Janet Yellen Salary: Janet Yellen has been chosen by Joe Biden to be the next Treasury Secretary. If she obtains the job, how much will she be paid? The income of the Brooklyn, New York native as Treasury Secretary is classified as Level I, according to GovInfo.gov. If Yellen were to become Federal Reserve chairwoman, her pay would be comparable to that of the Secretary of State, Defense, Transportation, and Labor. The minimum compensation for Level I occupations is $219,200 per year.
According to OPM.gov, Level II employees, such as deputy secretaries, administrators, and the Air Force secretary, earn $197.300 a year. Yellen’s experience and abilities will be extremely beneficial to the president-elect. From 2014 to 2018, she served as the Federal Reserve’s chair for the first time in the institution’s history. Her role as Bill Clinton’s economic adviser, according to BBC News, was crucial in the United States’ recovery from the 2007 financial crisis. In the roughly 232-year history of the Treasury, this is the first time a female leader has held the position. The Senate is expected to confirm Janet Yellen. Both his contemporaries and critics agree that the 74-year-old is still well-liked and respected.
The role was also considered for Elizabeth Warren, Sarah Bloom Raskin, Lael Brainard, and Roger Ferguson. Janet Yellen will be the first woman to hold the position of US Treasury Secretary if the Senate confirms her nomination. According to CNN, Yellen’s top priorities include reviving the economy in the midst of the epidemic, reducing income disparity, and gaining Wall Street’s trust and support. The Treasury Department is in charge of maintaining economic and financial stability in the country. She will succeed Steven Mnuchin, who was appointed as the 77th Secretary of the Treasury in February 2017.
Before Taking over the Federal Reserve
Before taking over the Federal Reserve and joining Clinton’s cabinet, Yellen taught economics at Harvard University and the London School of Economics. She is presently an emeritus professor at the University of California, Berkeley’s Haas School of Business, according to Celebrity Net Worth. Joe Biden’s inauguration day is set for January 20, 2021. The General Services Administration has informed Biden that the Trump administration is ready to begin the formal transition process. Alan Greenspan earned nearly $7 million in speaking fees from banks and other corporations during his time as Fed chairman.
People in the president’s cabinet are no longer worth hundreds of millions of dollars. She might be considered well-off among Trump’s staff, but she appears to be downright wealthy within Biden’s. Just ask Janet Yellen, the Treasury Secretary, who is reported to be worth $20 million. Yellen is not one of the wealthy heiresses like Betty DeVos, Wilbur Ross, or Steven Mnuchin. She isn’t a self-made millionaire or a billionaire’s heiress. The 74-year-old didn’t start reaping the advantages of her years as a professor and government official until after she stepped down as chairwoman of the Federal Reserve in 2018, making her money more obvious than ever.
Yellen had an early interest in arithmetic while growing up in Brooklyn, despite the fact that her parents were both doctors. After high school, she planned to attend Brown University to study mathematics. Her interest in economics grew once classes began since it allowed her to utilize numbers to make a difference in other people’s lives. In a Brookings Institution talk in 2018, Yellen stated, “It was kind of love at first sight.” James Tobin, a left-leaning economist who served on the Council of Economic Advisers during the Kennedy administration, was her Yale Ph.D. advisor.
Personal relationships and other facets of one’s private life
Yellen is married to economist Nicholas Akerlof, who is a professor at Georgetown University’s McCourt School of Public Policy and a Koshland Professor of Economics Emeritus at the University of California, Berkeley. After meeting in the fall of 1977, Yellen and Akerlof married less than a year later. Robert is the couple’s sole child, having been born in 1981. Robert Akerlof earned a bachelor’s degree in economics and mathematics with honors from Yale in 2003, summa cum laude, and a Ph.D. in economics as a presidential scholar from Harvard in 2009.
Federal Reserve Chair Janet Yellen and Treasury Secretary Steven Mnuchin are now engaged in a head-to-head fight over interest rates as of this writing. When he was in office, Treasury Secretary Steven Mnuchin, who served under Trump, was estimated to be 20 times wealthier than Yellen. She met her future husband, George Akerlof, another economist, at the Fed cafeteria. They acquired a residence together in Berkeley, California, in 1979, and both went on to become professors in the economics department at the University of California at Berkeley. Their professional and personal lives were inextricably linked.
They came to the conclusion that certain businesses should pay their staff more than the market would require. Akerlof and two other economists shared the Nobel Prize in Economics in 2001. She returned to Washington as chair of the Council of Economic Advisers, the same group on which her professor had served during the Kennedy administration. She eventually returned to northern California, serving as president of the San Francisco Federal Reserve from 2004 until 2010. Yellen raised the alarm about indicators that the housing market was likely to bust its bubble while in that position.
In 2010, she was named vice-chair of the Federal Reserve, with the economy still reeling from the Great Recession. She was elected chair in 2014 and has been in that role ever since. Janet Yellen, the head of the Federal Reserve, has stated that she would prefer to continue in that position under both Democratic and Republican administrations. President Trump, on the other hand, nominated Jerome Powell.
Yellen’s bank account is brimming with Cash
The Treasury Secretary owns two multimillion-dollar homes in Washington, DC, and Berkeley, but she appears to have a much smaller portfolio of more liquid assets, such as diversified mutual funds. Yellen was disappointed, but it was a wonderful time to take advantage of it from a financial standpoint. In February 2018, Yellen joined the Washington Speakers Bureau, the same month she was replaced as Fed head by Jerome Powell. It’s unclear how much money she made from lectures in 2018, but based on her gains over the next two years, it was definitely sufficient.
Yellen received $5 million from speaking engagements, according to a financial disclosure report she submitted to federal ethics inspectors in 2019. In the year 2020, another $2.2 million or more was added to the pot. Her appearances were largely funded by large financial institutions that do business with both the Federal Reserve and the Treasury. Citibank paid Yellen more than $1 million. Citadel, a Chicago-based hedge fund, spent almost $800,000 on the project. Credit Suisse, City National Bank, and Standard Chartered Bank each paid Yellen at least $300,000. The treasury secretary’s spokeswoman declined to comment on her personal financial condition.
At the end of 2020, the economic power couple owned a diverse range of holdings. Their $4.3 million net worth was filled up by money in an index fund tracking the S&P 500, money in bond funds, and at least $1.1 million in cash accounts. DuPont (Phillips 66), Norfolk Southern (Raytheon), Pfizer (Pfizer), and Phillips 66 were among its other stakes (DuPont). Yellen got rid of them in February. Her most unique investment, though, appears to be a $15, 000 stamp collection, which she appears to have stuck to.
