View source for Janet Yellen

{{Short description|American economist and government official (born 1946)}}
{{Use American English|date=January 2021}}
{{Use mdy dates|date=February 2021}}
{{Infobox officeholder
| name                = Janet Yellen
| image               = Secretary Janet Yellen portrait.jpg
| caption             = Official portrait, 2021
| office              = 78th [[United States Secretary of the Treasury]]
| president           = [[Joe Biden]]
| deputy              = [[Wally Adeyemo]]
| term_start          = January 26, 2021
| term_end            = January 20, 2025
| predecessor         = [[Steven Mnuchin]]
| successor           = [[Scott Bessent]]
| office1             = 15th [[Chair of the Federal Reserve]]
| president1          = [[Barack Obama]]<br>[[Donald Trump]]
| deputy1             = [[Stanley Fischer]]
| term_start1         = February 3, 2014
| term_end1           = February 3, 2018
| predecessor1        = [[Ben Bernanke]]
| successor1          = [[Jerome Powell]]
| office2             = 19th [[Vice Chair of the Federal Reserve]]
| president2          = Barack Obama
| term_start2         = October 4, 2010
| term_end2           = February 3, 2014
| predecessor2        = [[Donald Kohn]]
| successor2          = Stanley Fischer
| office3             = Member of the [[Federal Reserve Board of Governors]]
| president3          = Barack Obama<br>Donald Trump
| term_start3         = October 4, 2010
| term_end3           = February 3, 2018
| predecessor3        = [[Mark W. Olson]]
| successor3          = [[Lisa Cook]]
| president4          = [[Bill Clinton]]
| term_start4         = August 12, 1994
| term_end4           = February 17, 1997
| predecessor4        = [[Wayne Angell]]
| successor4          = [[Edward Gramlich]]
| office5             = 11th President of the [[Federal Reserve Bank of San Francisco]]
| term_start5         = June 14, 2004
| term_end5           = October 4, 2010
| predecessor5        = Robert Parry
| successor5          = [[John C. Williams (economist)|John Williams]]
| office6             = 18th Chair of the [[Council of Economic Advisers]]
| president6          = Bill Clinton
| term_start6         = February 18, 1997
| term_end6           = August 3, 1999
| predecessor6        = [[Joseph Stiglitz]]
| successor6          = [[Martin Neil Baily]]
| birth_name          = Janet Louise Yellen
| birth_date          = {{birth date and age|1946|8|13}}
| birth_place         = [[New York City]], [[New York (state)|New York]], U.S.
| death_date          = 
| death_place         = 
| party               = [[Democratic Party (United States)|Democratic]]<ref name="Solomon, Forbes"/>
| spouse              = {{marriage|[[George Akerlof]]|1978}}
| children            = 1
| education           = [[Brown University]] ([[Bachelor of Arts|BA]])<br>[[Yale University]] ([[Master of Arts|MA]], [[Doctor of Philosophy|PhD]])
| signature           = Janet Yellen signature.png
| module              = {{Infobox scientist
| child               = yes
| workplaces          = {{ubl |[[Harvard University]] |[[London School of Economics]] |[[University of California, Berkeley]] |[[National Bureau of Economic Research]] |[[Brookings Institution]]}}
| fields             = [[Macroeconomics]]<br>[[Labor economics]]<br>[[New Keynesian economics]]
| thesis_title       = Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach
| thesis_url         = https://www.proquest.com/docview/288017476/
| thesis_year        = 1971
| doctoral_advisor   = [[James Tobin]]
| academic_advisors  = [[Joseph Stiglitz]]
| doctoral_students  = [[Charles Engel]]}}
| module2            = {{Infobox economist
| child              = yes
| repec_prefix       = e
| repec_id           = pye21}}
|module3             = {{Listen
|pos                 = center
|embed               = yes
|filename            = Janet Yellen speaks on the importance of raising the debt ceiling.ogg
|title               = Yellen's voice
|type                = speech
|description         = Yellen on the importance of raising the [[United States debt ceiling|debt ceiling]].<br>Recorded March 23, 2023}}
}}
'''Janet Louise Yellen''' (born August 13, 1946) is an American economist who served as the 78th [[United States secretary of the treasury]] from 2021 to 2025. She also served as [[chair of the Federal Reserve]]<!--See MOS:JOBTITLES – "chair" should not be capitalized--> from 2014 to 2018. She was the first woman to hold either position, and has also led the White House [[Council of Economic Advisers]]. Yellen is the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Economics at the [[University of California, Berkeley]].

Born and raised in [[Bay Ridge, Brooklyn]], Yellen graduated from [[Brown University]] in 1967 and earned a [[Doctor of Philosophy|Ph.D.]] in economics from [[Yale University]] in 1971. She taught as an [[assistant professor]] at [[Harvard University]] from 1971 to 1976, was a staff economist for the Federal Reserve Board from 1977 to 1978, and was a faculty member at the [[London School of Economics]] from 1978 to 1980. Yellen is [[professor emeritus]] at the [[Haas School of Business]] at the University of California, Berkeley, where she has been a faculty member since 1980 and became the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics.

Yellen served as a member of the [[Federal Reserve Board of Governors]] from 1994 to 1997 and was nominated to the position by President [[Bill Clinton]], who then named her chair of the [[Council of Economic Advisers]] from 1997 to 1999. She subsequently returned to academia, before serving as president and chief executive officer of the [[Federal Reserve Bank of San Francisco]] from 2004 until 2010. Afterward, President [[Barack Obama]] chose her to replace [[Donald Kohn]] as the [[Vice Chair of the Federal Reserve|vice chair of the Federal Reserve]]<!--DO NOT CHANGE CAPITALIZATION – SEE MOS:JOBTITLE--> from 2010 to 2014 before nominating her to succeed [[Ben Bernanke]] as chair of the Federal Reserve three years later. She was succeeded by [[Jerome Powell]] after President [[Donald Trump]] declined to renominate her for a second term. Following her departure from the Federal Reserve, Yellen joined the [[Brookings Institution]] as a distinguished fellow in residence from 2018 until 2020, when she again went into public service.<ref name="BrookingsLeave"/>

On November 30, 2020, President-elect [[Joe Biden]] nominated Yellen to serve as secretary of the treasury; she was confirmed by the [[United States Senate|U.S. Senate]] on January 25, 2021, and was sworn in by Vice President [[Kamala Harris]] the following day.<ref name="FirstPerson"/>

== Early life and education ==
Yellen was born on August 13, 1946,<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Dr. Janet L. Yellen, Chair – Council of Economic Advisers |url=https://clintonwhitehouse2.archives.gov/WH/EOP/CEA/html/yellen.html |url-status=live |archive-url=https://web.archive.org/web/20210407212824/https://clintonwhitehouse2.archives.gov/WH/EOP/CEA/html/yellen.html |archive-date=April 7, 2021 |website=clintonwhitehouse2.archives.gov |date=August 3, 1999 |access-date=January 21, 2001}}</ref> to a family of [[History of Jews in Poland|Polish Jewish]]<ref>{{Cite news |last=Kornbluh |first=Jacob |date=January 18, 2021 |title=Enough for a minyan: A Jewish Who's Who of Biden's Cabinet-to-Be |url=https://forward.com/news/462330/enough-for-a-minyan-a-jewish-whos-who-of-bidens-cabinet-to-be/ |url-status=live |work=The Forward |archive-url=https://web.archive.org/web/20220415085550/https://forward.com/news/462330/enough-for-a-minyan-a-jewish-whos-who-of-bidens-cabinet-to-be/ |archive-date=April 15, 2022 |access-date=January 19, 2021 |issn=1051-340X}}</ref> ancestry in the [[Bay Ridge, Brooklyn]], neighborhood of New York City, and grew up there.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=It's official: Bay Ridge's Janet Yellen confirmed as treasury secretary |url=https://brooklyneagle.com/articles/2021/01/28/its-official-bay-ridges-janet-yellen-confirmed-as-treasury-secretary/ |url-status=live |archive-url=https://web.archive.org/web/20210129093805/https://brooklyneagle.com/articles/2021/01/28/its-official-bay-ridges-janet-yellen-confirmed-as-treasury-secretary/ |archive-date=January 29, 2021 |work=Brooklyn Eagle |date=January 28, 2021 |access-date=January 29, 2021}}</ref> Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher who gave up her teaching job to become a stay-at-home mother. Her father was Julius Yellen (1906–1975), a family physician who worked from the ground floor of their house. Janet has an older brother, John (born 1942), who is a program director for archaeology at the [[National Science Foundation]].<ref name="Lemann, NewYorker"/><ref name="Profile, Bloomberg">{{Cite web |url=https://www.bloomberg.com/news/articles/2013-09-19/who-is-janet-yellen-a-look-at-the-front-runner-for-the-next-fed-chairman |title=Who Is Janet Yellen? A Look at the Front-Runner for the Next Fed Chairman |last1=Kolhatkar |first1=Sheelah |last2=Philips |first2=Matthew |date=September 20, 2013 |website=Bloomberg News |archive-url=https://web.archive.org/web/20160413131523/https://www.bloomberg.com/news/articles/2013-09-19/who-is-janet-yellen-a-look-at-the-front-runner-for-the-next-fed-chairman |archive-date=April 13, 2016 |url-status=live |access-date=September 21, 2013}}</ref>

In a speech at the [[POLIN Museum of the History of Polish Jews]], Yellen said that her father's family immigrated to the United States from [[Sokołów Podlaski]], a small town about 50 miles outside of Warsaw. She said further that nearly the entirety of its Jewish population, including many of her relatives, was deported or murdered during [[the Holocaust]].<ref>{{Cite web |url=https://jewishinsider.com/2022/05/janet-yellen-warsaw-poland-ukraine-russia/ |title=Speaking at Warsaw Jewish museum, Yellen urges 'fierce resistance' to Putin |last=Deutch |first=Gabby |date=May 16, 2022 |website=Jewish Insider |archive-url=https://web.archive.org/web/20220518001946/https://jewishinsider.com/2022/05/janet-yellen-warsaw-poland-ukraine-russia/ |archive-date=May 18, 2022 |url-status=live |access-date=May 17, 2022}}</ref>

Yellen attended the local [[Fort Hamilton High School]], where she was an [[National Honor Society|honor society]] member and participated in the booster club, the psychology club, and the history club.<ref name="Profile, Bloomberg"/> She also served as [[editor-in-chief]] of ''The Pilot'', the school newspaper, which continued its 13-year streak as the first-place winner of the prestigious [[Columbia Scholastic Press Association]] contest under her leadership.<ref name="Yee, NYT">{{Cite web |url=https://cityroom.blogs.nytimes.com/2013/10/09/a-glimpse-of-yellens-career-chronicled-in-her-high-school-newspaper/ |title=A Glimpse of Yellen's Career, Chronicled in Her High School Newspaper |last=Yee |first=Vivian |date=October 9, 2013 |website=cityroom.blogs.nytimes.com |url-status=live |archive-url=https://web.archive.org/web/20210625194813/https://cityroom.blogs.nytimes.com/2013/10/09/a-glimpse-of-yellens-career-chronicled-in-her-high-school-newspaper/ |archive-date=June 25, 2021 |access-date=October 10, 2013}}</ref> She earned a [[National Merit Scholarship Program|National Merit commendation letter]] and was admitted to a selective science honors program at [[Columbia University]] to voluntarily study mathematics on Saturday mornings. Yellen was one of 30 students to win state Regents scholarships for college and one of a select few to win the mayor's citation for a scholarship.<ref name="Yee, NYT"/> She graduated in 1963 as the [[valedictorian]] of her class. In line with school tradition, for the editor to interview the valedictorian, she [[Illeism|interviewed herself in the third person]].<ref>{{Cite web |url=https://economix.blogs.nytimes.com/2013/10/09/yellens-exclusive-interview-with-yellen/ |title=Yellen's Exclusive Interview, With Yellen |last=Appelbaum |first=Binyamin |date=October 9, 2013 |website=economix.blogs.nytimes.com |url-status=live |archive-url=https://web.archive.org/web/20211119200839/https://economix.blogs.nytimes.com/2013/10/09/yellens-exclusive-interview-with-yellen/ |archive-date=November 19, 2021 |access-date=October 10, 2013}}</ref><ref name="Profile, Bloomberg"/><ref name="Yee, NYT"/>

Yellen enrolled at [[Pembroke College in Brown University]], initially intending to study philosophy. During her freshman year, she switched her planned major to economics and was particularly influenced by professors [[George Herbert Borts]] and [[Herschel Grossman]].<ref>{{Cite web |url=http://www.brownalumnimagazine.com/content/view/3549/31/ |title=Banker to the Nation |last=Grace |first=Stephanie |date=January–February 2014 |website=Brown Alumni Magazine |archive-url=https://web.archive.org/web/20150524095846/http://www.brownalumnimagazine.com/content/view/3549/31/ |archive-date=May 24, 2015 |url-status=live |access-date=May 23, 2015}}</ref> In the spring of 1964, she also joined the business staff of ''[[The Brown Daily Herald]]'', but soon afterward she left the paper to focus on her academic studies.<ref>{{Cite news |last1=Reddy |first1=Sudeep |last2=Ballhaus |first2=Rebecca |date=October 9, 2013 |title=Janet Yellen's Short and Storied Newspaper Career |url=https://www.wsj.com/articles/BL-REB-20862 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20221113114306/https://www.wsj.com/articles/BL-REB-20862 |archive-date=November 13, 2022 |access-date=October 10, 2013 |issn=1042-9840}}</ref> Yellen graduated ''[[summa cum laude]]'' and [[Phi Beta Kappa]] with a [[Bachelor of Arts|bachelor's]] in economics from [[Brown University]] in 1967,<ref>{{Cite web |url=https://www.browndailyherald.com/2021/01/25/janet-yellen-67-confirmed-serve-first-female-treasury-secretary/ |title=Janet Yellen '67 confirmed to serve as first female Treasury Secretary |last=Walker |first=Jack |date=January 25, 2021 |website=The Brown Daily Herald |archive-url=https://web.archive.org/web/20210126112429/https://www.browndailyherald.com/2021/01/25/janet-yellen-67-confirmed-serve-first-female-treasury-secretary/ |archive-date=January 26, 2021 |url-status=live |access-date=May 3, 2021}}</ref> and earned her [[Master of Arts|master's]] and [[Doctor of Philosophy|PhD]] in economics from [[Yale University]] in 1971.<ref>{{Cite web |url=https://yalealumnimagazine.com/blog_posts/1592-yellen-picked-as-fed-s-first-female-chair |title=Yellen picked as Fed's first female chair |last=Sisgoreo |first=Daniel |date=October 10, 2013 |website=Yale Alumni Magazine |archive-url=https://web.archive.org/web/20150324033638/https://yalealumnimagazine.com/blog_posts/1592-yellen-picked-as-fed-s-first-female-chair |archive-date=March 24, 2015 |url-status=live |access-date=May 22, 2014}}</ref> Her dissertation was titled ''Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach'' under the supervision of [[James Tobin]],<ref>{{cite web |title=Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach |url=https://www.proquest.com/docview/288017476 |first=Janet |last=Yellen |access-date=January 23, 2023 |id={{ProQuest|288017476}}|archive-date=February 1, 2023 |archive-url=https://web.archive.org/web/20230201223207/https://www.proquest.com/docview/288017476 |url-status=live }}</ref> a noted economist who would later receive the Nobel Memorial Prize.<ref name="Miller, Bloomberg"/> As a teaching assistant, Yellen was so meticulous in her note-taking during Tobin's macroeconomics class that her notes became the unofficial textbook and were referred to as "Yellen Notes" while being circulated among generations of graduate students.<ref name="Miller, Bloomberg">{{Cite web |url=https://www.bloomberg.com/news/articles/2013-10-31/yalies-yellen-hamada-putting-tobin-s-twist-theory-to-work-in-qe |title=Yalies Yellen-Hamada Put Tobin Twist Theory to Work in QE |last=Miller |first=Rich |date=October 31, 2013 |website=Bloomberg News |archive-url=https://web.archive.org/web/20151117073323/https://www.bloomberg.com/news/articles/2013-10-31/yalies-yellen-hamada-putting-tobin-s-twist-theory-to-work-in-qe |archive-date=November 17, 2015 |url-status=live |access-date=November 1, 2013}}</ref> Her former professor and Nobel Prize in Economics laureate, [[Joseph Stiglitz]], has called her one of his brightest and most memorable students.<ref name="Profile, WP">{{Cite news |last=Mui |first=Yian |date=February 2, 2014 |title=New Fed Chief Janet Yellen lets a long career of breaking barriers speak for itself |url=https://www.washingtonpost.com/business/economy/new-fed-chief-janet-yellen-has-long-history-of-breaking-barriers/2014/02/02/9e8965ca-876d-11e3-833c-33098f9e5267_story.html |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20151223222028/https://www.washingtonpost.com/business/economy/new-fed-chief-janet-yellen-has-long-history-of-breaking-barriers/2014/02/02/9e8965ca-876d-11e3-833c-33098f9e5267_story.html |archive-date=December 23, 2015 |access-date=February 3, 2014 |issn=0190-8286}}</ref> She later described Yale professors Tobin and [[William Brainard]] as "lifelong mentors" who laid the intellectual groundwork for her economic views.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Graduate School Alumna Janet Yellen Takes Charge of the Federal Reserve |url=https://gsas.yale.edu/news/graduate-school-alumna-janet-yellen-takes-charge-federal-reserve |url-status=live |archive-url=https://web.archive.org/web/20150802000946/https://gsas.yale.edu/news/graduate-school-alumna-janet-yellen-takes-charge-federal-reserve |archive-date=August 2, 2015 |website=gsas.yale.edu |date=February 3, 2014 |access-date=February 4, 2014}}</ref> Yellen was the only woman among the two dozen economists who earned their doctorates from Yale in 1971.<ref name="Profile, WP"/>

