Janet Yellen is an American economist. Secretary of Treasury since January 26, 2021, she is also an accomplished educator. She is working. She’s a Democrat, as you might expect. She has also worked as the 15th chair of the Federal Reserve from 2014 to 2018. All three of these posts have never been held by a woman before; as a result, she is a historic first in that regard.
Janet Yellen was born on August 13, 1946, in Brooklyn, New York City to Anna, an elementary school teacher, and Julius, a physician. She is of Polish Jewish origin and has an elder brother named John.
Yellen graduated from Fort Hamilton High School as salutatorian of her class. Afterwards, she attended Brown University’s Pembroke College, graduating in 1967 summa cum laude with a BA in economics. Yellen went on to receive her MA and PhD in economics from Yale University in 1971.
Career Beginnings in Academia
After earning her doctorate, Yellen became an assistant professor of economics at Harvard University. She taught there from 1971 to 1976, before being recruited to be an economist with the Federal Reserve Board of Governors.
At the Fed, Yellen examined international monetary reform. In 1980, she joined the faculty at the Haas School of Business at the University of California, Berkeley, where she undertook macroeconomics research and taught undergraduate and MBA students. Yellen became a full professor in 1985 and got the Haas School’s prize for outstanding teaching twice.
Council of Economic Advisers and Federal Reserve
During her leave from Berkeley in 1994, Yellen was appointed as a member of the Federal Reserve Board of Governors by President Clinton. She resigned from the Federal Reserve at the beginning of 1997 to take up the position of chair of the Council of Economic Advisers. With the CEA, Yellen oversaw a milestone study focused on the difference in income between men and women. The investigation concluded that the pay difference was caused by discrimination in the workplace. In 1999, Yellen departed the CEA to return to teaching at Berkeley.
Return to Federal Reserve
The first female Fed chief in San Francisco, Janet Yellen took office in 2004. President Obama appointed her to the Federal Reserve Board of Governors as vice-chair in 2010, a position she held until her departure in 2011. Subsequently, in 2013, Yellen was nominated to replace Ben Bernanke as chair of the Federal Reserve, the first time a vice-chair has been elevated to that position.
Moreover, she became the first woman to run a central bank in the United States, and the first Democrat to hold the job since Paul Volcker in 1979. For the first time since 2006, the Federal Reserve raised its main interest rate under Yellen’s leadership. Yellen took an unprecedented step just before she left office in 2018, imposing sanctions on Wells Fargo in response to widespread consumer fraud. Yellen is widely regarded as one of the most effective chairs of the Federal Reserve System. Her term saw the jobless rate drop from 6.7 per cent to 4.1 per cent, the lowest in 17 years.
The Post-federal Reservist
A distinguished fellow position at Brookings Institution was announced for Janet Yellen on her final day of work at the Federal Reserve. Meanwhile, between 2018 and 2020, she got more than $7 million in speaking fees from financial corporations including Goldman Sachs and Citigroup.
Before President-elect Biden’s inauguration in January 2021, in November of 2020, he revealed his desire to appoint Janet Yellen to serve as the United States Treasury’s top official; the Senate Finance Committee unanimously supported her nomination.
In the process, Yellen became the first woman to serve in the role and the first person in American history to lead the Treasury, the Federal Reserve, and the Council of Economic Advisers.
Theorizing the Economy
According to Yellen’s economic ideology, the Federal Reserve should keep interest rates low to combat high unemployment. Yellen has also voiced her willingness to raise taxes, decrease retirement expenditures, and abolish the debt ceiling, which she claimed was a requirement to avert government default in late 2021. Additionally, she has favoured stronger financial controls.
Over her career, Yellen has acquired a wealth of honours acknowledging her achievements in both academics and politics. She has received honorary degrees from such universities as Bard College, New York University, the University of Warwick, Tel Aviv University, and the University of Pennsylvania. Aside from the National Bureau of Economic Research, Yellen is a member of the American Academy of Arts and Sciences.
The Council on Foreign Relations, and the National Association for Business Economics. For her achievements, she has received numerous awards from prestigious universities, including Yale’s Wilbur Cross Medal, Brown University’s President’s Medal, and IGP’s Paul H. Douglas Award for Ethical Leadership.
In 1978, Yellen married fellow economist George Akerlof, whom she had met in the cafeteria of the Federal Reserve. He taught economics at the LSE for two years before moving on to Georgetown and Berkeley, where he now serves on the faculties of all three universities. Together, Yellen and Akerlof have a son named Robert, who is an associate professor of economics at the University of Warwick.
Yellen and Akerlof have regularly collaborated on research, notably on such themes as poverty and unemployment. Yellen is also a philatelist, with a stamp collection valued anywhere from $15,000 to $50,000, according to reports.
In her previous role as Vice-Chair, Janet Yellen, an American economist, presided over the Federal Reserve as Chair from 2014 to 2018. At the time of this writing, Janet Yellen’s net worth is estimated to be $16 million.
In November 2020, Joe Biden revealed that Janet would serve as Treasury Secretary under his administration. Janet and her husband, Nobel Prize-winning economist George Akerlof, control assets between $8 and $20 million, according to a financial document made public ahead of Janet’s tenure as Treasury Secretary.