she was approved by the U.S. Senate by a vote of 56 to 26. On February 3, 2014, she began a four-year term.
Upon taking office, Yellen started the process of undoing some of the measures taken in response to the 2008 subprime mortgage crisis.
Notably, she was in charge of a scheme to sell mortgage and Treasury bonds that the Fed had bought to boost the economy.
Additionally, during her administration, employment and wages increased while she kept interest rates low. After President Donald Trump failed to nominate Yellen for a second term, she left the Federal Reserve in February 2018.
Jerome H. Powell succeeded her in her position. Joe Biden, the incoming president of the United States, declared in 2020 that he would recommend Janet Yellen for the position of secretary of the Treasury.
By a vote of 84 to 15 in January 2021, the Senate approved her nomination.
Brown University awarded Yellen an honorary Doctor of Laws degree, and Bard College bestowed an honorary Doctor of Humane Letters degree.
She wrote a great deal on a number of subjects throughout her academic career, but mainly on macroeconomics and the dynamics of unemployment. She is wed to George A. Akerlof, who was awarded the 2001 Nobel Prize in Economics.
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