== Academic career ==
After receiving her Ph.D., Yellen obtained the position of assistant professor of economics at [[Harvard University]], where she taught from 1971 to 1976.<ref>{{Cite web |url=https://www.thecrimson.com/article/2020/12/7/biden-cabinet-harvard-affiliates/ |title=President-elect Joe Biden Nominates Harvard Affiliates to Top Executive Positions |last1=Coronell Uribe |first1=Raquel |last2=Griffin |first2=Kelsey J. |date=December 7, 2021 |website=The Crimson |publisher=Harvard University |archive-url=https://web.archive.org/web/20211026190649/https://www.thecrimson.com/article/2020/12/7/biden-cabinet-harvard-affiliates/ |archive-date=October 26, 2021 |url-status=live |access-date=December 8, 2020}}</ref> At that time, she was one of only two female faculty members in Harvard's economics department; the other woman was [[Rachel McCulloch]]. The pair struck up a close friendship and went on to write several academic papers together.<ref name="Profile, WP"/> In 1977, Yellen took a job within the Federal Reserve's Board of Governors after failing to win [[Academic tenure|tenure]] at Harvard; she was recruited as a staff economist for the Board of Governors by [[Edwin M. Truman]], who had known her from Yale. Truman was a junior professor when he heard Yellen's oral exam and was then about to take over the Fed's Division of International Finance. She was assigned to research international monetary reform.<ref name="FedLove, Reuters">{{Cite web |url=https://www.reuters.com/article/us-usa-fed-yellen/a-fed-love-story-janet-yellen-meets-her-match-idUSBRE98S07N20130929 |title=A Fed love story: Janet Yellen meets her match |last1=Thompson |first1=Marilyn W. |author1-link=Marilyn W. Thompson |last2=Spicer |first2=Jonathan |date=September 29, 2013 |website=Reuters |archive-url=https://web.archive.org/web/20201125003341/https://www.reuters.com/article/us-usa-fed-yellen/a-fed-love-story-janet-yellen-meets-her-match-idUSBRE98S07N20130929 |archive-date=November 25, 2020 |url-status=live |access-date=September 30, 2013}}</ref>

While at the Fed, she met her husband, economist [[George Akerlof]], in the bank's cafeteria; they married in 1978, less than a year later.<ref name="FedLove, Reuters"/> By the time of their marriage, Akerlof had already accepted a teaching position at the [[London School of Economics]] (LSE). Yellen left her post at the Fed to accompany him and was given a tenure-track lectureship by LSE. The couple stayed in the United Kingdom for two years before returning to the United States, in part due to identity issues because they felt American, not English.<ref name="NobelPrize"/>

In 1980, Yellen joined the faculty of the [[University of California, Berkeley]], where she taught at the [[Haas School of Business]] to conduct [[macroeconomics]] research and teach [[Undergraduate education|undergraduate]] and [[Master of Business Administration|MBA]] students for more than two decades. She earned the Haas School's outstanding teaching award twice, in 1985 and 1988.<ref name="BerkeleyCareer">{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Senate confirms Yellen as first woman to lead Federal Reserve Bank |url=https://news.berkeley.edu/2014/01/06/senate-confirms-yellen-as-first-woman-to-lead-federal-reserve-bank/ |url-status=live |archive-url=https://web.archive.org/web/20190203204954/https://news.berkeley.edu/2014/01/06/senate-confirms-yellen-as-first-woman-to-lead-federal-reserve-bank/ |archive-date=February 3, 2019 |website=news.berkeley.edu |date=January 6, 2014 |access-date=January 7, 2014}}</ref> Yellen became just the second woman at Berkeley-Haas to earn tenure in 1982, as well as the title of full professor in 1985.<ref name="BerkeleyCareer"/> She was named the Bernard T. Rocca Jr. Professor of International Business and Trade in 1992.<ref name="YellenBerkeleyCV">{{Cite web |url=http://www.haas.berkeley.edu/faculty/pdf/yellen.pdf |title=Janet Yellen Resume |website=haas.berkeley.edu |access-date=June 1, 2003 |archive-date=August 24, 2007 |archive-url=https://web.archive.org/web/20070824171439/http://www.haas.berkeley.edu/faculty/pdf/yellen.pdf |url-status=dead}}</ref><ref name="FedChairNomHearing"/>

From 1994 to 1999, Yellen took a [[leave of absence]] from Berkeley to go into public service. After returning to academia, she resumed her teaching assignment at Haas and received a joint appointment with Berkeley's Department of Economics.<ref>{{Cite press release |last=Gilmore |first=Janet |date=June 9, 1999 |title=Janet Yellen, Clinton's chief economist, announces plans to return to teaching at UC Berkeley |url=https://www.berkeley.edu/news/media/releases/99legacy/6-9-1999a.html |url-status=live |location=Berkeley, California |publisher=University of California, Berkeley |archive-url=https://web.archive.org/web/20000818034813/https://www.berkeley.edu/news/media/releases/99legacy/6-9-1999a.html |archive-date=August 18, 2000 |access-date=February 23, 2017}}</ref> She was appointed the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics in 1999<ref name="YellenBerkeleyCV"/> and remained an active faculty member until she was appointed president and chief executive officer of the [[Federal Reserve Bank of San Francisco]] in 2004.<ref>{{Cite press release |author=<!--Not stated--> |title=Professor Janet Yellen Appointed President & CEO of the Federal Reserve Bank of San Francisco |url=https://www.berkeley.edu/news/media/releases/2004/04/12_jyell.shtml |url-status=live |location=Berkeley, California |publisher=University of California, Berkeley |date=April 12, 2004 |archive-url=https://web.archive.org/web/20040415153354/https://www.berkeley.edu/news/media/releases/2004/04/12_jyell.shtml |archive-date=April 15, 2004 |access-date=April 13, 2004}}</ref> Yellen was awarded the title of professor emeritus at UC Berkeley in 2006.<ref name="FedChairNomHearing"/>

Throughout her career, Yellen served as an adviser to the [[Congressional Budget Office]] (CBO), the Brookings Panel on Economic Activity, and the [[National Science Foundation]]'s Panel in Economics. She was also a research associate at the [[National Bureau of Economic Research]] from 1999 to 2010.<ref name="FedChairNomHearing"/> In 2025, she joined the board of advisors for Angeleno Group, a private equity and venture capital firm focused on sustainable energy investments.<ref>{{Cite news |last=Friedman |first=Lisa |title=Janet Yellen joins Angeleno Group to boost climate investment |url=https://www.axios.com/pro/climate-deals/2025/05/01/janet-yellen-angeleno-group-climate-investment |work=Axios |date=2025-05-01 |access-date=2025-05-05}}</ref>

=== Contributions to economics ===
Yellen's academic career has largely focused on the analysis of the mechanisms of unemployment and labor markets, monetary and fiscal policies, and international trade. She has written a few widely cited papers, often collaborating on research with her husband, Professor George Akerlof.<ref name="Matthews, WP">{{Cite news |last=Matthews |first=Dylan |date=October 13, 2013 |title=Seventeen academic papers of Janet Yellen's that you need to read |url=https://www.washingtonpost.com/news/wonk/wp/2013/10/09/seventeen-academic-papers-of-janet-yellens-that-you-need-to-read/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20190919132958/https://www.washingtonpost.com/news/wonk/wp/2013/10/09/seventeen-academic-papers-of-janet-yellens-that-you-need-to-read/ |archive-date=September 19, 2019 |access-date=October 14, 2013 |issn=0190-8286}}</ref><ref>{{Cite news |last=McGrane |first=Victoria |date=October 9, 2013 |title=A Look at Yellen's Research: Unemployment, Advertising and Out-of-Wedlock Births |url=https://www.wsj.com/articles/BL-REB-20791 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20211201094345/https://www.wsj.com/articles/BL-REB-20791 |archive-date=December 1, 2021 |access-date=October 10, 2013 |issn=1042-9840}}</ref>

==== Efficiency wage models ====
Since the 1980s, Yellen and Akerlof have addressed what's known in the economics literature as "efficiency wage theory"{{snd}}the idea that paying people more than the market wage does increase their productivity. Their 1990 paper, entitled "The Fair-Wage Effort Hypothesis and Unemployment", coined "the fair wage effort hypothesis" and was considered by economists to be a significant contribution to the topic: "A precursor to the efficiency wage literature...it had an influence, although the work on efficiency wage theory has had a bigger influence."<ref name="Rosenberg, CNBC">{{Cite web |url=https://www.cnbc.com/2013/10/09/yellens-1-theory-the-badly-paid-dont-work-hard.html |title=Yellen's No. 1 theory: The badly paid don't work hard |last=Rosenberg |first=Alex |date=October 9, 2013 |website=CNBC |archive-url=https://web.archive.org/web/20210526132425/https://www.cnbc.com/2013/10/09/yellens-1-theory-the-badly-paid-dont-work-hard.html |archive-date=May 26, 2021 |url-status=live |access-date=October 10, 2013}}</ref> Akerlof and Yellen introduced the [[gift-exchange game]], which argues that workers who are paid less than what they consider to be a fair wage will purposefully work less hard to exact revenge on their employer.<ref name="Rosenberg, CNBC"/><ref name="Matthews, WP"/>

==== Reproductive technology shock ====
Another work, "An Analysis of Out-of-Wedlock Childbearing in the United States", co-written with Akerlof and Michael Katz and published in 1996, aims to explain why [[Legitimacy (family law)|out-of-wedlock]] births have grown considerably in previous decades in the United States. A research study led to a theory called "reproductive technology shock", arguing that the increased availability of both abortion and contraception in the late 1960s and early 1970s, amidst the [[sexual revolution]], eroded the social norms surrounding sex, pregnancy, and marriage, leading to a sharp decline in the stigma of unwed motherhood.<ref>{{Cite web |url=https://www.brookings.edu/articles/new-mothers-not-married-technology-shock-the-demise-of-shotgun-marriage-and-the-increase-in-out-of-wedlock-births/ |title=New mothers, not married: Technology shock, the demise of shotgun marriage, and the increase in out-of-wedlock births |last1=Akerlof |first1=George |last2=Yellen |first2=Janet |date=September 1, 1996 |website=brookings.edu |archive-url=https://web.archive.org/web/20170327195339/https://www.brookings.edu/articles/new-mothers-not-married-technology-shock-the-demise-of-shotgun-marriage-and-the-increase-in-out-of-wedlock-births/ |archive-date=March 27, 2017 |url-status=live |access-date=January 15, 2001}}</ref> At the same time, this transformation encouraged biological fathers to reject notions of marital and paternal obligations.<ref>{{Cite web |url=https://www.brookings.edu/research/an-analysis-of-out-of-wedlock-births-in-the-united-states/ |title=An analysis of out-of-wedlock births in the United States |last1=Akerlof |first1=George |last2=Yellen |first2=Janet |date=August 1, 1996 |website=brookings.edu |archive-url=https://web.archive.org/web/20161114192124/https://www.brookings.edu/research/an-analysis-of-out-of-wedlock-births-in-the-united-states/ |archive-date=November 14, 2016 |url-status=live |access-date=January 15, 2001}}</ref>

== Federal Reserve (1994–1997) ==
On April 22, 1994, President [[Bill Clinton]] announced his intention to nominate Yellen as a member of the [[Federal Reserve Board of Governors]], alongside [[Alan Blinder]], who has been designated as vice chairman. They were the first [[Democratic Party (United States)|Democratic]] appointees to the Board since 1980.<ref name="Chandler, WP">{{Cite news |last=Chandler |first=Clay |date=April 23, 1994 |title=Blinder, Yellen Named by Clinton to Fed Board |url=https://www.washingtonpost.com/archive/business/1994/04/23/blinder-yellen-named-by-clinton-to-fed-board/86e0e452-6f71-45b5-a02b-b44ea9c9016a/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20211221054817/https://www.washingtonpost.com/archive/business/1994/04/23/blinder-yellen-named-by-clinton-to-fed-board/86e0e452-6f71-45b5-a02b-b44ea9c9016a/ |archive-date=December 21, 2021 |access-date=January 15, 2001 |issn=0190-8286}}</ref><ref>{{Cite news |last=Risen |first=James |date=April 23, 1994 |title=Clinton Names 2 Economists to Fed Board |url=https://www.latimes.com/archives/la-xpm-1994-04-23-mn-49422-story.html |url-status=live |work=Los Angeles Times |archive-url=https://web.archive.org/web/20201229222446/https://www.latimes.com/archives/la-xpm-1994-04-23-mn-49422-story.html |archive-date=December 29, 2020 |access-date=January 15, 2001 |issn=2165-1736}}</ref> In an issued statement, the president praised her as "one of the most prominent economists of her generation on the intersection of macroeconomics and labor markets."<ref>{{Cite speech |last=Clinton |first=Bill |title=Statement on Nominations for the Federal Reserve Board |event=Nominations for the Federal Reserve Board |date=April 22, 1994 |location=Washington, D.C. |publisher=The American Presidency Project |url=https://www.presidency.ucsb.edu/documents/statement-nominations-for-the-federal-reserve-board |access-date=January 15, 2001 |url-status=live |archive-date=January 22, 2022 |archive-url=https://web.archive.org/web/20220122094531/https://www.presidency.ucsb.edu/documents/statement-nominations-for-the-federal-reserve-board |language=en}}</ref> President Clinton played an indirect role in the selection process, delegating most of the responsibility to NEC Director [[Robert Rubin]], Treasury Secretary [[Lloyd Bentsen]], and CEA Chair [[Laura Tyson]], who was a colleague of Yellen's at Berkeley. The group settled on her candidacy after an exhaustive search that at one point included nearly 50 names.<ref name="Chandler, WP"/> In July 1994, during her confirmation hearing before the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Banking Committee]], Yellen said that Fed policies should keep the economy growing as much as possible without accelerating inflation but avoid taking a clear position on the prospect of further increases in [[interest rate]]s.<ref>{{Cite news |last=Bradsher |first=Keith |date=July 23, 1994 |title=Fed Nominee Gives Views on Rates |url=https://www.nytimes.com/1994/07/23/business/fed-nominee-gives-views-on-rates.html |url-status=live |url-access=subscription |work=The New York Times |archive-url=https://web.archive.org/web/20210301120025/https://www.nytimes.com/1994/07/23/business/fed-nominee-gives-views-on-rates.html |archive-date=March 1, 2021 |access-date=January 15, 2001 |issn=1553-8095}}</ref> The Senate panel approved her nomination without much [[Republican Party (United States)|Republican]] opposition, by a vote of 18 to 1; the only dissenting vote came from Senator [[Lauch Faircloth]] (R-NC), who said that her concerns should be limited to inflation.<ref name="Bradsher, NYT"/> The nomination was confirmed in the full [[United States Senate]] by a vote of 94–6.<ref>{{Cite web |title = Vote Summary – Question: On the Nomination (Janet L. Yellen) |publisher = U.S. Senate Roll Call Votes 103rd Congress – 2nd Session |date = August 11, 1994 |url = https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=103&session=2&vote=00281 |archive-date = January 16, 2003 |archive-url = https://web.archive.org/web/20030116193714/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=103&session=2&vote=00281 |url-status = live}}</ref> On August 12, 1994, Yellen was appointed to a full 14-year term and assumed the seat vacated by Republican [[Wayne Angell]].<ref name="Bradsher, NYT">{{Cite news |last=Bradsher |first=Keith |date=August 12, 1994 |title=Fed Nominee Is Confirmed By Senate |url=https://www.nytimes.com/1994/08/12/business/fed-nominee-is-confirmed-by-senate.html |url-status=live |url-access=subscription |work=The New York Times |archive-url=https://web.archive.org/web/20150526103450/https://www.nytimes.com/1994/08/12/business/fed-nominee-is-confirmed-by-senate.html |archive-date=May 26, 2015 |access-date=January 15, 2001 |issn=1553-8095}}</ref> She was installed as the fourth female governor, joining [[Susan M. Phillips]], which marks the first time that two women have sat on the Federal Reserve Board simultaneously.<ref>{{Cite web |url=https://economix.blogs.nytimes.com/2013/09/26/economic-statecraft-women-and-the-fed/ |title=Economic Statecraft, Women and the Fed |last=Johnson |first=Simon |date=September 26, 2013 |website=economix.blogs.nytimes.com |url-status=live |archive-url=https://web.archive.org/web/20211223132707/https://economix.blogs.nytimes.com/2013/09/26/economic-statecraft-women-and-the-fed/ |archive-date=December 23, 2021 |access-date=September 27, 2013}}</ref>

In July 1996, the Federal Reserve resisted pressure to raise interest rates as unemployment dropped. Yellen marshaled academic research to dissuade Chairman [[Alan Greenspan]] from committing the Fed to a zero inflation policy and demonstrate that the [[central bank]] should seek to moderate inflation rather than eliminate it. According to the study, a low inflation rate of around 2 percent provided a better foundation for reducing unemployment and increasing economic growth than the goal of zero.<ref>{{Cite news |last=Appelbaum |first=Binyamin |date=October 9, 2013 |title=Yellen's Path From Liberal Theorist to Fed Voice for Jobs |url=https://www.nytimes.com/2013/10/10/business/economy/for-yellen-a-focus-on-reducing-unemployment.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20210526224021/https://www.nytimes.com/2013/10/10/business/economy/for-yellen-a-focus-on-reducing-unemployment.html |archive-date=May 26, 2021 |access-date=October 10, 2013 |issn=1553-8095}}</ref>

Upon her confirmation as chair of the Council of Economic Advisers, she resigned as a member of the&nbsp;Board of Governors of the Federal Reserve System&nbsp;on February 17, 1997.

