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Janet Yellen

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Janet Yellen
Image of Janet Yellen

Democratic Party

Prior offices
Economic Policy Committee of the Organization for Economic Cooperation and Development (OECD)
Vice Chair of the Federal Reserve Board of Governors
Chair of the U.S. Federal Reserve Board of Governors
U.S. Secretary of the Treasury
Successor: David Lebryk
Predecessor: Andy Baukol

Education

High school

Fort Hamilton High School

Bachelor's

Brown University

Graduate

Yale University

Ph.D

Yale University

Personal
Religion
Jewish
Profession
Professor

Janet Louise Yellen was the 78th secretary of the U.S. Treasury Department. She was sworn in on January 26, 2021, and served through January 20, 2025.[1]

Yellen is the only person to have held the roles of Treasury secretary, chair of the Federal Reserve, and chair of the Council of Economic Advisers. She was also the first woman to hold any of these roles.[2][3]

Yellen was born in Brooklyn, New York, in 1946.[4] She received a bachelor's degree in economics from Brown University in 1967 and a doctorate in economics from Yale University in 1971. After graduating from Yale, Yellen joined the faculty of Harvard University as an assistant professor.[5] From 1977 to 1978, Yellen was an economist for the board of governors of the Federal Reserve System. In 1978, she became a lecturer at the London School of Economics and Political Science, and in 1980, she joined the faculty of the University of California, Berkeley, where she was later named a professor emeritus.[6]

President Bill Clinton (D) appointed Yellen to the Federal Reserve Board of Governors in 1994. In 1997, he appointed her to chair the White House Council of Economic Advisers.[4] From 2004 to 2010, Yellen served as president and CEO of the Federal Reserve Bank of San Francisco.[6][4]

In 2010, President Barack Obama (D) named Yellen as vice chair of the Federal Reserve, and in 2013, he nominated her to succeed Ben Bernanke as Federal Reserve chair.[4][7] The U.S. Senate confirmed her nomination by a vote of 56–26 on January 6, 2014.[8] She served as Federal Reserve chair from 2014 until 2018.[4] In 2017, President Donald Trump (R) nominated Jerome Powell to succeed Yellen after the completion of her first term.[9] AP News' Martin Crutsinger wrote that Yellen's tenure as Federal Reserve chair would be remembered "for her achievements in deftly guiding the Fed’s role in the U.S. economy’s slow recovery from a crushing financial crisis and recession."[10]

On November 30, 2020, then-President-elect Joe Biden (D) announced he would nominate Yellen as Treasury secretary.[2] The Senate confirmed Yellen on January 25, 2021, by a vote of 84–15.[11] Vice President Kamala Harris (D) swore in Yellen the following day.[1]

In 2022, Yellen described the economic strategy of the Biden administration as modern supply-side economics, which she said "prioritizes labor supply, human capital, public infrastructure, R&D, and investments in a sustainable environment."[12] In 2023, she said the approach "focuses on how government can help spur long-term growth through investments on the supply side – such as in our workforce and its productivity. Unlike traditional supply-side economics, this approach cares not only about growth – but also creating a fairer and more sustainable economy."[13]

Biography

Yellen was born in Brooklyn, New York, in 1946, and attended Fort Hamilton High School.[4][14] She received a bachelor's degree in economics from Brown University in 1967 and a doctorate in economics from Yale University in 1971.[15]

Career

Below is an abbreviated outline of Yellen's academic, professional, and political career:[16]

  • 2021-2025: U.S. Treasury secretary
  • 2018-2021: Distinguished fellow in residence at the Brookings Institution
  • 2014-2018: Chair of the Federal Reserve Board of Governors
  • 2010-2014: Vice chair of the Federal Reserve Board of Governors
  • 2004-2010: President and CEO of the Federal Reserve Bank of San Francisco
  • 1997-1999: Chair of the Council of Economic Advisers
  • 1997-1999: Chair of the Organization for Economic Cooperation and Development's Economic Policy Committee
  • 1994-1997: Member of the Federal Reserve Board of Governors
  • 1980-1994: Faculty member University of California at Berkeley
  • 1978-1980: Lecturer at The London School of Economics and Political Science
  • 1977-1978: Economist for the Federal Reserve Board of Governors
  • 1971-1976: Assistant Professor at Harvard University
  • 1971: Earned Ph.D. from Yale University
  • 1967: Graduated from Brown University

Nomination for U.S. secretary of the treasury

See also: Joe Biden presidential transition and Confirmation process for Janet Yellen for secretary of the Treasury
Joe Biden's Cabinet
Candidate: Janet Yellen
Position: Secretary of the Treasury
ApprovedaAnnounced:November 30, 2020
ApprovedaHearing:January 19, 2021
ApprovedaCommittee:Finance
ApprovedaReported:Favorable (26-0)
ApprovedaConfirmed:January 25, 2021
ApprovedaVote:84-15

The Biden Transition announced on November 30, 2020, that Yellen would be nominated for U.S. secretary of the treasury.[17]

Politico reported that Biden believed "she would win wide support in the Democratic coalition and would be difficult to impossible for Republicans to oppose. ... Yellen's commitment to boosting labor markets and deep familiarity with monetary policy and the role the Fed can play in stimulating the economy were also assets, as was her support for a carbon tax, people familiar with the deliberations said."[18]

Yellen said during her confirmation hearing, "I think there will be a dual mission, too: helping Americans endure the final months of this pandemic; keeping people safe while getting them back to work. That’s our first task. But then there is the longer-term project. We have to rebuild our economy so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy. "[19]

The Senate Finance Committee held Yellen's confirmation hearing on January 19, 2021. The committee unanimously voted to advance her nomination. The Senate confirmed Yellen on January 25, 2021, by a vote of 84-15. She is the first woman to lead the Department of Treasury.[17][20]

Summary of Senate vote on Janet Yellen's nomination for secretary of the Treasury (January 25, 2021)
Party Votes for Votes against Not voting
Democratic Party Democrats 48 0 0
Republican Party Republicans 34 15 1
Grey.png Independents 2 0 0
Totals 84 15 1


Click on the following table to view the full roll call.

