What is Janet Yellen's net worth? Ex-Federal Reserve chair poised to be President-elect Joe Biden's pick for treasury secretary
If chosen, she would be the first female treasury secretary. The economist was the chair of the Federal Reserve from 2014 to 2018
Even though the transition was delayed, it did not stop President-elect Joe Biden from moving ahead and picking his team. According to reports, Janet Yellen is most likely to be Biden’s pick for treasury secretary. And if chosen, she would be the first female treasury secretary. The economist was the chair of the Federal Reserve from 2014 to 2018. She 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.
An NYT article notes, 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 has informed president-elect Joe Biden that the Donald Trump administration is ready to start the formal transition process. This creates 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 marks 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.
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.
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.— Joe Biden (@JoeBiden) November 23, 2020
It’s time to restore American leadership. I trust this group to do just that. pic.twitter.com/uKE5JG45Ts