== Council of Economic Advisers (1997–1999) ==
[[File:Janet Yellen official CEA portrait.jpg|thumb|Official photo as CEA chair, {{circa|1990s}}]]
On December 20, 1996, Yellen joined the [[Presidency of Bill Clinton|Clinton administration]] as chair of President Clinton's [[Council of Economic Advisers]] (CEA), replacing Joseph Stiglitz in office.<ref>{{Cite web |url=https://www.upi.com/Archives/1996/12/20/Yellen-appointed-to-economic-council/1065851058000/ |title=Yellen appointed to economic council |url-status=live |archive-url=https://web.archive.org/web/20211220235828/https://www.upi.com/Archives/1996/12/20/Yellen-appointed-to-economic-council/1065851058000/ |archive-date=December 20, 2021 |website=United Press International |date=December 20, 1996 |access-date=January 15, 2001}}</ref> She was reluctant to leave the Federal Reserve, but White House officials talked her into a job, passing over others with greater marquee value because, as Treasury Secretary Robert Rubin said, "We wanted someone who could bring a rigorous analytic approach to the issues and who could work well with others."<ref name="Foust, Bloomberg">{{Cite web |url=https://www.bloomberg.com/news/articles/1997-03-02/janet-yellen-an-economist-who-explains-it-all |title=Janet Yellen: An Economist Who Explains It All |last=Foust |first=Dean |date=March 3, 1997 |website=Bloomberg News |archive-url=https://archive.today/20221012184201/https://www.bloomberg.com/news/articles/1997-03-02/janet-yellen-an-economist-who-explains-it-all |archive-date=October 12, 2022 |url-status=live |access-date=January 15, 2001}}</ref> Yellen was unanimously confirmed by the Senate on February 13, 1997,<ref>{{Cite web |title = PN84 – Janet L. Yellen – Executive Office of the President |publisher = U.S. Senate 105th Congress – 1st Session |date = February 13, 1997 |url = https://www.congress.gov/nomination/105th-congress/84?s=7&r=1374 |archive-date = December 30, 2020 |archive-url = https://web.archive.org/web/20201230202917/https://www.congress.gov/nomination/105th-congress/84?s=7&r=1374 |url-status = live}}</ref> thereby becoming the second woman to serve as chief economic advisor to the president after Laura Tyson.<ref>{{Cite news |last=Uchitelle |first=Louis |date=January 7, 1997 |title=An Appointment That Draws No Fire |url=https://www.nytimes.com/1997/01/07/business/an-appointment-that-draws-no-fire.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20150512021515/https://www.nytimes.com/1997/01/07/business/an-appointment-that-draws-no-fire.html |archive-date=May 12, 2015 |access-date=January 15, 2001 |issn=1553-8095}}</ref><ref name="Foust, Bloomberg"/> While serving within the Administration, she concurrently chaired the [[OECD]] Economic Policy Committee from 1997 to 1999.<ref name="FedChairNomHearing"/>

During her time with the Council of Economic Advisers, Yellen oversaw a June 1998 report, "Explaining Trends in the Gender Wage Gap",<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Explaining Trends In The Gender Wage Gap |url=https://clintonwhitehouse3.archives.gov/WH/EOP/CEA/html/gendergap.html |url-status=live |archive-url=https://web.archive.org/web/20200926071833/https://clintonwhitehouse3.archives.gov/WH/EOP/CEA/html/gendergap.html |archive-date=September 26, 2020 |website=clintonwhitehouse2.archives.gov |date=June 10, 1998 |access-date=January 15, 2001}}</ref> which&nbsp;focused on the gender pay divide. Within this study, the Council analyzed data from 1969 to 1996 to determine the reasons why women earn substantially less than men. By observing trends attributable to issues such as occupation and industry, as well as familial status, it was determined that while the [[Equal Pay Act of 1963]] was a step forward, there was no explanation for a 25-percent difference between average pay for women and men – an improvement from the 40-percent gap two decades earlier. It was concluded that this gap had no correlation with differences in productivity and, as such, was the result of discrimination within the workforce.<ref name="Profile, WP"/>

In June 1999, Yellen announced that she was stepping down from the CEA for personal reasons and would return to teaching at UC Berkeley.<ref>{{Cite news |last=Peterson |first=Jonathan |date=June 9, 1999 |title=Yellen to Leave Economic Post, Return to UC Berkeley Faculty |url=https://www.latimes.com/archives/la-xpm-1999-jun-09-fi-45575-story.html |url-status=live |work=Los Angeles Times |archive-url=https://web.archive.org/web/20201223181214/https://www.latimes.com/archives/la-xpm-1999-jun-09-fi-45575-story.html |archive-date=December 23, 2020 |access-date=January 15, 2001 |issn=2165-1736}}</ref> It was reported that President Clinton asked her to take over from [[Alice Rivlin]], the central bank's vice chairwoman – an offer she turned down.<ref>{{Cite news |last=Stevenson |first=Richard W. |date=June 9, 1999 |title=Choice of a Successor to Yellen Is Called Near at White House |url=https://www.nytimes.com/1999/06/09/business/choice-of-a-successor-to-yellen-is-called-near-at-white-house.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20170912083611/https://www.nytimes.com/1999/06/09/business/choice-of-a-successor-to-yellen-is-called-near-at-white-house.html |archive-date=September 12, 2017 |access-date=January 15, 2001 |issn=1553-8095}}</ref>

== Return to the Federal Reserve (2004–2018) ==
=== Federal Reserve Bank of San Francisco ===
On April 12, 2004, the Federal Reserve announced that Yellen would replace Robert T. Parry as president and chief executive officer of the [[Federal Reserve Bank of San Francisco]], taking office on June 14.<ref name="SFFed, NBC">{{cite web |url=https://www.nbcnews.com/id/wbna4725198
 |title=Former Fed governor to head S.F. branch |date=April 12, 2004 |website=NBC News |agency=Reuters |archive-url=https://web.archive.org/web/20221209040250/https://www.nbcnews.com/id/wbna4725198 |archive-date=December 9, 2022 |url-status=live |access-date=April 13, 2004}}</ref> She was the first woman to hold this position.<ref name="Profile, WP"/> While serving as Federal Reserve District president, she sat on the policy-setting [[Federal Open Market Committee]] (FOMC) and was a voting member once every three years on a rotating basis, with her first being in 2006.<ref name="SFFed, NBC"/> During her time at the San Francisco Fed, the largest of the 12&nbsp;[[Federal Reserve Bank]]s&nbsp;in terms of population and economic output, Yellen publicly downplayed concerns about the potential consequences of the&nbsp;[[2000s United States housing bubble|boom in housing prices]]; at FOMC meetings, on the contrary, she sounded the alarm on banks' heavy concentration in [[Subprime mortgage crisis|risky construction and home-development loans]].<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Insight: Yellen feared housing bust but did not raise public alarm |url=https://www.reuters.com/article/us-usa-fed-yellen-insight-idUSBRE99T05G20131030 |url-status=live |archive-url=https://web.archive.org/web/20170114154320/http://www.reuters.com/article/us-usa-fed-yellen-insight-idUSBRE99T05G20131030 |archive-date=January 14, 2017 |website=Reuters |date=October 30, 2013 |access-date=October 31, 2013}}</ref> On the other hand, she did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of [[Countrywide Financial]], the United States' largest lender.<ref>{{Cite news |last=Appelbaum |first=Binyamin |date=August 13, 2013 |title=Divining the Regulatory Goals of Fed Rivals |url=https://www.nytimes.com/2013/08/14/business/economy/careers-of-2-fed-contenders-reveal-little-on-regulatory-approach.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20191022183423/https://www.nytimes.com/2013/08/14/business/economy/careers-of-2-fed-contenders-reveal-little-on-regulatory-approach.html |archive-date=October 22, 2019 |access-date=August 14, 2013 |issn=1553-8095}}</ref><ref>{{Cite news |last=Paletta |first=Damian |date=August 12, 2013 |title=Fed's Yellen Says Stance on Banks Hardened |url=https://www.wsj.com/articles/SB10001424127887323446404579006602798845682 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20211129142913/https://www.wsj.com/articles/SB10001424127887323446404579006602798845682 |archive-date=November 29, 2021 |access-date=August 13, 2013 |issn=1042-9840}}</ref>

On June 5, 2009, Yellen said that the Federal Reserve should consider raising interest rates earlier to prevent another [[housing bubble]]. She argued that higher short-term interest rates probably went against the expansion of a bubble in certain circumstances, like restraining the demand for housing and high-risk mortgages.<ref>{{Cite web |url=https://www.marketwatch.com/story/fed-should-have-popped-housing-bubble-yellen-says |title=Fed should pop next housing bubble, Yellen says |last=Robb |first=Greg |date=June 5, 2009 |website=MarketWatch |archive-url=https://web.archive.org/web/20090607082944/https://www.marketwatch.com/story/fed-should-have-popped-housing-bubble-yellen-says |archive-date=June 7, 2009 |url-status=live |access-date=June 6, 2009}}</ref>

In July 2009, Yellen was mentioned as a potential successor to Chairman [[Ben Bernanke]] when his term was set to expire before he was re-nominated for a second four-year term.<ref>{{Cite news |last1=Hilsenrath |first1=Jon |last2=Reddy |first2=Sudeep |last3=Wessel |first3=David |date=July 9, 2009 |title=White House Ponders Bernanke's Future |url=https://www.wsj.com/articles/SB124709730991015099 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20160322102303/http://www.wsj.com/articles/SB124709730991015099 |archive-date=March 22, 2016 |access-date=July 10, 2009 |issn=1042-9840}}</ref> She eventually emerged as the leading contender for vice chair of the Federal Reserve Board in March 2010,<ref>{{Cite web |url=https://money.cnn.com/2010/03/12/news/economy/yellen_vicechairman/index.htm?postversion=2010031216 |title=Yellen in line for Fed No. 2 |last=Isidore |first=Chris |date=March 12, 2010 |website=CNN Business |url-status=live |archive-url=https://web.archive.org/web/20210306000039/https://money.cnn.com/2010/03/12/news/economy/yellen_vicechairman/index.htm?postversion=2010031216 |archive-date=March 6, 2021 |access-date=March 12, 2010}}</ref> and following her Senate confirmation, she resigned from the San Francisco Fed in October of that year.<ref name="FedVice"/>

=== Vice Chair of the Federal Reserve ===
[[File:Janet yellen swearing in 2010.jpg|thumb|right|Yellen takes the oath of office administered by Federal Reserve chairman [[Ben Bernanke]] in the [[Eccles Building]], October 4, 2010.]]
On April 28, 2010, President [[Barack Obama]] nominated Yellen to succeed [[Donald Kohn]] as [[Vice Chair of the Federal Reserve|vice chair of the Federal Reserve]].<ref name="Reddy, WSJ">{{Cite news |first=Sudeep |last=Reddy |date=April 29, 2010 |title=Obama Nominates Yellen, Raskin, Diamond to Fed Board |url=https://www.wsj.com/articles/SB10001424052748704302304575213850582215096 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20211201102542/https://www.wsj.com/articles/SB10001424052748704302304575213850582215096 |archive-date=December 1, 2021 |access-date=April 30, 2010 |issn=1042-9840}}</ref> In July 2010, the Senate Banking Committee voted 17–6 to confirm her, though the top Republican on the panel, Sen. [[Richard Shelby]] of Alabama, voted no, saying "President Yellen presided over a regional housing bubble and failed to restrain the excesses."<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2010-07-28/yellen-diamond-raskin-win-senate-panel-s-support-to-become-fed-governors |title=Yellen, Diamond, Raskin Win Panel's Approval for Fed |last=Lanman |first=Scott |date=July 28, 2010 |website=Bloomberg News |archive-url=https://archive.today/20230328120457/https://www.bloomberg.com/news/articles/2010-07-28/yellen-diamond-raskin-win-senate-panel-s-support-to-become-fed-governors |archive-date=March 28, 2023 |url-status=live |access-date=July 29, 2010}}</ref>

Around the same time, on the heels of related testimony by Fed chairman Bernanke, FOMC voting member [[James B. Bullard]] of the [[Federal Reserve Bank of St. Louis|St. Louis Fed]] stated that the [[Economy of the United States|U.S. economy]] was at risk of becoming "enmeshed in a [[Lost Decades|Japanese-style deflationary outcome]] within the next several years."<ref name="Chan, NYT">{{Cite news |last=Chan |first=Sewell |date=July 29, 2010 |title=Within the Fed, Worries of Deflation |url-status=live |work=The New York Times |url=https://www.nytimes.com/2010/07/30/business/economy/30fed.html |archive-url=https://web.archive.org/web/20190920044349/https://www.nytimes.com/2010/07/30/business/economy/30fed.html |archive-date=September 20, 2019 |access-date=July 30, 2010 |issn=1553-8095}}</ref> That statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen's pending confirmation, along with those of [[Peter Diamond]] and [[Sarah Bloom Raskin]] to fill vacancies, was seen as possibly furthering such a shift in the FOMC. All three nominations were seen as "on track to be confirmed by the Senate."<ref name="Chan, NYT"/>

On September 29, 2010, Yellen, along with Raskin,<ref>{{Cite news |last=Chan |first=Sewell |date=September 30, 2010 |title=Two Are Confirmed for Fed's Board |url-status=live |work=The New York Times |url=https://www.nytimes.com/2010/09/30/business/30fed.html |archive-url=https://web.archive.org/web/20100930054036/https://www.nytimes.com/2010/09/30/business/30fed.html |archive-date=September 30, 2010 |access-date=October 1, 2010 |issn=1553-8095}}</ref> was confirmed by the Senate on a [[voice vote]] to be both a member of the board of governors<ref>{{Cite web |title = PN1728 – Janet L. Yellen – Federal Reserve System |publisher = U.S. Senate 111th Congress – 1st Session |date = September 29, 2010 |url = https://www.congress.gov/nomination/111th-congress/1728?s=3&r=688 |archive-date = December 30, 2020 |archive-url = https://web.archive.org/web/20201230210119/https://www.congress.gov/nomination/111th-congress/1728?s=3&r=688 |url-status = live}}</ref> and vice chairman of the Federal Reserve System.<ref>{{Cite web |title = PN1729 – Janet L. Yellen – Federal Reserve System |publisher = U.S. Senate 111th Congress – 1st Session |date = September 29, 2010 |url = https://www.congress.gov/nomination/111th-congress/1729?s=3&r=687 |archive-date = December 30, 2020 |archive-url = https://web.archive.org/web/20201230210411/https://www.congress.gov/nomination/111th-congress/1729?s=3&r=687 |url-status = live}}</ref> On October 4, the pair were sworn in as Fed governors, while Yellen also took the [[oath of office]] as vice chair of the board for a four-year term.<ref name="FedVice">{{Cite press release |author=<!--Not stated--> |title=Janet L. Yellen and Sarah Bloom Raskin formally sworn in as members of the Board of Governors |url=https://www.federalreserve.gov/newsevents/pressreleases/other20101004a.htm |url-status=live |location=Washington, D.C. |publisher=Federal Reserve |date=October 4, 2010 |archive-url=https://web.archive.org/web/20180221063355/https://www.federalreserve.gov/newsevents/pressreleases/other20101004a.htm |archive-date=February 21, 2018 |access-date=October 4, 2012}}</ref> Simultaneously, she began a 14-year term as a member of the Federal Reserve Board, filling a vacant seat last held by [[Mark W. Olson]].<ref name="FedVice"/> Yellen was just the second woman to hold the Federal Reserve's No.{{nbs}}2 post, after Alice Rivlin.<ref name="FedTitle, NPR"/>

In contrast to her predecessors, Yellen acted more independently within the institution in her role as vice chair.<ref name="Felsenthal, Reuters">{{Cite web |url=https://www.reuters.com/article/us-usa-fed-yellen-idUSBRE87408Z20120805 |title=Soft-spoken Yellen wields outsize influence as Fed's No. 2 |last=Felsenthal |first=Mark |date=August 5, 2012 |website=Reuters |archive-url=https://web.archive.org/web/20210222083303/https://www.reuters.com/article/us-usa-fed-yellen-idUSBRE87408Z20120805 |archive-date=February 22, 2021 |url-status=live |access-date=August 6, 2012}}</ref> She has been urging Bernanke and the other FOMC members to follow her preferred route for monetary policy, arguing for more forceful actions to inject money into the economy to reduce unemployment.<ref>{{Cite news |last1=Irwin |first1=Neil |last2=Mui |first2=Ylan Q. |date=August 16, 2013 |title=Janet Yellen called the housing bust and has been mostly right on jobs. Does she have what it takes to lead the Fed |url=https://www.washingtonpost.com/news/wonk/wp/2013/08/16/janet-yellen-called-the-housing-bust-and-has-been-mostly-right-on-jobs-does-she-have-what-it-takes-to-lead-the-fed/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20201205095434/https://www.washingtonpost.com/news/wonk/wp/2013/08/16/janet-yellen-called-the-housing-bust-and-has-been-mostly-right-on-jobs-does-she-have-what-it-takes-to-lead-the-fed/ |archive-date=December 5, 2020 |access-date=August 17, 2013 |issn=0190-8286}}</ref> Yellen played a leading role in moving the Federal Reserve to announce its inflation target of two percent a year after her long campaign with Chairman Bernanke; she was an early supporter of [[inflation targeting]], facing opposition from Chairman Greenspan during her first stint at the Fed in the 1990s.<ref name="Appelbaum, NYT"/><ref name="Felsenthal, Reuters"/>

