An educator and economist from the United States, Janet Louise Yellen is the first woman to lead both the Federal Reserve and the Treasury Department of the United States, serving in President Joe Biden’s Cabinet.
She is the only individual in history to serve as both the leader of those organizations and the White House Council of Economic Advisors.
Yellen also holds the title of Eugene E. and Catherine M. Trefethen Professor Emeritus of Business Administration at the Haas School of Business. She is also the first woman to join the U.S. treasury Department and Federal Reserve.
Early Life And Education
Yellen was born on August 13, 1946, and raised in the Bay Ridge, Brooklyn neighborhood of New York City.
Janet was appointed editor of the Fort Hamilton High School newspaper and received valedictorian honors. Yellen received a Ph.D. in economics from Yale University in 1971 after graduating from Brown University in 1967
Janet Yellen’s Family
Her family has Polish ancestry. Her father was Julius Yellen, a family doctor who practiced from the family’s home’s ground floor and her mother was an elementary teacher.
She lost her father in 1975 and her mother in 1986. Janet’s older brother, John is the National Science Foundation’s Programme director for archaeology.
Yellen first met George Akerlof, her husband, a fellow economist in 1977 while both were employees at the Federal Reserve. Robert, their son, who is also an economics professor, was born in
Yellen received a Ph.D. in economics from Yale University in 1971 after graduating from Brown University in 1967. She served as an assistant professor at Harvard University from 1971 to 1976 before beginning a career as a staff economist for the Federal Reserve Board in 1977.
She was a member of the faculty at the London School of Economics from 1978 to 1980. Since joining the faculty in 1980, Yellen has held the positions of Eugene E. and Catherine M. Trefethen, Business Administration Emeritus Professor at the Haas School of Business and the University of California, Berkeley. She is currently a professor emeritus at both institutions.
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 a 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. Former 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.
She held that post for one of the shortest periods, and when President Donald Trump declined to nominate her for a second term, Jerome Powell took her place.
Yellen Joined the Brookings Institution as a senior fellow in residence after leaving the Federal Reserve.
As of January 26, 2021, she has been serving as the secretary of the treasury under president Joe Biden, marking her comeback to public service. There have been five times that the US Senate has confirmed Secretary Yellen.
Janet Yellen’s Net Worth
About $20 million is thought to be Yellen’s net worth.
◾ Janet Yellen has been referred to as a “dove” because she places more importance on labor and unemployment difficulties than inflation worries.
◾ Yellen is a person who supports low-interest rates and expansionary monetary policies, valuing low unemployment over keeping inflation low.
◾ She and her husband, George Akerlof, are both Keynesian economists who hold that for economic markets to operate well, there must be government regulation.
◾ They both have produced models that show how businesses wanting to maximize profits would pay above minimum wages, such as the efficiency wage theory.
◾ Although Yellen was the first Democrat to lead the Fed in 30 years, she emphasized the significance of the Fed remaining impartial and free from political influence.