Nomination for chair of the Federal Reserve

Yellen was confirmed by the Senate to succeed Ben Bernanke as the Federal Reserve chair on January 6, 2014, by a vote of 56-26.[21]

Janet Yellen confirmation vote, January 6, 2014
Party Votes for Approveda Votes against Defeatedd Total votes
Democratic Party Democrats 45 0 45
Republican Party Republicans 11 26 37
Grey.png Independents 0 0 0
Total Votes 56 26 82


In a statement released on October 30, 2013, Sen. Rand Paul (R-Ky.) announced his intention to put a hold on Yellen's nomination as the next chairwoman of the Federal Reserve in an attempt to promote his call for legislation that would require audits and other public scrutiny of the Federal Reserve System.[22]

Paul said in the statement, “The American people have a right to know what this institution is doing with the nation’s money supply. The Federal Reserve does not need prolonged secrecy—it needs to be audited, and my bipartisan Federal Reserve Transparency Act will do just that.”[22]

Personal

Note: Please contact us if the personal information below requires an update.
Yellen is married to Nobel Prize-winning economist George Akerlof with whom she has one child.[16]

Recent News

The link below is to the most recent stories in a Google news search for the terms Janet Yellen Federal Reserve. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

Janet Yellen - Google News

See also

External links

Footnotes

  1. ↑ 1.0 1.1 New York Times, "Janet Yellen, the first woman to be Treasury secretary, is sworn in by the first woman to be vice president." January 26, 2021
  2. ↑ 2.0 2.1 Biden-Harris Transition, "President-elect Biden Announces Key Members of Economic Team," November 30, 2020
  3. ↑ Forbes, "Janet Yellen And The Male-Dominated World Of Economics," November 24, 2020
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 U.S. Department of the Treasury, "Janet Yellen," accessed May 20, 2024
  5. ↑ The White House, "Council of Economic Advisers: Janet L. Yellen," accessed May 20, 2024
  6. ↑ 6.0 6.1 Berkeley Haas, "Faculty Profile: Janet L. Yellen," accessed May 20, 2024
  7. ↑ The White House, "Remarks by the President in Nominating Dr. Janet Yellen as Chair of the Board of Governors of the Federal Reserve System," October 9, 2013
  8. ↑ United States Senate, "Roll Call Vote 113th Congress - 2nd Session," accessed July 19, 2024
  9. ↑ NPR, "Trump Picks Federal Reserve Insider Jerome Powell To Be Its Chairman," November 2, 2017
  10. ↑ AP News, "5 Things: What Yellen’s Fed tenure will be remembered for," February 1, 2018
  11. ↑ United States Senate, "Roll Call Vote 117th Congress - 1st Session," archived December 20, 2021
  12. ↑ U.S. Department of the Treasury, "Remarks by Secretary of the Treasury Janet L. Yellen at the 2022 'Virtual Davos Agenda' Hosted by the World Economic Forum," January 21, 2022
  13. ↑ U.S. Department of the Treasury, "Remarks by Secretary of the Treasury Janet L. Yellen on the Economy Ahead of Inflation Reduction Act Anniversary in Las Vegas, Nevada," August 14, 2023
  14. ↑ Business Insider, "Janet Yellen's High School Friends Remember Her As Brilliant And Imperturbable," October 9, 2013
  15. ↑ The White House, "Council of Economic Advisers: Janet L. Yellen," accessed May 20, 2024
  16. ↑ 16.0 16.1 CNN, "Janet Yellen Fast Facts," updated August 8, 2023
  17. ↑ 17.0 17.1 Biden-Harris Transition, "President-elect Biden Announces Key Members of Economic Team," November 30, 2020
  18. ↑ Politico, "The quiet frontrunner: How Biden landed on Yellen for Treasury secretary," December 1, 2020
  19. ↑ Senate Finance Committee, "Opening Statement of Dr. Janet Yellen," January 19, 2021
  20. ↑ NPR, "Janet Yellen Confirmed By Senate, Making History As First Female Treasury Secretary," January 25, 2021
  21. ↑ GovTrack, "On the Nomination: Janet Yellen," January 6, 2014
  22. ↑ 22.0 22.1 Washington Post, "Sen. Rand Paul will block Yellen’s nomination," accessed October 30, 2013

Political offices
Preceded by
Andy Baukol 		U.S. Secretary of the Treasury
2021-2025		 Succeeded by
David Lebryk
Preceded by
- 		Chair of the U.S. Federal Reserve Board of Governors
2014-2018		 Succeeded by
-
Preceded by
- 		Vice Chair of the Federal Reserve Board of Governors
Succeeded by
-
Preceded by
- 		Economic Policy Committee of the Organization for Economic Cooperation and Development (OECD)
Succeeded by
-
v • e
Biden Administration
Overviews
Cabinet
Members not requiring Senate confirmation

Members confirmed by the Senate


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