Yellen was widely considered the front-runner to succeed Bernanke as the Federal Reserve's chair when his second term ceased.<ref name="Appelbaum, NYT">{{Cite news |last=Appelbaum |first=Binyamin |date=April 24, 2013 |title=Possible Fed Successor Has Admirers and Foes |url=https://www.nytimes.com/2013/04/25/business/janet-l-yellen-possible-fed-successor-has-admirers-and-foes.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20191014051728/https://www.nytimes.com/2013/04/25/business/janet-l-yellen-possible-fed-successor-has-admirers-and-foes.html |archive-date=October 14, 2019 |access-date=April 25, 2013 |issn=1553-8095}}</ref><ref>{{Cite news |last1=Hilsenrath |first1=Jon |last2=Izzo |first2=Phil |date=July 18, 2013 |title=Yellen Seen as Front-Runner for Top Fed Post |url=https://www.wsj.com/articles/SB10001424127887324263404578613804100338188 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20150516110847/http://www.wsj.com/articles/SB10001424127887324263404578613804100338188 |archive-date=May 16, 2015 |access-date=July 19, 2013 |issn=1042-9840}}</ref><ref>{{Cite news |last=Davidson |first=Paul |date=July 28, 2013 |title=Economists: Yellen likely to succeed Bernanke |url=https://www.usatoday.com/story/money/business/2013/07/28/economists-yellen-frontrunner/2590289/ |url-status=live |work=USA Today |archive-url=https://web.archive.org/web/20130729174845/https://www.usatoday.com/story/money/business/2013/07/28/economists-yellen-frontrunner/2590289/ |archive-date=July 29, 2013 |access-date=July 29, 2013 |issn=0734-7456}}</ref> [[Lawrence Summers]], a former President Clinton's Treasury Secretary and former director of President Obama's [[National Economic Council (United States)|National Economic Council]], was the other leading contender in the highly publicized race; media outlets reported that the president was leaning toward selecting the latter candidate.<ref>{{Cite news |last=Irwin |first=Neil |date=August 30, 2013 |title=How the Fed chair race became a public circus, and why it matters |url=https://www.washingtonpost.com/news/wonk/wp/2013/08/30/how-the-fed-chair-race-became-a-public-circus-and-why-it-matters/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20210428075710/https://www.washingtonpost.com/news/wonk/wp/2013/08/30/how-the-fed-chair-race-became-a-public-circus-and-why-it-matters/ |archive-date=April 28, 2021 |access-date=August 31, 2013 |issn=0190-8286}}</ref> However, throughout the race, Summers drew criticism from both sides of the aisle for his role in deregulating parts of the banking sector while he served in the Clinton administration. He sparked further controversy for remarks on women's aptitude in math and science, which he made in 2005 while serving as Harvard University's president.<ref name="Profile, WP"/> In July 2013, Yellen was pushed to be named the first chairwoman of the central bank in a letter that was circulated among the [[Senate Democratic Caucus|Senate Democrats]] and had been signed by almost a third of the 54 caucus senators, who primarily represent the liberal wing of the party.<ref>{{Cite news |last1=Boles |first1=Corey |last2=Hook |first2=Janet |last3=Peterson |first3=Kristina |date=July 25, 2013 |title=Some Senate Democrats to Obama: Pick Yellen for Fed Chief |url=https://www.wsj.com/articles/SB10001424127887324564704578628354053170998 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20210428064032/https://www.wsj.com/articles/SB10001424127887324564704578628354053170998 |archive-date=April 28, 2021 |access-date=July 26, 2013 |issn=1042-9840}}</ref> In addition, more than 500 professional economists from around 200 colleges and universities across the United States signed an open letter in support of her candidacy for Fed chair and sent it to the White House.<ref>{{Cite letter |last1=Jacobsen |first1=Joyce |last2=Hartmann |first2=Heidi |recipient=Barack Obama |subject=economists-letter-in-support-of-yellen |date=September 18, 2013 |url=http://www.iwpr.org/publications/economists-letter-in-support-of-yellen |publisher=Institute for Women's Policy Research |access-date=October 1, 2014 |archive-url=https://web.archive.org/web/20131002182611/http://www.iwpr.org/publications/economists-letter-in-support-of-yellen |archive-date=October 2, 2013 |url-status=dead}}</ref> After weeks of opposition to his potential nomination, Summers withdrew his name from consideration for the position in September.<ref>{{Cite news |last1=Goldfarb |first1=Zachary A. |last2=Mui |first2=Ylan Q. |date=September 15, 2013 |title=Larry Summers withdraws name from Fed consideration |url=https://www.washingtonpost.com/business/economy/larry-summers-withdraws-name-from-fed-consideration/2013/09/15/7565c888-1e44-11e3-94a2-6c66b668ea55_story.html |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20130916013244/https://www.washingtonpost.com/business/economy/larry-summers-withdraws-name-from-fed-consideration/2013/09/15/7565c888-1e44-11e3-94a2-6c66b668ea55_story.html|archive-date=September 16, 2013 |access-date=September 16, 2013 |issn=0190-8286}}</ref><ref>{{Cite news |last1=Lowrey |first1=Annie |last2=Appelbaum |first2=Binyamin |date=September 15, 2013 |title=Summers Pulls Name From Consideration for Fed Chief |url=https://www.nytimes.com/2013/09/16/business/economy/summers-pulls-name-from-consideration-for-fed-chief.html?hp&_r=0 |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20210308135925/https://www.nytimes.com/2013/09/16/business/economy/summers-pulls-name-from-consideration-for-fed-chief.html?hp&_r=0 |archive-date=March 8, 2021 |access-date=September 16, 2013 |issn=1553-8095 |quote=Facing growing opposition in Congress, Lawrence H. Summers, the former Treasury secretary and a top contender for Federal Reserve chairman, told President Obama that he didn't want to be considered for the job.}}</ref>

=== Chair of the Federal Reserve ===
[[File:Janet Yellen official Federal Reserve portrait.jpg|thumb|Official portrait as Federal Reserve chair, 2015]]
[[File:VCY CG CB CV cent grp 121613 0517 02844 (13896600480).jpg|thumb|From left to right: Janet Yellen, [[Alan Greenspan]], [[Ben Bernanke]], and [[Paul Volcker]], May 1, 2014]]
[[File:Chair Yellen and IMF Managing Director Lagarde 140702 (cropped).jpg|thumb|Yellen in conversation with IMF managing director [[Christine Lagarde]], July 2, 2014]]
On October 9, 2013, Yellen was officially nominated to replace Bernanke as [[chair of the Federal Reserve]],<ref>{{Cite news |last=Calmes |first=Jackie |date=October 8, 2013 |title=Obama to Pick Yellen as Leader of Fed, Officials Say |url=https://www.nytimes.com/2013/10/09/business/obama-to-nominate-janet-l-yellen-as-fed-chairwoman.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20200531062814/https://www.nytimes.com/2013/10/09/business/obama-to-nominate-janet-l-yellen-as-fed-chairwoman.html |archive-date=May 31, 2020 |access-date=October 9, 2013 |issn=1553-8095}}</ref><ref>{{Cite news |last1=Mui |first1=Ylan Q. |last2=Goldfarb |first2=Zachary A. |date=October 9, 2013 |title=Obama nominates Janet Yellen to lead the Fed |url=https://www.washingtonpost.com/business/economy/obama-nominates-janet-yellen-to-lead-the-fed/2013/10/09/74c8ed06-3113-11e3-9c68-1cf643210300_story.html |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20210926232514/https://www.washingtonpost.com/business/economy/obama-nominates-janet-yellen-to-lead-the-fed/2013/10/09/74c8ed06-3113-11e3-9c68-1cf643210300_story.html |archive-date=September 26, 2021 |access-date=October 10, 2013 |issn=0190-8286}}</ref> the first vice chair ever to be elevated to that post.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2013-06-27/yellen-betting-defies-100-year-jinx-of-fed-no-2-never-elevated |title=Yellen Betting Defies 100-Year Jinx of Fed No. 2 Never Elevated |last=Zumbrun |first=Joshua |date=June 27, 2013 |website=Bloomberg News |archive-url=https://web.archive.org/web/20170228235919/https://www.bloomberg.com/news/articles/2013-06-27/yellen-betting-defies-100-year-jinx-of-fed-no-2-never-elevated |archive-date=February 28, 2017 |url-status=live |access-date=June 28, 2013}}</ref> While announcing his decision, President Obama called her "one of the nation's foremost economists and policymakers" and said that "America's workers and their families will have a champion in Janet Yellen."<ref>{{Cite speech |last=Obama |first=Barack |title=Remarks by the President in Nominating Dr. Janet Yellen as Chair of the Board of Governors of the Federal Reserve System |event=Nomination of Dr. Janet Yellen as Fed Chair |date=October 9, 2013 |location=Washington, D.C. |publisher=The White House |url=https://obamawhitehouse.archives.gov/the-press-office/2013/10/09/remarks-president-nominating-dr-janet-yellen-chair-board-governors-feder |access-date=May 2, 2014 |url-status=live |archive-date=January 26, 2017 |archive-url=https://web.archive.org/web/20170126071040/https://obamawhitehouse.archives.gov/the-press-office/2013/10/09/remarks-president-nominating-dr-janet-yellen-chair-board-governors-feder |language=en}}</ref> During the nomination hearings held in November, Yellen defended the more than $3 trillion in stimulus funds that the central bank had been injecting into the U.S. economy.<ref>{{Cite web |url=https://money.cnn.com/2013/11/14/news/economy/janet-yellen-confirmation-hearing/index.html |title=Smooth sailing for Janet Yellen at Senate confirmation hearing |last=Kurtz |first=Annalyn |date=November 14, 2013 |website=CNN Business |url-status=live |archive-url=https://web.archive.org/web/20190802184518/https://money.cnn.com/2013/11/14/news/economy/janet-yellen-confirmation-hearing/ |archive-date=August 2, 2019 |access-date=November 15, 2013}}</ref> She also said that it is important for the Fed to try to detect [[Economic bubble|asset bubbles]] and that if she saw one, she would work to address it.<ref>{{Cite magazine |last=Kardashian |first=Kirk |date=November 20, 2013 |title=Janet Yellen and the Fed's Boom-and-Bust Problem |url=https://www.newyorker.com/business/currency/janet-yellen-and-the-feds-boom-and-bust-problem |url-status=live |magazine=The New Yorker |archive-url=https://web.archive.org/web/20170615054226/https://www.newyorker.com/business/currency/janet-yellen-and-the-feds-boom-and-bust-problem |archive-date=June 15, 2017 |access-date=November 21, 2013 |issn=0028-792X}}</ref>

On December 20, 2013, the U.S. Senate voted 59–34 for [[cloture]] on Yellen's nomination.<ref>{{Cite web |title = Vote Summary – Question: On the Cloture Motion (Motion to Invoke Cloture on the Nomination of Janet L. Yellen to be Chairman of the Board of Governors of the Federal Reserve System) |publisher = U.S. Senate Roll Call Votes 113th Congress – 1st Session |access-date = December 20, 2013 |url = https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=1&vote=00291 |archive-date = December 24, 2013 |archive-url = https://web.archive.org/web/20131224173825/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=1&vote=00291 |url-status = live}}</ref> On January 6, 2014, she was confirmed as chair of the Federal Reserve by a vote of 56–26,<ref>{{Cite web |title = Vote Summary – Question: On the Nomination (Confirmation Janet L. Yellen, to be Chairman of the Board of Governors of the Federal Reserve System) |publisher = U.S. Senate Roll Call Votes 113th Congress – 2nd Session |access-date = January 6, 2014 |url = https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00001 |archive-date = January 9, 2014 |archive-url = https://web.archive.org/web/20140109060159/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00001 |url-status = live}}</ref> the narrowest margin ever for the position.<ref>{{Cite news |last=Lowrey |first=Annie |date=January 6, 2014 |title=Yellen Wins Backing of Senators to Lead Fed |url=https://www.nytimes.com/2014/01/07/business/economy/Yellen-Senate-Vote.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20140108020532/http://www.nytimes.com/2014/01/07/business/economy/Yellen-Senate-Vote.html |archive-date=January 8, 2014 |access-date=January 7, 2014 |issn=1553-8095}}</ref> Yellen was a trailblazer as the first woman to head the U.S. central bank, or any [[Big Four (banking)|major central bank]], and the first Democrat to do so since [[Paul Volcker]] assumed that position in 1979 via President [[Jimmy Carter]].<ref name="Solomon, Forbes">{{Cite news |last=Solomon |first=Brian |date=January 6, 2014 |title=She's Confirmed: Janet Yellen Is First Woman Federal Reserve Chair |url=https://www.forbes.com/sites/briansolomon/2014/01/06/janet-yellen-confirmed-as-federal-reserve-chair/ |url-status=live |work=Forbes |archive-url=https://web.archive.org/web/20191225022436/https://www.forbes.com/sites/briansolomon/2014/01/06/janet-yellen-confirmed-as-federal-reserve-chair/ |archive-date=December 25, 2019 |access-date=January 7, 2014 |issn=0015-6914}}</ref> She was sworn into office on February 3, 2014,<ref>{{Cite magazine |last=Frizell |first=Sam |date=February 3, 2014 |title=Janet Yellen Sworn In To Lead Federal Reserve |url=https://time.com/3866/janet-yellen-sworn-in-to-lead-federal-reserve/ |url-status=live |magazine=Time |archive-url=https://web.archive.org/web/20210415103225/https://time.com/3866/janet-yellen-sworn-in-to-lead-federal-reserve/ |archive-date=April 15, 2021 |access-date=February 4, 2014 |issn=0040-781X}}</ref> and was previously elected as FOMC chair on January 30.<ref>{{Cite press release |author=<!--Not stated--> |title=Federal Open Market Committee unanimously selects Janet L. Yellen to serve as its Chair, effective February 1, 2014 |url=https://www.federalreserve.gov/newsevents/pressreleases/other20140130a.htm |url-status=live |location=Washington, D.C. |publisher=Federal Reserve Board |date=January 30, 2014 |archive-url=https://web.archive.org/web/20170430200826/https://www.federalreserve.gov/newsevents/pressreleases/other20140130a.htm |archive-date=April 30, 2017 |access-date=February 3, 2015}}</ref> According to a Fed representative, on Yellen's request, her title would be altered to "chair" rather than "chairman" or "chairwoman", as she prefers a [[gender-neutral]] manner.<ref name="FedTitle, NPR">{{Cite web |url=https://www.npr.org/sections/itsallpolitics/2013/10/09/230999838/what-to-call-the-most-powerful-central-banker-in-the-world |title=What To Call The Most Powerful Central Banker In The World |last=Quester |first=Rachel |date=October 9, 2013 |website=NPR |archive-url=https://web.archive.org/web/20150805112541/https://www.npr.org/sections/itsallpolitics/2013/10/09/230999838/what-to-call-the-most-powerful-central-banker-in-the-world |archive-date=August 5, 2015 |url-status=live |access-date=October 10, 2013}}</ref><ref name="Profile, WP"/> Only one woman had ever led the central bank of a [[G8]] country before Yellen{{snd}}Russia's&nbsp;[[Elvira Nabiullina]].<ref>{{Cite magazine |last=Matthews |first=Christopher |date=September 16, 2013 |title=5 Things Everybody Should Know About Janet Yellen |url=https://business.time.com/2013/09/16/5-things-everybody-should-know-about-janet-yellen/ |url-status=live |magazine=Time |archive-url=https://web.archive.org/web/20170331081715/https://business.time.com/2013/09/16/5-things-everybody-should-know-about-janet-yellen/ |archive-date=March 31, 2017 |access-date=September 17, 2013 |issn=0040-781X}}</ref>

In July 2014, at her first semi-annual congressional testimony on [[Monetary policy of the United States|U S. monetary policy]], Yellen said, "while real estate, equities, and corporate bond prices have risen appreciably and valuation metrics have increased they were generally in line with historical norms." She also acknowledged some concerns about the valuations of [[High-yield debt|lower-rated corporate debt]] and affirmed that she and other Fed officials were monitoring trends but did not believe that a so-called "[[everything bubble]]" was forming.<ref>{{Cite news |last=Irwin |first=Neil |date=July 15, 2014 |title=Janet Yellen on the Everything Bubble |url=https://www.nytimes.com/2014/07/16/upshot/janet-yellen-on-the-everything-bubble.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20210416221236/https://www.nytimes.com/2014/07/16/upshot/janet-yellen-on-the-everything-bubble.html |archive-date=April 16, 2021 |access-date=July 16, 2014 |issn=1553-8095}}</ref>

