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What is Janet Yellen's net worth? Ex-Federal Reserve chair becomes first woman Treasury Secretary in 232-year history

If chosen, she would be the first female treasury secretary. The economist was the chair of the Federal Reserve from 2014 to 2018

Janet Yellen has been confirmed by the US Senate as President Joe Biden’s Treasury Secretary. In a striking development, the Senate voted 84 to 15 to confirm Yellen, making her the first woman to lead the department in its over 230-year history. Back in November 2020, reports had already predicted that the 15th chair of the Federal Reserve from 2014 to 2018 will most likely be Biden's pick.

An NYT article noted earlier, if selected as treasury secretary, Yellen faces a challenge where she will be at the front of directing the economic fallout created by a pandemic that continues to impose damage. The report states that even though growth is recovering from earlier coronavirus-related lockdowns, cases are increasing and local governments are restricting activity again, most likely slowing that rebound.

On Monday, November 23, in a letter sent by Administrator Emily Murphy, the General Services Administration had informed President-elect Joe Biden that the Donald Trump administration is ready to start the formal transition process.

This created a way for Biden’s team to get access to briefings, office space, secure computers and other government services needed for the transfer of power. It also marked the first step for the administration to recognize POTUS’ defeat in the elections, even though he continues to pursue the legal route to challenge the outcome.

After almost two months, Yellen has been confirmed for the role and it sparked much joy. Chuck Schumer wrote, “I am so proud that the Senate will confirm Dr. Janet Yellen to be the first woman to ever hold the position of Treasury Secretary. She's a native of working-class Brooklyn, and no one has more experience for this job,” and added, “At the Treasury Department, there are long hallways where portraits hang of all 77 Treasury Secretaries—all men, all the way back to Alexander Hamilton. I'm thrilled to vote for Janet Yellen today and add the first portrait of a woman to that hallway.”

Who is Janet Yellen?

Born to a Polish Jewish family in the Bay Ridge neighborhood of New York City, Yellen graduated from local Fort Hamilton High School in 1962; she was the class valedictorian. She was raised by mother Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher, and father Julius Yellen (1906–1975), a family physician.

Yellen was also the president of the Federal Reserve Bank of San Francisco, a Federal governor and the Federal vice-chair before becoming the central bank’s first female chair. Yellen has also taught at the University of California.

After her term as Fed chair ended in 2018, Yellen expressed that she wanted to be reappointed, but outgoing President Donal Trump, did not renominate her. POTUS chose Jerome H Powell, the Fed’s current chair, with whom Yellen could soon be working closely as treasury secretary. As per NYT, Yellen has praised Powell’s performance at the Fed, indicating they would have a good relationship.

What is Janet Yellen’s net worth?

A 2013 CNN Business article had stated that, at that time, her financial disclosures were listed between $4.8 million and $13.2 million of assets. Most were held in a trust held jointly with her husband and Nobel-winning economist George Akerlof. Her portfolio included retirement accounts and funds from her days at the University of California, in addition to some individual shares in companies like Pfizer (PFE) and OfficeMax (OMX). The report also stated she had one of the quirkiest assets: a stamp collection worth between $15,000 and $50,000.

Meanwhile, Biden on Twitter announced, “Today, I’m announcing the first members of my national security and foreign policy team. They will rally the world to take on our challenges like no other—challenges that no one nation can face alone. It’s time to restore American leadership. I trust this group to do just that.” This includes Antony Blinken as Secretary of State, Alejandro Mayorkas as Secretary of Homeland Security, Avril Haines as Director of National Intelligence, Linda Thomas-Greenfield as the US ambassador to the United Nations, Jake Sullivan as National Security Advisor and John Kerry as Special Presidential Envoy for climate.