Name: Janet Louise Yellen
Born: August 13, 1946
Occupation: Professor, economist and central banker
Janet Yellen was born on August 13, 1946 in New York City, New York. She is the daughter of Julius Yellen, a physician, and Anna Blumenthal. She has one sibling: John.
Janet attended Fort Hamilton High School in Brooklyn. She would then attend Pembrooke College and earn an economics degree in 1967. Janet would go to Yale University and earn a Ph.D. in economics in 1971.
She is presently married to George Akerlof, a Georgetown University professor, economist and Nobel prize winner. They have one child: Robert, who teaches economics at the University of Warwick. The family presently resides in Washington, D.C.
Janet started her career as an assistant professor at Harvard University from 1971 to 1976. She would later serve as a Federal Reserve Board of Governors economist for one year. For two years, Janet was a lecturer at the London School of Economics and political science. By 1980, Janet taught macroeconomics and performed research at the Haas School. She is also a Professor Emerita at the University of California.
Janet would become a Washington insider in 1994 when she was appointed as a member of the Federal Reserve Board of Governors and then the Chair of United States President Bill Clinton’s Council of Economic Advisers in 1997. Between 2004 and 2010, Janet was the president and CEO of the Federal Reserve Bank of San Francisco. In 2009, Janet would finally serve as a voting member of the Federal Open Market Committee (FOMC).
In 2010, Janet, a Keynesian and a Democrat, was nominated by U.S. President Barack Obama to succeed Donald Kohn as Vice-Chair of the Federal Reserve System. In 2013, after Ben Bernanke stepped down as head of the Fed, President Obama nominated Janet to be his successor. She was confirmed by the Senate and became the first woman to lead the central bank.
Despite a long, extensive and successful career, Janet has been criticized for some of her positions. For instance, she argued in 2005 that the U.S. should not deflate the housing bubble, claiming that the national economy could “absorb the shock” if it popped. She was also criticized for not investigating allegations of indiscriminate lending by Countrywide Financial.
Since 1997, Janet has received numerous awards, degrees and distinctions, such as the Adam Smith Award from the National Association for Business Economics (NABE), the Wilbur Cross Medal from Yale, an honorary Doctor of Social Science degree from Yale University and the second most powerful woman in the world title in 2014 by Forbes magazine.
We estimate that Janet Yellen’s net worth is $14.1 million (2016).
So how much is $14.1 million really?
$14.1 million can help cover the cost of a bailout of a small financial institution. $14.1 million is also how much the M2 money supply goes up each day.