On December 16, 2015, the Federal Reserve under Yellen increased its key interest rate for the first time since 2006.<ref>{{Cite web |url=https://money.cnn.com/2015/12/16/news/economy/federal-reserve-interest-rate-hike/index.html |title=Finally! Fed raises interest rates |last=Gillespie |first=Patrick |date=December 16, 2015 |website=CNN Business |archive-url=https://web.archive.org/web/20151217222635/http://money.cnn.com/2015/12/16/news/economy/federal-reserve-interest-rate-hike/index.html |archive-date=December 17, 2015 |url-status=live |access-date=December 17, 2015}}</ref> That move was largely expected because extraordinarily low rates for an extremely long time may contribute to financial instability and pose a threat to the economy, and was considered a departure from the previous controversial Fed policy, commonly known as the "[[Greenspan put]]".<ref>{{Cite web |url=https://www.marketwatch.com/story/nows-the-right-time-for-yellen-to-kill-the-greenspan-put-2015-08-27 |title=Opinion: Why market correction makes a September rate hike more compelling |last=Nutting |first=Rex |date=August 28, 2015 |website=MarketWatch |archive-url=https://web.archive.org/web/20201124121028/https://www.marketwatch.com/story/nows-the-right-time-for-yellen-to-kill-the-greenspan-put-2015-08-27 |archive-date=November 24, 2020 |url-status=live |access-date=August 29, 2015}}</ref><ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2015-01-15/yellen-leaves-greenspan-put-behind-as-she-charts-rate-increase |title=Yellen Leaves Greenspan 'Put' Behind as She Charts Rate Increase |last=Torres |first=Craig |date=January 15, 2015 |website=Bloomberg News |archive-url=https://web.archive.org/web/20150204091359/https://www.bloomberg.com/news/articles/2015-01-15/yellen-leaves-greenspan-put-behind-as-she-charts-rate-increase |archive-date=February 4, 2015 |url-status=live |access-date=January 16, 2015}}</ref> During her tenure, the Fed gradually raised rates four additional times, leaving its key rate in a still-low range of 1.25 percent to 1.5 percent{{snd}}well below historical standards.<ref name="Crutsinger, AP">{{Cite web |url=https://apnews.com/article/north-america-us-news-ap-top-news-janet-yellen-financial-crisis-b0033979f6c54012ae58fb3d41f71f13 |title=5 Things: What Yellen's Fed tenure will be remembered for |last=Crutsinger |first=Martin |date=February 1, 2018 |website=Associated Press |archive-url=https://web.archive.org/web/20210512220000/https://apnews.com/article/north-america-us-news-ap-top-news-janet-yellen-financial-crisis-b0033979f6c54012ae58fb3d41f71f13 |archive-date=May 12, 2021 |url-status=live |access-date=February 2, 2018}}</ref>

Following the [[2016 United States presidential election|2016 presidential election]], Yellen gave a strong defense of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]] in her [[United States Congressional Joint Economic Committee|Joint Economic Committee]] testimony, standing in opposition to incoming President [[Donald Trump]]'s plans to review the landmark legislation. She argued that it would be inappropriate to weaken or repeal the law designed to prevent a repeat of the [[2008 financial crisis]].<ref>{{Cite web |url=https://apnews.com/article/170c2bfa31624a9fa268c82de5a092a7 |title=The Latest: Yellen defends tougher bank regulation |last=Crutsinger |first=Martin |date=November 17, 2016 |website=Associated Press |archive-url=https://archive.today/20211128095443/https://apnews.com/article/170c2bfa31624a9fa268c82de5a092a7 |archive-date=November 28, 2021 |url-status=live |access-date=November 18, 2016}}</ref> Yellen provided further support for financial regulations enacted in the wake of the [[Great Recession]] in a speech to the [[Jackson Hole Economic Symposium]] on August 25, 2017. In her remarks about the aftermath of the crisis, she said, "The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth." Yellen warned that any adjustment to the regulatory framework should be modest and preserve the increase in resilience.<ref>{{cite web |url=https://www.businessinsider.com/janet-yellen-jackson-hole-speech-2017-8 |title=YELLEN: Any changes to the regulations that police Wall Street should be 'modest' |date=August 25, 2017 |website=Business Insider |agency=Reuters |archive-url=https://web.archive.org/web/20171011060429/https://www.businessinsider.com/janet-yellen-jackson-hole-speech-2017-8 |archive-date=October 11, 2017 |url-status=live |access-date=August 26, 2017}}</ref>

In November 2017, as Yellen's tenure as chair of the Federal Reserve was coming to an end, Trump considered nominating her for another term, but on the advice of his Treasury Secretary [[Steven Mnuchin]], he picked a Republican Fed governor, [[Jerome Powell]], instead.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2017-11-02/trump-considered-keeping-yellen-at-fed-until-mnuchin-spoke-up |title=Trump Considered Keeping Yellen at Fed, Until Mnuchin Spoke Up |last1=Jacobs |first1=Jennifer |last2=Talev |first2=Margaret |last3=Olorunnipa |first3=Toluse |date=November 2, 2017 |website=Bloomberg News |archive-url=https://web.archive.org/web/20171103004417/https://www.bloomberg.com/news/articles/2017-11-02/trump-considered-keeping-yellen-at-fed-until-mnuchin-spoke-up |archive-date=November 3, 2017 |url-status=live |access-date=November 3, 2017}}</ref> Yellen made her resignation from the Federal Reserve Board at the conclusion of her chairmanship known after Trump's choice, despite still having her assignment as Fed governor until 2024.<ref>{{Cite news |last=Appelbaum |first=Binyamin |date=November 20, 2017 |title=Yellen Will Leave Federal Reserve Next Year |url=https://www.nytimes.com/2017/11/20/us/politics/yellen-to-leave-federal-reserve-in-february.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20171121085937/https://www.nytimes.com/2017/11/20/us/politics/yellen-to-leave-federal-reserve-in-february.html |archive-date=November 21, 2017 |access-date=November 21, 2017 |issn=1553-8095}}</ref> She served a single term and became just the second Federal Reserve chair eligible for reappointment not renominated by a successor presidential administration, the first being [[Arthur F. Burns]] almost 40 years prior.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Factbox: Past Federal Reserve chiefs and who appointed them |url=https://www.reuters.com/article/us-usa-fed-chairs-factbox-idUSKBN2AM11Z |url-status=live |archive-url=https://web.archive.org/web/20210223152125/https://www.reuters.com/article/us-usa-fed-chairs-factbox-idUSKBN2AM11Z |archive-date=February 23, 2021 |website=Reuters |date=February 22, 2021 |access-date=February 23, 2021}}</ref> That unusual departure makes her the briefest-serving central bank chief since [[G. William Miller]], who held that office for over a year, from 1978 to 1979.<ref>{{Cite web |url=https://www.cnbc.com/2017/11/02/trump-picks-jerome-powell-to-succeed-yellen-as-fed-chair.html |title=Trump picks Jerome Powell to succeed Yellen as Fed chair |last=Cox |first=Jeff |date=November 2, 2017 |website=CNBC |archive-url=https://web.archive.org/web/20211124030218/https://www.cnbc.com/2017/11/02/trump-picks-jerome-powell-to-succeed-yellen-as-fed-chair.html |archive-date=November 24, 2021 |url-status=live |access-date=November 3, 2017}}</ref>

On February 2, 2018, Yellen enforced enormous sanctions on [[Wells Fargo]], which was the [[List of largest banks in the United States|third-largest U.S. bank]] at the time, with a consent order restricting the firm's expansion unless it resolved its internal issues.<ref>{{Cite news |last=Reed |first=Robert |date=February 6, 2018 |title=Fed's Wells Fargo smackdown sends message to other bank giants' leaders: Shape up or else |url=https://www.chicagotribune.com/business/ct-biz-wells-fargo-sanctions-necessary-robert-reed-0206-story.html |url-status=live |work=Chicago Tribune |archive-url=https://web.archive.org/web/20200511082357/https://www.chicagotribune.com/business/ct-biz-wells-fargo-sanctions-necessary-robert-reed-0206-story.html |archive-date=May 11, 2020 |access-date=February 7, 2018 |issn=2165-171X}}</ref><ref name="FedCap, CNN">{{Cite web |url=https://money.cnn.com/2018/02/02/news/companies/wells-fargo-federal-reserve/index.html |title=The Fed drops the hammer on Wells Fargo |last1=Borak |first1=Donna |last2=Wiener-Bronner |first2=Danielle |last3=Wattles |first3=Jackie |date=February 3, 2018 |website=CNN Business |archive-url=https://web.archive.org/web/20210612060650/https://money.cnn.com/2018/02/02/news/companies/wells-fargo-federal-reserve/index.html |archive-date=June 12, 2021 |url-status=live |access-date=February 4, 2018}}</ref> That move came in response to a string of "widespread consumer abuses and compliance breakdowns" at the company, particularly a [[Wells Fargo cross-selling scandal|fake account scandal]],<ref>{{Cite news |last1=Flitter |first1=Emily |last2=Appelbaum |first2=Binyamin |last3=Cowley |first3=Stacy |date=February 2, 2018 |title=Federal Reserve Shackles Wells Fargo After Fraud Scandal |url=https://www.nytimes.com/2018/02/02/business/wells-fargo-federal-reserve.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20211009221702/https://www.nytimes.com/2018/02/02/business/wells-fargo-federal-reserve.html |archive-date=October 9, 2021 |access-date=February 3, 2018 |issn=1553-8095}}</ref> and marked the first time the Fed has imposed a cap on the entire assets of a financial institution.<ref name="FedCap, CNN"/>

Regarding labor markets, Yellen has been dubbed one of the Federal Reserve System's most successful chairpersons. During her term, the unemployment rate dropped from 6.7 percent to 4.1 percent, the lowest in 17 years.<ref>{{Cite news |last1=Lee |first1=Don |last2=Puzzanghera |first2=Jim |date=January 25, 2018 |title=Yellen's legacy as Fed chief: Full employment but unfinished business |url=https://www.latimes.com/business/la-fi-yellen-federal-reserve-20180119-story.html |url-status=live |work=Los Angeles Times |archive-url=https://web.archive.org/web/20180125130649/https://www.latimes.com/business/la-fi-yellen-federal-reserve-20180119-story.html |archive-date=January 25, 2018 |access-date=January 26, 2018 |issn=2165-1736}}</ref><ref name="Borak, BusinessCNN">{{Cite web |url=https://money.cnn.com/2018/02/03/news/economy/federal-reserve-janet-yellen-legacy/index.html |title=Yellen's historic legacy: Wise caution and a successful recovery |last=Borak |first=Donna |date=February 3, 2018 |website=CNN Business |archive-url=https://web.archive.org/web/20180203163020/https://money.cnn.com/2018/02/03/news/economy/federal-reserve-janet-yellen-legacy/index.html |archive-date=February 3, 2018 |url-status=live |access-date=February 4, 2018}}</ref><ref name="Crutsinger, AP"/> For the first time since central bank creation, the economy added jobs throughout every month of any Fed chair's tenure.<ref name="Borak, BusinessCNN"/> Yellen completed her time at the Fed with the lowest final unemployment rate of any Fed chair since [[William McChesney Martin]] in 1970.<ref name="Long, WP">{{Cite news |last=Long |first=Heather |date=December 13, 2017 |title=Janet L. Yellen, America's first female Fed chair, finishes to 'standing ovation' |url=https://www.washingtonpost.com/news/wonk/wp/2017/12/13/janet-l-yellen-americas-first-female-fed-chair-finishes-to-standing-ovation/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20171213185557/https://www.washingtonpost.com/news/wonk/wp/2017/12/13/janet-l-yellen-americas-first-female-fed-chair-finishes-to-standing-ovation/ |archive-date=December 13, 2017 |access-date=December 14, 2017 |issn=0190-8286}}</ref> Under her leadership, the U.S. unemployment rate fell more than during any other chair's term in the [[Post–World War II economic expansion|post-World War II era]], declining 2.6 percentage points.<ref name="Long, WP"/> On the other hand, inflation remained below the Fed's annual two percent target, which led to the suggestion that the central bank could have done even more to bolster the economy without the risk of price increases.<ref>{{Cite news |last1=Casselman |first1=Ben |last2=Granville |first2=Kevin |date=November 2, 2017 |title=Yellen's Legacy: Economic Progress but a Sense of a Job Unfinished |url=https://www.nytimes.com/interactive/2017/11/02/business/economy/janet-yellen-fed-legacy.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20171102192209/https://www.nytimes.com/interactive/2017/11/02/business/economy/janet-yellen-fed-legacy.html |archive-date=November 2, 2017 |access-date=November 3, 2017 |issn=1553-8095}}</ref>

Yellen became the first person in U.S. central bank history to have served as a Federal Reserve chair (2014–2018), vice chair (2010–2014), district president (FRB of San Francisco, 2004–2010), Fed governor (1994–1997 and 2010–2018), and staff economist (1977–1978).<ref>{{Cite web |url=https://www.dallasfed.org/research/economics/2019/0418.aspx |title=Global Perspectives: Janet Yellen on Becoming an Economist, Being Fed Chair and Views on Fed Independence |last=Wynne |first=Mark |date=April 18, 2019 |website=dallasfed.org |archive-url=https://web.archive.org/web/20201031103717/https://www.dallasfed.org/research/economics/2019/0418.aspx |archive-date=October 31, 2020 |url-status=live |access-date=April 19, 2019}}</ref>

== After the Federal Reserve (2018–2020) ==
[[File:Yellen farewell (26153917598).jpg|thumb|Yellen delivers her farewell speech to Federal Reserve staff, February 1, 2018.]]
On February 2, 2018, the [[Brookings Institution]] announced that Yellen would join the think tank as a distinguished fellow in residence with the Economic Studies program, effective February 5, 2018.<ref>{{Cite news |last=Appelbaum |first=Binyamin |date=February 2, 2018 |title=Yellen, Departing Fed, Will Join Brookings |url=https://www.nytimes.com/2018/02/02/us/politics/yellen-departing-fed-will-join-brookings.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20180202192619/https://www.nytimes.com/2018/02/02/us/politics/yellen-departing-fed-will-join-brookings.html |archive-date=February 2, 2018 |access-date=February 2, 2018 |issn=1553-8095}}</ref> She's been affiliated with the Hutchins Center on Fiscal and Monetary Policy at Brookings.<ref>{{Cite press release |author=<!--Not stated--> |title=Federal Reserve Chair Janet L. Yellen to join Economic Studies at Brookings |url=https://www.brookings.edu/news-releases/federal-reserve-chair-janet-l-yellen-to-join-economic-studies-at-brookings/ |url-status=live |location=Washington, D.C. |publisher=Brookings |date=February 2, 2018 |archive-url=https://web.archive.org/web/20180202162241/https://www.brookings.edu/news-releases/federal-reserve-chair-janet-l-yellen-to-join-economic-studies-at-brookings/ |archive-date=February 2, 2018 |access-date=February 3, 2018}}</ref> On July 31, 2018, the Hutchins Center announced Yellen, [[James H. Stock]], and Louise Sheiner as co-chairs of the newly launched Productivity Measurement Initiative, aimed at improving the quality of [[economic statistics]].<ref>{{Cite press release |author=<!--Not stated--> |title=Janet Yellen, James Stock, Louise Sheiner to chair oversight panel for new Hutchins Center initiative to improve the quality of economic statistics |url=https://www.brookings.edu/news-releases/janet-yellen-james-stock-louise-sheiner-to-chair-oversight-panel-for-new-hutchins-center-initiative-to-improve-the-quality-of-economic-statistics/ |url-status=live |location=Washington, D.C. |publisher=Brookings |date=July 31, 2018 |archive-url=https://web.archive.org/web/20200811013626/https://www.brookings.edu/news-releases/janet-yellen-james-stock-louise-sheiner-to-chair-oversight-panel-for-new-hutchins-center-initiative-to-improve-the-quality-of-economic-statistics/ |archive-date=August 11, 2020 |access-date=August 1, 2018}}</ref>

In November 2020, Yellen left her position at Brookings after being selected as a nominee to serve as Treasury secretary.<ref name="BrookingsLeave">{{Cite press release |author=<!--Not stated--> |title=Janet Yellen, Brookings scholar and former Federal Reserve Board Chair, picked to be U.S. Treasury Secretary |url=https://www.brookings.edu/news-releases/janet-yellen-brookings-scholar-and-former-federal-reserve-board-chair-picked-to-be-u-s-treasury-secretary/ |url-status=live |location=Washington, D.C. |publisher=Brookings |date=November 30, 2020 |archive-url=https://web.archive.org/web/20211115165154/https://www.brookings.edu/news-releases/janet-yellen-brookings-scholar-and-former-federal-reserve-board-chair-picked-to-be-u-s-treasury-secretary/ |archive-date=November 15, 2021 |access-date=December 1, 2020}}</ref> Within the think tank, she has been providing expertise and commentary on a range of economic issues, offering her perspective and analysis at Brookings panels, congressional testimony, lectures across the United States and abroad, and regularly serving as a commentator in the media.<ref name="BrookingsLeave"/>

On June 27, 2017, Yellen stated that she did not expect another financial crisis "in our lifetime" because she thought banks were "much stronger" as a result of Federal Reserve oversight.<ref>{{Cite web |url=https://www.cnbc.com/2017/06/27/yellen-banks-very-much-stronger-another-financial-crisis-not-likely-in-our-lifetime.html |title=Yellen: Banks 'very much stronger'; another financial crisis not likely 'in our lifetime' |last=Cox |first=Jeff |date=June 27, 2017 |website=CNBC |archive-url=https://web.archive.org/web/20190331204315/https://www.cnbc.com/2017/06/27/yellen-banks-very-much-stronger-another-financial-crisis-not-likely-in-our-lifetime.html |archive-date=March 31, 2019 |url-status=live |access-date=June 28, 2017}}</ref> In a December 10, 2018 conversation with [[Paul Krugman]] at the [[City University of New York]], she warned of the possibility of another financial crisis by citing "gigantic holes in the system" after she departs from the Federal Reserve.<ref>{{Cite web |url=https://www.cnbc.com/2018/12/11/yellen-warns-of-another-potential-financial-crisis.html |title=Yellen warns of another potential financial crisis: 'Gigantic holes in the system' |last=Liesman |first=Steve |date=December 11, 2018 |website=CNBC |archive-url=https://web.archive.org/web/20211127210752/https://www.cnbc.com/2018/12/11/yellen-warns-of-another-potential-financial-crisis.html |archive-date=November 27, 2021 |url-status=live |access-date=December 12, 2018}}</ref>

On February 25, 2019, in an interview with ''[[Marketplace (radio program)|Marketplace]]'', when asked if she believed Trump has "a grasp of macroeconomic policy," Yellen replied, "No, I do not."<ref name="2019MarketplaceInterview">{{Cite interview |last=Yellen |first=Janet |interviewer=Kai Ryssdal |title=Former Fed Chair Janet Yellen: Far from retired, nowhere near done |work=Marketplace |publisher=American Public Media |location=Washington, D.C. |date=February 25, 2019 |url=https://www.marketplace.org/story/2019/02/25/janet-yellen/ |url-status=live |archive-url=https://web.archive.org/web/20190805004127/https://www.marketplace.org/2019/02/25/janet-yellen-2/ |archive-date=August 5, 2019 |access-date=February 26, 2019}}</ref> She expressed her doubts about the president's ability to articulate the Federal Reserve's explicit goals of "maximum employment and price stability" and emphasized his assertions that the Federal Reserve's goals include trade, which she explains are objectively false. She raised further concern over Trump's regard for the independence of the central bank  and voiced support for her successor, Jerome Powell.<ref name="2019MarketplaceInterview"/> This interview marked a notable change in tone for Yellen, who traditionally handled her differences with the president in a neutral manner.<ref>{{Cite web |url=https://www.cnbc.com/2019/02/25/janet-yellen-says-trump-has-a-lack-of-understanding-of-fed-policies-and-the-economy.html |title=Janet Yellen: Trump has 'lack of understanding' of Fed and economy |last=Cox |first=Jeff |date=February 25, 2019 |website=CNBC |archive-url=https://web.archive.org/web/20190307030011/https://www.cnbc.com/2019/02/25/janet-yellen-says-trump-has-a-lack-of-understanding-of-fed-policies-and-the-economy.html |archive-date=March 7, 2019 |url-status=live |access-date=February 26, 2019}}</ref>

On July 17, 2020, at the hearing of the [[United States House Select Oversight Subcommittee on the Coronavirus Crisis|House Select Oversight Subcommittee on the Coronavirus Crisis]], which was set up by the [[United States House Committee on Oversight and Reform|House Committee on Oversight and Reform]], former Federal Reserve chairs Bernanke and Yellen testified about the economic policy response to the [[Economic impact of the COVID-19 pandemic in the United States|negative impact]] of the [[COVID-19 pandemic in the United States|coronavirus pandemic]]. They urged lawmakers to act aggressively with [[Stimulus (economics)|fiscal stimulus]] in three areas: extending the supplementary unemployment payments; providing additional financial assistance to hard-hit states and local governments; and investing in the medical response to the pandemic.<ref>{{Cite news |last=Lane |first=Sylvan |date=July 17, 2020 |title=Yellen, Bernanke urge Congress to extend unemployment benefit boost |url=https://thehill.com/policy/finance/507857-yellen-bernanke-urge-congress-to-extend-unemployment-benefit-boost |url-status=live |work=The Hill |archive-url=https://web.archive.org/web/20200718050829/https://thehill.com/policy/finance/507857-yellen-bernanke-urge-congress-to-extend-unemployment-benefit-boost |archive-date=July 18, 2020 |access-date=July 18, 2020 |issn=1521-1568}}</ref> She also expressed this commitment to stimulus in an [[op-ed]] for ''[[The New York Times]]'' with [[Jared Bernstein]], a senior fellow at the [[Center on Budget and Policy Priorities]].<ref>{{Cite news |last1=Yellen |first1=Janet |last2=Bernstein |first2=Jared |date=August 24, 2020 |title=The Senate's on Vacation While Americans Starve |url=https://www.nytimes.com/2020/08/24/opinion/coronavirus-federal-reserve.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20200825010005/https://www.nytimes.com/2020/08/24/opinion/coronavirus-federal-reserve.html |archive-date=August 25, 2020 |access-date=August 25, 2020 |issn=1553-8095}}</ref>

In August 2020, it was reported that Yellen was among a handful of economists who briefed former vice president [[Joe Biden]], the presumptive Democratic nominee for president, and his chosen [[running mate]], Sen. [[Kamala Harris]], on economic issues.<ref>{{Cite web |url=https://www.reuters.com/article/usa-election-yellen-idUSL1N2FF1WB |title=Former U.S. Fed Chair Yellen among those appearing at Biden economic briefing |last=Hunnicutt |first=Trevor |date=August 13, 2020 |website=Reuters |archive-url=https://web.archive.org/web/20200817234334/https://www.reuters.com/article/usa-election-yellen-idUSL1N2FF1WB |archive-date=August 17, 2020 |url-status=live |access-date=August 14, 2020}}</ref> The meeting was one of the first times the [[Joe Biden 2020 presidential campaign|Biden campaign]] announced its economic expert, whom few at the time predicted would take a [[Cabinet of the United States|presidential cabinet]] post.<ref name="TreasuryFrontrunner, Politico"/>

=== Paid corporate speaking ===
Between 2018 and 2020, Yellen received $7.2{{nbs}}million in [[speaking fee]]s for 50 speeches at various [[Wall Street]], technology and consulting companies. This included $1 million for giving nine speeches to [[Citigroup|Citi]] and $800,000 from the hedge fund [[Citadel LLC]], as well as other paid speeches with Wall Street companies [[Barclays]], [[Goldman Sachs]], [[UBS]] and [[Credit Suisse]].<ref name=":2">{{Cite news |last=Thompson |first=Alex |date=January 1, 2021 |title=Janet Yellen made millions in Wall Street, corporate speeches |url=https://www.politico.com/news/2021/01/01/yellen-made-millions-in-wall-street-speeches-453223 |access-date=September 18, 2024 |work=Politico |archive-date=January 8, 2021 |archive-url=https://web.archive.org/web/20210108032715/https://www.politico.com/news/2021/01/01/yellen-made-millions-in-wall-street-speeches-453223 |url-status=live }}</ref><ref name="Walsh, Forbes">{{Cite news |last=Walsh |first=Joe |date=January 1, 2021 |title=Yellen Earned $7.2 Million In Speaking Fees Over Last Two Years |url=https://www.forbes.com/sites/joewalsh/2021/01/01/yellen-earned-72-million-in-speaking-fees-over-last-two-years/?sh=4b8c7c2726f9/ |url-status=live |work=Forbes |archive-url=https://web.archive.org/web/20210101154229/https://www.forbes.com/sites/joewalsh/2021/01/01/yellen-earned-72-million-in-speaking-fees-over-last-two-years/ |archive-date=January 1, 2021 |access-date=January 2, 2021 |issn=0015-6914}}</ref><ref>{{Cite web |url=https://www.foxnews.com/politics/yellen-robinhood-citadel-gamestop-speaking-fees |title=Yellen received $800G from hedge fund in Gamestop controversy; WH doesn't commit to recusal |last=Dorman |first=Sam |date=January 28, 2021 |website=Fox News |archive-url=https://web.archive.org/web/20210128200603/https://www.foxnews.com/politics/yellen-robinhood-citadel-gamestop-speaking-fees |archive-date=January 28, 2021 |url-status=live |access-date=January 29, 2021}}</ref><ref name="Makortoff, TheGuardian">{{Cite news |last=Makortoff |first=Kalyeena |date=January 1, 2021 |title=Janet Yellen has made at least $7m from speaking fees, records show |url=https://www.theguardian.com/business/2021/jan/01/janet-yellen-speaking-fees-us-treasury-secretary |url-status=live |work=The Guardian |archive-url=https://web.archive.org/web/20210101130651/https://www.theguardian.com/business/2021/jan/01/janet-yellen-speaking-fees-us-treasury-secretary |archive-date=January 1, 2021 |access-date=January 2, 2021 |issn=1756-3224}}</ref> Paid speeches with technology companies included [[Google]] and [[Salesforce]].<ref name=":2" />

With her return to government, she pledged to get official permission from the [[United States Office of Government Ethics|Office of Government Ethics]] (OGE) to participate in substantive issues involving such firms to avoid any conflict of interest.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Biden's Treasury nominee Yellen discloses paid speaking gigs for financial firms |url=https://www.reuters.com/article/us-usa-biden-yellen-idUSKBN2961ZO |url-status=live |archive-url=https://web.archive.org/web/20210316031135/https://www.reuters.com/article/us-usa-biden-yellen-idUSKBN2961ZO |archive-date=March 16, 2021 |website=Reuters |date=January 1, 2021 |access-date=January 2, 2021}}</ref><ref name="Makortoff, TheGuardian" />

== Secretary of the Treasury (2021–2025) ==
===Nomination and confirmation===
[[File:President Joe Biden meets with Treasury Secretary Janet Yellen.jpg|thumb|President [[Joe Biden]] and Vice President [[Kamala Harris]] receive an economic briefing from Treasury Secretary Yellen in the [[Oval Office]], January 29, 2021.]]
Following the [[2020 United States presidential election|2020 presidential election]], Yellen was routinely mentioned as a possible [[United States Secretary of the Treasury|secretary of the treasury]] in the incoming [[Presidency of Joe Biden|Biden administration]].<ref>{{Cite web |url=https://finance.yahoo.com/news/whos-who-possible-biden-picks-for-treasury-secretary-214832473.html |title=Possible Biden picks for Treasury Secretary: a who's who |last=Cheung |first=Brian |date=November 16, 2020 |website=Yahoo! Finance |archive-url=https://web.archive.org/web/20201116215303/https://finance.yahoo.com/news/whos-who-possible-biden-picks-for-treasury-secretary-214832473.html |archive-date=November 16, 2020 |url-status=live |access-date=November 17, 2020}}</ref><ref>{{Cite magazine |last=Carrazana |first=Chabeli |date=November 20, 2020 |title=The Women Who Could Lead Biden's Economic Recovery |url=https://msmagazine.com/2020/11/20/janet-yellen-lael-brainard-elizabeth-warren-sarah-bloom-raskin-the-women-who-could-lead-bidens-economic-recovery/ |url-status=live |magazine=Ms. |archive-url=https://web.archive.org/web/20221207162813/https://msmagazine.com/2020/11/20/janet-yellen-lael-brainard-elizabeth-warren-sarah-bloom-raskin-the-women-who-could-lead-bidens-economic-recovery/ |archive-date=December 7, 2022 |access-date=November 21, 2020 |issn=0047-8318}}</ref> She edged out other top contenders to obtain the position, including Fed Board Gov. [[Lael Brainard]] and [[Roger W. Ferguson Jr.]], a former central bank vice chairman.<ref name="TreasuryFrontrunner, Politico">{{Cite web |url=https://www.politico.com/news/2020/12/01/how-biden-landed-yellen-treasury-secretary-441658 |title=The quiet frontrunner: How Biden landed on Yellen for Treasury secretary |last1=Cassella |first1=Megan |last2=White |first2=Ben |date=December 1, 2020 |website=Politico |archive-url=https://web.archive.org/web/20210118230224/https://www.politico.com/news/2020/12/01/how-biden-landed-yellen-treasury-secretary-441658 |archive-date=January 18, 2021 |url-status=live |access-date=December 2, 2020}}</ref><ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2020-11-20/brainard-slips-as-treasury-contender-with-biden-nearing-choice |title=Brainard Slips as Treasury Contender With Biden Nearing Pick |last1=Mohsin |first1=Saleha |last2=Epstein |first2=Jennifer |last3=Pager |first3=Tyler |date=November 21, 2020 |website=Bloomberg News |archive-url=https://web.archive.org/web/20210520072959/https://www.bloomberg.com/news/articles/2020-11-20/brainard-slips-as-treasury-contender-with-biden-nearing-choice |archive-date=May 20, 2021 |url-status=live |access-date=November 22, 2020}}</ref>

On November 30, 2020, then-President-elect Biden announced he would nominate Yellen as Treasury Secretary in [[Cabinet of Joe Biden|his cabinet]].<ref>{{Cite web |url=https://www.politico.com/news/2020/11/23/biden-picks-janet-yellen-treasury-439760 |title=Biden to tap former Fed chief Yellen as first woman to head Treasury |first=Victoria |last=Guida |date=November 23, 2020 |website=Politico |archive-url=https://web.archive.org/web/20220110034037/https://www.politico.com/news/2020/11/23/biden-picks-janet-yellen-treasury-439760 |archive-date=January 10, 2022 |url-status=live |access-date=November 24, 2020}}</ref><ref>{{Cite news |last=Lane |first=Sylvan |date=November 30, 2020 |title=Biden names Janet Yellen as his Treasury nominee |url=https://thehill.com/policy/finance/526996-biden-picks-janet-yellen-for-treasury-secretary |url-status=live |work=The Hill |archive-url=https://web.archive.org/web/20210416213849/https://thehill.com/policy/finance/526996-biden-picks-janet-yellen-for-treasury-secretary |archive-date=April 16, 2021 |access-date=December 1, 2020 |issn=1521-1568}}</ref> In his remarks on the announcement, Biden lauded her as "one of the most important economic thinkers of our time" who "spent her career focused on employment and the dignity of work."<ref>{{Cite speech |last=Biden |first=Joe |title=Remarks by President-elect Joe Biden in Wilmington, Delaware |event=Economic Policy Nominees & Appointees |date=December 1, 2020 |location=Wilmington, Delaware |publisher=The American Presidency Project |url=https://www.presidency.ucsb.edu/documents/remarks-president-elect-joe-biden-wilmington-delaware-3 |access-date=December 2, 2020 |url-status=live |archive-date=April 18, 2021 |archive-url=https://web.archive.org/web/20210418142328/https://www.presidency.ucsb.edu/documents/remarks-president-elect-joe-biden-wilmington-delaware-3 |language=en}}</ref> Despite being a highly respected figure across the political spectrum and expected to win confirmation easily, she was considered an unusual pick for the position because of her lack of experience in political maneuvering. Unlike her predecessors, she is viewed as more of an academic economist than a traditional politician used to horse-trading and dealmaking, qualities that could be critical to  achieving the goals of [[Economic policy of the Joe Biden administration|Biden's economic agenda]] in a deeply partisan Congress.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2021-10-07/janet-yellen-s-strengths-might-not-be-enough-to-sell-biden-agenda |title=Janet Yellen's Above-the-Fray Approach Is Put to a Political Test |last=Mohsin |first=Salena |date=October 7, 2021 |website=Bloomberg News |archive-url=https://archive.today/20211008232801/https://www.bloomberg.com/news/articles/2021-10-07/janet-yellen-s-strengths-might-not-be-enough-to-sell-biden-agenda |archive-date=October 8, 2021 |url-status=live |access-date=October 8, 2021}}</ref><ref>{{Cite news |last1=Hilsenrath |first1=Jon |last2=Timiraos |first2=Nick |date=November 24, 2020 |title=Politics Isn't Janet Yellen's Forte, but It's What She's In for Now |url=https://www.wsj.com/articles/politics-isnt-janet-yellens-forte-but-its-what-shes-in-for-now-11606269805 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20201125152911/https://www.wsj.com/articles/politics-isnt-janet-yellens-forte-but-its-what-shes-in-for-now-11606269805 |archive-date=November 25, 2020 |access-date=November 25, 2020 |issn=1042-9840}}</ref><ref>{{Cite news |last=Irwin |first=Neil |date=November 24, 2020 |title=Janet Yellen Has Excelled at Big Jobs. This Will Be the Hardest One Yet. |url=https://www.nytimes.com/2020/11/24/upshot/janet-yellen-treasury-challenges.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20211125144305/https://www.nytimes.com/2020/11/24/upshot/janet-yellen-treasury-challenges.html |archive-date=November 25, 2021 |access-date=November 25, 2020 |issn=1553-8095}}</ref> All living former U.S. treasury secretaries, from [[George Shultz]] to [[Jack Lew]], endorsed Yellen for the position in a bipartisan letter calling on the Senate to swiftly confirm her.<ref>{{Cite news |last=Fallert |first=Nicole |date=January 19, 2021 |title=Janet Yellen Receives Support From All Eight Living Ex-Treasury Secretaries |url=https://www.newsweek.com/janet-yellen-receives-support-all-eight-living-ex-treasury-secretaries-1562660 |url-status=live |work=Newsweek |archive-url=https://web.archive.org/web/20210119172617/https://www.newsweek.com/janet-yellen-receives-support-all-eight-living-ex-treasury-secretaries-1562660 |archive-date=January 19, 2021 |access-date=January 20, 2021 |issn=0028-9604}}</ref>

The [[United States Senate Committee on Finance|Senate Finance Committee]] unanimously approved Yellen's candidacy by a 26–0 vote on January 22, 2021.<ref>{{Cite web |url=https://www.reuters.com/article/us-usa-biden-yellen-idUSKBN29R18O |title=Yellen nomination sails through Senate panel; final vote set for Monday |last1=Lawder |first1=David |last2=Shalal |first2=Andrea |date=January 22, 2021 |website=Reuters |archive-url=https://web.archive.org/web/20210209132524/https://www.reuters.com/article/us-usa-biden-yellen-idUSKBN29R18O |archive-date=February 9, 2021 |url-status=live |access-date=January 23, 2021}}</ref> The full U.S. Senate confirmed her nomination with a vote of 84–15 (with one [[abstention]], [[Marco Rubio]], R-FL)<ref name="Yellen Roll Call Vote 117th Congress – 1st Session">{{Cite web | title = Question: On the Nomination (Confirmation: Janet Louise Yellen, of California, to be Secretary of the Treasury )| publisher = Roll Call Vote 117th Congress – 1st Session| date = January 25, 2021 | url = https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=117&session=1&vote=00006| archive-date = January 26, 2021| archive-url = https://web.archive.org/web/20210126074615/https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=117&session=1&vote=00006| url-status = live }}</ref> on January 25.<ref name="TreasuryConfirmed, CNN">{{Cite web |url=https://www.cnn.com/2021/01/25/economy/yellen-treasury-secretary-first-woman/index.html |title=Janet Yellen is confirmed as the first female Treasury secretary in US history |last1=Tappe |first1=Anneken |last2=Egan |first2=Matt |date=January 25, 2021 |website=CNN |archive-url=https://web.archive.org/web/20210126072644/https://edition.cnn.com/2021/01/25/economy/yellen-treasury-secretary-first-woman/index.html |archive-date=January 26, 2021 |url-status=live |access-date=January 26, 2021}}</ref> With her oath of office administered by Vice President Harris the next day,<ref>{{Cite news |last=Rappeport |first=Alan |date=January 26, 2021 |title=Janet Yellen, the first woman to be Treasury secretary, is sworn in by the first woman to be vice president. |url=https://www.nytimes.com/2021/01/26/us/politics/janet-yellen-treasury.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20211019121946/https://www.nytimes.com/2021/01/26/us/politics/janet-yellen-treasury.html |archive-date=October 19, 2021 |access-date=January 27, 2021 |issn=1553-8095}}</ref> Yellen became the first female Secretary of the Treasury and the first person in American history to lead the three most powerful economic bodies in the [[federal government of the United States]]: the Treasury Department, the Federal Reserve, and the White House Council of Economic Advisers.<ref name="FirstPerson">{{Cite press release |author=<!--Not stated--> |title=Janet L. Yellen Sworn In As 78th Secretary of the United States Department of the Treasury |url=https://home.treasury.gov/news/press-releases/jy0002 |url-status=live |location=Washington, D.C. |publisher=U.S. Department of the Treasury |date=January 26, 2021 |archive-url=https://web.archive.org/web/20210127105142/https://home.treasury.gov/news/press-releases/jy0002 |archive-date=January 27, 2021 |access-date=January 28, 2021}}</ref><ref name="TreasuryConfirmed, CNN"/>

Only three other women within the [[G7]] nations{{snd}}France's [[Christine Lagarde]], Canada's [[Chrystia Freeland]] and the United Kingdom's [[Rachel Reeves]]{{snd}}have held positions analogous to Yellen's as Treasury Secretary.<ref>{{Cite news |last1=Kerner |first1=Andrew |last2=Choi |first2=Ha Eun |last3=Bodea |first3=Cristina |date=February 10, 2021 |title=Janet Yellen will be the first female treasury secretary in U.S. Why are so few women in top economic posts?|url=https://www.washingtonpost.com/politics/2021/02/10/janet-yellen-will-be-first-woman-treasury-secretary-why-are-so-few-women-top-economic-posts/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20210210202246/https://www.washingtonpost.com/politics/2021/02/10/janet-yellen-will-be-first-woman-treasury-secretary-why-are-so-few-women-top-economic-posts/|archive-date=February 10, 2021 |access-date=February 11, 2021 |issn=0190-8286}}</ref> Yellen and [[Lynn Malerba]] signing [[currency]] during Yellen's time as Treasury Secretary also marked the first time two women signed U.S. currency.<ref>{{Cite web|url=https://apnews.com/article/russia-ukraine-inflation-politics-government-janet-yellen-9175f4272bf3cf890b44eec0fec87a6b|title=Yellen, Malerba become 1st female pair to sign US currency|date=December 8, 2022|website=AP News}}</ref>

===Tenure===
====Proposed international tax reform====
[[File:Janet Yellen and Olaf Scholz prepared for 2021 G20 Finance Minister's Meeting (3).jpg|thumb|Yellen meeting with German finance minister [[Olaf Scholz]], July 2, 2021]]
[[File:YellenDollarPicture.jpg|thumb|A close-up of a [[United States five-dollar bill]] featuring Yellen's signature]]
In April 2021, Yellen proposed a [[global minimum corporate tax rate]] that would prevent [[Base erosion and profit shifting|profit shifting]] by multinational companies for [[tax avoidance]].<ref>{{Cite news |last=Rappeport |first=Alan |date=April 5, 2021 |title=Yellen calls for a global minimum corporate tax rate. |url=https://www.nytimes.com/2021/04/05/business/yellen-global-minimum-corporate-tax-rate.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20210419152702/https://www.nytimes.com/2021/04/05/business/yellen-global-minimum-corporate-tax-rate.html |archive-date=April 19, 2021 |access-date=April 6, 2021 |issn=1553-8095 |quote=Treasury Secretary Janet L. Yellen made the case on Monday for a global minimum tax, kicking off the Biden administration's effort to help raise revenue in the United States and prevent companies from shifting profits overseas to evade taxes. Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations regardless of where they locate their headquarters. Such a global tax could help prevent the type of "race to the bottom" that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates to attract business.}}</ref> In an accompanying written piece for ''[[The Wall Street Journal]]'', she outlined the enormous benefits of the discussed tax system for the US economy as well as the global economy.<ref>{{Cite news |last=Yellen |first=Janet |date=April 7, 2021 |title=A Better Corporate Tax for America |url=https://www.wsj.com/articles/a-better-corporate-tax-for-america-11617813355 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20210407173543/https://www.wsj.com/articles/a-better-corporate-tax-for-america-11617813355 |archive-date=April 7, 2021 |access-date=April 8, 2021 |issn=1042-9840}}</ref> On June 5, 2021, finance ministers from the Group of Seven (G7) agreed to reinstate a minimum worldwide corporate tax rate of at least 15% as part of a landmark deal to modernize the international tax system, while
France's [[Bruno Le Maire]] called it "a starting point" that could be increased in the future.<ref>{{Cite web |url=https://www.reuters.com/business/g7-nations-near-historic-deal-taxing-multinationals-2021-06-05/ |title=Tech giants and tax havens targeted by historic G7 deal |last1=Milliken |first1=David |last2=Holton |first2=Kate |date=June 5, 2021 |website=Reuters |archive-url=https://web.archive.org/web/20210607140708/https://www.reuters.com/business/g7-nations-near-historic-deal-taxing-multinationals-2021-06-05/ |archive-date=June 7, 2021 |url-status=live |access-date=June 6, 2021}}</ref>  A few days later, Treasury Secretary Yellen co-wrote an op-ed for ''[[The Washington Post]]'' with four of her international counterparts, describing the new agreement as "an historic opportunity to end the [[race to the bottom]] in corporate taxation, restoring government resources at a time when they are most needed."<ref>{{Cite news |last1=Herrera Gutiérrez |first1=Arturo |last2=Mulyani Indrawati |first2=Sri |last3=Mboweni |first3=Tito |last4=Scholz |first4=Olaf |last5=Yellen |first5=Janet |date=June 10, 2021 |title=Opinion: Five finance ministers: Why we need a global corporate minimum tax |url=https://www.washingtonpost.com/opinions/2021/06/09/janet-yellen-global-corporate-minimum-tax-finance-ministers/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20210610235112/https://www.washingtonpost.com/opinions/2021/06/09/janet-yellen-global-corporate-minimum-tax-finance-ministers/ |archive-date=June 10, 2021 |access-date=June 11, 2021 |issn=0190-8286}}</ref> The next month, financial leaders from the [[G20]] countries came to an agreement on plans to put an end to global [[tax haven]]s, force multinational corporations to pay an appropriate share of tax wherever they operate, and create a "more stable and fair international tax architecture."<ref>{{Cite news |last=Rappeport |first=Alan |date=July 9, 2021 |title=Finance Ministers Meet in Venice to Finalize Global Tax Agreement |url=https://www.nytimes.com/2021/07/09/business/g20-global-minimum-tax.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20210710211749/https://www.nytimes.com/2021/07/09/business/g20-global-minimum-tax.html |archive-date=July 10, 2021 |access-date=July 10, 2021 |issn=1553-8095}}</ref>

In October 2021, more than 130 countries, accounting for more than 90% of global [[Gross domestic product|GDP]], including several low-tax jurisdictions that had previously fought the pact, enforced through the [[OECD]] a landmark agreement to establish a global minimum tax rate of 15% for businesses worldwide. The projected gain from the deal, which was&nbsp;anticipated&nbsp;to&nbsp;take&nbsp;effect&nbsp;in&nbsp;2023, would result in an increase of $150{{nbs}}billion in annual tax revenues. The treaty's implementation path remained uncertain because its [[ratification]] requires a two-thirds majority in the evenly divided U.S. Senate as well as passing domestic legislation in each of the signed countries.<ref>{{Cite web |url=https://edition.cnn.com/2021/10/08/business/ireland-global-tax-deal-oecd/index.html |title=136 countries agree to minimum corporate tax rate after Ireland drops its opposition |last1=Ziady |first1=Hanna |last2=Thompson |first2=Mark |date=October 8, 2021 |website=CNN |archive-url=https://web.archive.org/web/20211122122121/https://edition.cnn.com/2021/10/08/business/ireland-global-tax-deal-oecd/index.html |archive-date=November 22, 2021 |url-status=live |access-date=October 9, 2021}}</ref>{{update inline|date=October 2024}}

====Debt ceiling crisis====
On July 23, 2021, Yellen sent a letter to House Speaker [[Nancy Pelosi]] and other congressional leaders in which she urged lawmakers to increase or suspend the [[United States debt ceiling|nation's debt limit]] as soon as possible before it hit its statutory limit in August and the government would be unable to pay its bills. She warned Congress that failing to meet those financial obligations would cause "irreparable harm" to the U.S. economy and that the Treasury Department would take "extraordinary measures" to prevent the United States from suffering a [[Government shutdowns in the United States|government shutdown]] or even a debt default.<ref>{{Cite web |url=https://www.cnbc.com/2021/07/23/yellen-urges-congress-to-raise-debt-limit-by-aug-2-or-treasury-will-take-extraordinary-measures-to-prevent-default.html |title=Yellen urges Congress to raise or suspend the debt limit by Aug. 2 |last=Franck |first=Thomas |date=July 23, 2021 |website=CNBC |archive-url=https://web.archive.org/web/20211114191803/https://www.cnbc.com/2021/07/23/yellen-urges-congress-to-raise-debt-limit-by-aug-2-or-treasury-will-take-extraordinary-measures-to-prevent-default.html |archive-date=November 14, 2021 |url-status=live |access-date=July 24, 2021}}</ref>

On September 19, 2021, Yellen, in an op-ed for ''The Wall Street Journal'', again called for an increase in the debt ceiling; otherwise, sometime in October, the Treasury expected to exhaust its cash reserves, which would trigger a [[financial crisis]].<ref>{{Cite news |last=Yellen |first=Janet |date=September 19, 2021 |title=Congress, Raise the Debt Limit |url=https://www.wsj.com/articles/congress-raise-debt-limit-ceiling-yellen-treasury-brinkmanship-federal-budget-11632069056 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20210919202202/https://www.wsj.com/articles/congress-raise-debt-limit-ceiling-yellen-treasury-brinkmanship-federal-budget-11632069056 |archive-date=September 19, 2021 |access-date=September 20, 2021 |issn=1042-9840}}</ref> After lawmakers adopted a short-term debt ceiling bill to raise the United States' borrowing limit through early December, she said that a longer-term measure should be provided to ensure certainty in government's solvency.<ref>{{Cite web |url=https://www.marketwatch.com/story/yellen-says-debt-ceiling-deal-gives-treasury-only-temporary-reprieve-through-dec-3-11634590992 |title=Yellen says debt-ceiling deal gives Treasury only 'temporary reprieve' through Dec. 3 |last=Robb |first=Greg |date=October 18, 2021 |website=MarketWatch |archive-url=https://web.archive.org/web/20211102183925/https://www.marketwatch.com/story/yellen-says-debt-ceiling-deal-gives-treasury-only-temporary-reprieve-through-dec-3-11634590992 |archive-date=November 2, 2021 |url-status=live |access-date=October 19, 2021}}</ref> In November, Yellen expressed her willingness to consider solutions to the [[debt crisis]] without GOP support if necessary, using a budget [[Reconciliation (United States Congress)|reconciliation]] as a viable alternative.<ref>{{Cite news |last=Stein |first=Jeff |date=November 1, 2021 |title=Treasury Secretary Yellen expresses openness to defusing debt ceiling without GOP votes |url=https://www.washingtonpost.com/us-policy/2021/11/01/yellen-debt-ceiling-biden/ |url-status=live |newspaper=The Washington Post |archive-url=https://web.archive.org/web/20211101090747/https://www.washingtonpost.com/us-policy/2021/11/01/yellen-debt-ceiling-biden/ |archive-date=November 1, 2021 |access-date=November 2, 2021 |issn=0190-8286}}</ref> She also supported the idea for Democrats to raise the debt limit high enough that it would not be reached until after the [[2024 United States elections|2024 general elections]] while the party holds a majority in both houses of Congress, therefore preventing the issue from being weaponized for political reasons.<ref>{{Cite news |last=Rappeport |first=Alan |date=November 12, 2022 |title=Yellen Urges Congress to Raise Debt Limit Beyond 2024 Election |url=https://www.nytimes.com/2022/11/12/business/yellen-congress-debt-limit.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20230528012015/https://www.nytimes.com/2022/11/12/business/yellen-congress-debt-limit.html |archive-date=May 28, 2023 |access-date=November 13, 2022 |issn=1553-8095}}</ref>

In December 2021, President Biden signed a debt ceiling increase into law, preventing a U.S. default, a day after the Treasury's previously estimated deadline to address the issue. Congressional legislation designated to cover the government's financial commitments beyond the [[2022 United States elections|2022 midterm elections]] was passed in a nearly [[party-line vote]].<ref>{{Cite web |url=https://edition.cnn.com/2021/12/16/politics/biden-signs-debt-limit-increase/index.html |title=Biden signs debt limit increase, averting potential economic disaster |last1=Fossum |first1=Sam |last2=Sullivan |first2=Kate |date=December 16, 2021 |website=CNN |archive-url=https://web.archive.org/web/20211216224837/https://edition.cnn.com/2021/12/16/politics/biden-signs-debt-limit-increase/index.html |archive-date=December 16, 2021 |url-status=live |access-date=December 17, 2021}}</ref>

In January 2023, after Republicans took control over the House, Yellen informed House Speaker [[Kevin McCarthy]] and new congressional leadership that the U.S. expected to hit the debt ceiling on January 19 and that the Treasury yet again would be forced to use "extraordinary measures" to prevent default, and it could last until June of that year. She repeated her call to "act in a timely manner to increase or suspend the debt limit."<ref>{{Cite web |url=https://www.nbcnews.com/politics/congress/us-hit-debt-limit-week-yellen-warns-congress-rcna65725 |title=U.S. to hit debt limit next week, Yellen warns Congress |last=Shabad |first=Rebecca |date=January 13, 2023 |website=NBC News |url-status=live |archive-url=https://web.archive.org/web/20230425013348/https://www.nbcnews.com/politics/congress/us-hit-debt-limit-week-yellen-warns-congress-rcna65725 |archive-date=April 25, 2023 |access-date=January 14, 2023}}</ref> Yellen rejected the GOP plan on government payments prioritization once "extraordinary measures" are exhausted, insisting that her department doesn't have the systems to do so and that proposal effectively means a default.<ref>{{Cite web |url=https://www.axios.com/2023/01/20/yellen-treasury-debt-ceiling-prioritization |title=Yellen rejects GOP gambit on debt ceiling |last=Nichols |first=Hans |date=January 20, 2023 |website=Axios |archive-url=https://web.archive.org/web/20230123114457/https://www.axios.com/2023/01/20/yellen-treasury-debt-ceiling-prioritization |archive-date=January 23, 2023 |url-status=live |access-date=January 21, 2023}}</ref>
[[File:Janet Yellen and King Abdullah II 2021 (1).jpg|thumb|Yellen with King [[Abdullah II of Jordan]], July 20, 2021]]
On June 3, 2023, President Biden signed into law bipartisan congressional legislation that suspended the public debt limit throughout his first term in office, therefore ending the [[2023 United States debt-ceiling crisis|ongoing debt-ceiling crisis]]. It came as a compromise on fiscal spending between the White House and House Republicans two days before the United States was estimated to reach the debt ceiling and subsequently could no longer meet its own financial obligations.<ref>{{Cite web |url=https://www.nbcnews.com/politics/white-house/biden-signs-bipartisan-debt-ceiling-bill-avert-government-default-rcna87516 |title=Biden signs bipartisan debt ceiling bill to avert government default |last=Gregorian |first=Dareh |date=June 3, 2023 |website=NBC News |url-status=live |archive-url=https://web.archive.org/web/20230604035807/https://www.nbcnews.com/politics/white-house/biden-signs-bipartisan-debt-ceiling-bill-avert-government-default-rcna87516 |archive-date=June 4, 2023 |access-date=June 4, 2023}}</ref>

In September 2023, Yellen said she was not worried about the $33 trillion [[National debt of the United States|federal government debt]].<ref>{{cite news |last1=Daniel |first1=Will |title=Why Janet Yellen isn't worried about the $33 trillion national debt |url=https://fortune.com/2023/09/18/janet-yellen-national-debt/ |work=Fortune |date=September 18, 2023}}</ref>

====Sanctions against Russia and oil price cap====
In November 2021, Yellen and senior Treasury personnel were tasked with crafting a sanctions strategy that would maximize the costs inflicted on [[Economy of Russia|Russia's economy]] while limiting, if possible,
the expected negative impact on the United States and its allies if a [[Prelude to the Russian invasion of Ukraine|potential aggression]] began.<ref name="TreasurySanctions, ForeignAffairs">{{Cite news |last=Adeyemo |first=Wally |date=December 16, 2022 |title=America's New Sanctions Strategy |url=https://www.foreignaffairs.com/russian-federation/americas-new-sanctions-strategy |url-status=live |journal=Foreign Affairs |archive-url=https://archive.today/20221216074618/https://www.foreignaffairs.com/russian-federation/americas-new-sanctions-strategy |archive-date=December 16, 2022 |access-date=December 17, 2022 |issn=0015-7120}}</ref> The Treasury Department worked closely across government agencies and with US allies abroad to impose [[International sanctions during the Russian invasion of Ukraine|unprecedented international sanctions]] in response to the [[Russian invasion of Ukraine]] in February 2022.<ref name="TreasurySanctions, ForeignAffairs"/>

Yellen was a key proponent of a [[2022 Russian crude oil price cap sanctions|price cap on Russian oil]], a plan designed to deprive the [[Kremlin]] of funding for [[Russo-Ukrainian War|Russia's war in Ukraine]] while reducing an [[2021–2023 inflation surge|inflation surge]] by preserving the global oil supply.<ref>{{Cite news |last=Stein |first=Jeff |date=July 14, 2022 |title=Janet Yellen's global campaign to defund Russia's war machine |url=https://www.washingtonpost.com/us-policy/2022/07/14/yellen-putin-oil-price-russia/ |url-status=live |newspaper=The Washington Post |archive-url=https://archive.today/20220714073931/https://www.washingtonpost.com/us-policy/2022/07/14/yellen-putin-oil-price-russia/ |archive-date=July 14, 2022 |access-date=July 15, 2022 |issn=0190-8286}}</ref> On December 2, 2022,  following months of lobbying and negotiations by the United States, the emerging alliance of the G7 nations, the European Union, and Australia agreed to cap the price of Russian oil at $60 per barrel as an upper limit, with regular reviews to check that the ceiling stays at least 5 percent below average market prices.<ref>{{Cite news |last1=Stevis-Gridneff |first1=Matina |last2=Tankersley |first2=Jim |last3=Rappeport |first3=Alan |date=December 2, 2022 |title=Ukraine's Allies Agree on Russian Oil Price Cap |url=https://www.nytimes.com/2022/12/02/business/russia-oil-price-cap.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20230225062117/https://www.nytimes.com/2022/12/02/business/russia-oil-price-cap.html |archive-date=February 25, 2023 |access-date=December 3, 2022 |issn=1553-8095}}</ref>

====Digital Assets Regulation====
On April 7, 2022, at [[American University]]'s Kogod School of Business Center for Innovation, Yellen addressed for the first time the growing impact of [[digital asset]]s on the American economy. Yellen outlined policy objectives and lessons that apply to the navigation of emerging technologies, which include "first, the U.S. financial system benefits from responsible innovation; second, it's often society's vulnerable who suffer most in an economic crisis when regulation is not moving at the same pace as innovation; third, regulation should focus on activities and risk, not technology; fourth, [[Monetary sovereignty|sovereign money]] is the core of a functioning financial system; and fifth, it'll take thoughtful public and private dialogue between various groups to move forward."<ref>{{Cite web |url=https://news.fintechnexus.com/u-s-treasury-secretary-yellen-shares-crypto-lessons-at-university-address/ |title=U.S. Treasury Secretary Yellen shares crypto 'lessons' at university address |last=Travers |first=Kevin |date=April 7, 2022 |website=Fintech Nexus |archive-url=https://web.archive.org/web/20220625175106/http://news.fintechnexus.com/u-s-treasury-secretary-yellen-shares-crypto-lessons-at-university-address/ |archive-date=June 25, 2022 |url-status=live |access-date=April 8, 2022}}</ref>
[[File:SA Finance Minister Godongwana with US Treasury Secretary Yellen in 2022.jpg|thumb|Yellen with South African Finance Minister [[Enoch Godongwana]] in November 2022]]
Yellen also announced possible plans for a government version of a [[stablecoin]]; the administration is studying the possibility of issuing a [[central bank digital currency]] (CBDC) or digital dollar while taking into consideration the impact of a CBDC on monetary policy, national security, and international trade, as well as its utility for consumers. Solving such problems is an "engineering challenge that would require years of development, not months," she said.<ref>{{Cite news |last=Duehren |first=Andrew |date=April 7, 2022 |title=Crypto-Like Digital Dollar at Least Several Years Away, Yellen Says |url=https://www.wsj.com/articles/crypto-like-digital-dollar-at-least-several-years-away-yellen-says-11649353558 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20220408021639/https://www.wsj.com/articles/crypto-like-digital-dollar-at-least-several-years-away-yellen-says-11649353558 |archive-date=April 8, 2022 |access-date=April 8, 2022 |issn=1042-9840}}</ref>

====Friendshoring of supply chains====
In a speech delivered at the [[Atlantic Council]] on April 13, 2022, Yellen advised against the [[supply chain]] risks posed by reliance on commodities from countries that aligned with authoritarian regimes like Russia or China and favored [[friendshoring]] strategy, an approach that limits [[supply chain network]]s to allies and partner countries. She said that any moves from the other nations to undermine collective international effort to make Russia accountable for its aggression would draw the ire of the U.S. and its allies.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2022-04-13/yellen-to-warn-governments-against-undermining-russia-sanctions |title=Yellen Talks Tough on China, Warning of Fallout Over Russia Ties |last1=Condon |first1=Christopher |last2=Martin |first2=Eric |date=April 13, 2022 |website=Bloomberg News |archive-url=https://web.archive.org/web/20220508032240/https://www.bloomberg.com/news/articles/2022-04-13/yellen-to-warn-governments-against-undermining-russia-sanctions |archive-date=May 8, 2022 |url-status=live |access-date=April 14, 2022}}</ref> Yellen also called for the modernization of [[international financial institutions]] so that they could meet the world's 21st-century challenges, invoking precedent&nbsp;of the [[Bretton Woods Conference]], which was held during the [[World War II|Second World War]] to discuss [[Bretton Woods system|post-war economic order]].<ref>{{Cite web |url=https://www.atlanticcouncil.org/blogs/new-atlanticist/janet-yellens-message-to-the-world-there-can-be-no-sitting-on-the-fence-on-russia/ |title=Janet Yellen's message to the world: There can be no 'sitting on the fence' on Russia |last=Fouriezos |first=Nick |date=April 13, 2022 |website=Atlantic Council |archive-url=https://web.archive.org/web/20230322163903/https://www.atlanticcouncil.org/blogs/new-atlanticist/janet-yellens-message-to-the-world-there-can-be-no-sitting-on-the-fence-on-russia/ |archive-date=March 22, 2023 |url-status=live |access-date=April 14, 2022}}</ref>

In December 2022, Yellen wrote an essay for ''[[Project Syndicate]]'' in which she singled out the key risks for the U.S. economy that may be mitigated with the implementation of friendshoring policies. Those risks include: "first, over-concentration of critical goods in any particular market may result in vulnerability in supply chains that hurt workers and customers; second, the need to protect from geopolitical and security risks emanating from hostile states; and third, the need to shift away from supply chains that relied on violations of core [[human rights]], such as the use of [[forced labor]] in producing goods for import."<ref>{{Cite web |url=https://www.project-syndicate.org/magazine/biden-trade-agenda-emphasizes-resilience-by-janet-l-yellen-2022-12 |title=Resilient Trade |last=Yellen |first=Janet L. |date=December 12, 2022 |website=Project Syndicate |archive-url=https://archive.today/20221219141349/https://www.project-syndicate.org/magazine/biden-trade-agenda-emphasizes-resilience-by-janet-l-yellen-2022-12 |archive-date=December 19, 2022 |url-status=live |access-date=December 13, 2022}}</ref>

====Comments on ''Roe v. Wade'' overturning====
On May 10, 2022, during a Senate Banking Committee hearing, Yellen made comments on the economic consequences of ''[[Roe v. Wade]]'' overturning after a leaked draft majority opinion in ''[[Dobbs v. Jackson Women's Health Organization]]'' showed the [[Supreme Court of the United States|Supreme Court]] was poised to overrule its previous decisions that legalized [[abortion in the United States]]. Sen. [[Bob Menendez]] (D-NJ) asked what reversing the landmark ruling would mean economically for the United States; Yellen responded, "I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades." She added that keeping women from accessing abortions "increases their odds of living in poverty or need for public assistance." Sen. [[Tim Scott]] (R-SC) disagreed with her assertion and said, "I think finding a way to have a debate around abortion in a meeting for the economic stability of our country is harsh." She replied, "This is not harsh. This is the truth."<ref>{{Cite web |url=https://www.nbcnews.com/politics/politics-news/treasury-sec-yellen-says-reversing-roe-v-wade-damaging-effects-economy-rcna28150 |title=Treasury Secretary Yellen says reversing Roe v. Wade would have 'damaging effects on the economy' |last=Shabad |first=Rebecca |date=May 10, 2022 |website=NBC News |url-status=live |archive-url=https://web.archive.org/web/20220519022801/https://www.nbcnews.com/politics/politics-news/treasury-sec-yellen-says-reversing-roe-v-wade-damaging-effects-economy-rcna28150 |archive-date=May 19, 2022 |access-date=May 11, 2022}}</ref>

Following that heated exchange, Senator Scott penned an op-ed for ''The Washington Post'' in which he called Yellen's claim "simply false" and compared her arguments to those of [[Margaret Sanger]] in support of [[eugenics]].<ref>{{Cite news |last=Scott |first=Tim |date=May 17, 2022 |title=Opinion: Tim Scott: Abortion is not the way to help single Black mothers |url=https://www.washingtonpost.com/opinions/2022/05/17/tim-scott-abortion-single-black-mothers-economic-problems/ |url-status=live |newspaper=The Washington Post |archive-url=https://archive.today/20220517154749/https://www.washingtonpost.com/opinions/2022/05/17/tim-scott-abortion-single-black-mothers-economic-problems/ |archive-date=May 17, 2022 |access-date=May 18, 2022 |issn=0190-8286}}</ref> A number of prominent [[Conservatism in the United States|conservative]] media outlets and public figures alike similarly interpreted her comments on women's [[reproductive rights]], responding with sharp criticism.<ref>{{Cite web |url=https://www.mediamatters.org/fox-news/anti-abortion-pundits-were-furious-after-janet-yellen-pointed-out-reproductive-freedom |title=Anti-abortion pundits were furious after Janet Yellen pointed out that reproductive freedom is essential to economic freedom |last=McCann Ramirez |first=Nikki |date=May 13, 2022 |website=Media Matters for America |archive-url=https://web.archive.org/web/20221203182019/https://www.mediamatters.org/fox-news/anti-abortion-pundits-were-furious-after-janet-yellen-pointed-out-reproductive-freedom |archive-date=December 3, 2022 |url-status=live |access-date=May 14, 2022}}</ref>

==== Internal Revenue Service reforms ====
After the passage of the [[Inflation Reduction Act]] in August 2022, Yellen directed the [[Internal Revenue Service]] (IRS) to use $80 billion in additional funding over a decade to clear backlogs, improve taxpayer services, update technology, and hire thousands of new employees.<ref>{{Cite news |last=Rappeport |first=Alan |date=2022-08-17 |title=Yellen Directs I.R.S. to Embark on $80 Billion Overhaul Plan |language=en-US
|url-status=live |work=The New York Times |url=https://www.nytimes.com/2022/08/17/business/janet-yellen-irs-overhaul.html |access-date=2022-08-17 |archive-url=https://web.archive.org/web/20221101225340/https://www.nytimes.com/2022/08/17/business/janet-yellen-irs-overhaul.html |archive-date=2022-11-01  |issn=0362-4331}}</ref>

In June 2023, the&nbsp;[[Fiscal Responsibility Act&nbsp;of 2023|Fiscal Responsibility Act]], which was passed to reach a bipartisan agreement on debt ceiling, reallocated more than a quarter of the funding previously approved for IRS modernization to other budgetary areas. Despite that, Yellen assured that the agency still possesses the resources it needs in the near term to enhance service and ramp up enforcement. Furthermore, she said that the Treasury Department would continue to advocate for additional funds to make service improvements and help ensure that high-end taxpayers don't avoid paying their fair share.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2023-06-08/yellen-says-cut-to-irs-rebuild-won-t-affect-near-term-plans |title=Yellen Says Debt Deal's $21 Billion IRS Clawback Won't Affect 'Near-Term' Plans |last=Condon |first=Christopher |date=June 8, 2023 |website=Bloomberg News |archive-url=https://archive.today/20230608192546/https://www.bloomberg.com/news/articles/2023-06-08/yellen-says-cut-to-irs-rebuild-won-t-affect-near-term-plans?leadSource=uverify%20wall |archive-date=June 8, 2023 |url-status=live |access-date=June 9, 2023}}</ref>

====Visit to Ukraine====
[[File:President of Ukraine met with U.S. Secretary of the Treasury. (52715533240).jpg|thumb|Yellen with Ukrainian President [[Volodymyr Zelenskyy]], February 27, 2023]]
[[File:Treasury Secretary Yellen travels to Ukraine, Feb. 27, 2023 - 52743374528.jpg|thumb|Yellen laying flowers in memory of fallen Ukrainian soldiers at the [[Saint Michael's Square]], February 27, 2023]]
On February 27, 2023, Yellen made a surprise visit to Kyiv, in which she reaffirmed ongoing U.S. economic support for Ukraine in its struggle against Russia's&nbsp;invasion, including nearly $50 billion in security, financial, and humanitarian aid the federal government has provided over the past year as Ukraine's largest bilateral donor. She met with Ukrainian president [[Volodymyr Zelenskyy]] and the country's prime minister, [[Denys Shmyhal]], to discuss the rollout of about $1.25 billion in budget relief, the first of a $10 billion package of civilian assistance for things like schools, hospitals, and [[emergency service]]s, among others.<ref>{{Cite news |last1=Hayda |first1=Julian |last2=Harbage |first2=Claire |date=2023-02-27 |title=Janet Yellen visits Ukraine and pledges even more U.S. economic aid |url-status=live |work=NPR |url=https://www.npr.org/2023/02/27/1159719607/janet-yellen-ukraine-us-aid |access-date=2023-02-28 |archive-url=https://web.archive.org/web/20230301081919/https://www.npr.org/2023/02/27/1159719607/janet-yellen-ukraine-us-aid |archive-date=2023-03-01}}</ref>

Coinciding with her visit, Yellen wrote an op-ed&nbsp;for ''The New York Times'' in which she highlighted the importance of America's support and repeated President Biden's message that Washington will stand with the Ukrainian people for as long as it takes. She said, "We cannot allow Ukraine to lose the war for economic reasons when it has shown an ability to succeed on the battlefield."<ref>{{Cite news |last=Yellen |first=Janet |date=February 27, 2023 |title=Janet L. Yellen in Kyiv: Economic Aid to Ukraine Is Vital |url=https://www.nytimes.com/2023/02/27/opinion/janet-yellen-ukraine-russia.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20230227162218/https://www.nytimes.com/2023/02/27/opinion/janet-yellen-ukraine-russia.html |archive-date=February 27, 2023 |access-date=February 28, 2023 |issn=1553-8095}}</ref>

====Banking crisis====
On March 12, 2023, amidst the [[2023 banking crisis|banking crisis]], Yellen made an appearance on [[CBS]]' ''[[Face the Nation]]'' and affirmed that financial regulators closely monitored the state of the banking system to make sure it remained safe and well-capitalized. Addressing the [[collapse of Silicon Valley Bank]], which marked the [[List of largest bank failures in the United States|second-largest bank failure in American history]] at the time, she said she had been working with bank regulators to "design appropriate policies" to tackle the issue, though  declining to provide further details. She stressed that the possibility of a [[bailout]] was&nbsp;off the table.<ref>{{Cite web |url=https://www.cbsnews.com/news/janet-yellen-silicon-valley-bank-bailout-face-the-nation-interview-today-2023-03-12/ |title=Yellen rules out bailout for Silicon Valley Bank: "We're not going to do that again" |last=Quinn |first=Melissa |date=March 12, 2023 |website=CBS News |archive-url=https://web.archive.org/web/20230316180326/https://www.cbsnews.com/news/janet-yellen-silicon-valley-bank-bailout-face-the-nation-interview-today-2023-03-12/ |archive-date=March 16, 2023 |url-status=live |access-date=March 13, 2023}}</ref> Despite her statement, on the same day, Yellen approved actions enabling the [[Federal Deposit Insurance Corporation]] (FDIC) to complete its resolution of [[Silicon Valley Bank]] in a manner that fully protects all depositors by announcing a systemic risk exception, with similar provisions being made for [[Signature Bank]], another failed lender.<ref>{{Cite press release |author=<!--Not stated--> |title=Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC |url=https://home.treasury.gov/news/press-releases/jy1337 |url-status=live |location=Washington, D.C. |publisher=U.S. Department of the Treasury |date=March 12, 2023 |archive-url=https://web.archive.org/web/20230312222324/https://home.treasury.gov/news/press-releases/jy1337 |archive-date=March 12, 2023 |access-date=March 13, 2023}}</ref> These extraordinary measures were taken to ensure confidence in the U.S. banking system and prevent spreading of a [[bank run]].<ref>{{Cite web |url=https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e |title=US government moves to stop potential banking crisis |last1=Sweet |first1=Ken |last2=Rugaber |first2=Christopher |last3=Megerian |first3=Chris |last4=Bussewitz |first4=Cathy |date=March 12, 2023 |website=Associated Press |archive-url=https://web.archive.org/web/20230507180807/https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e |archive-date=May 7, 2023 |url-status=live |access-date=March 13, 2023}}</ref>

On March 21, Yellen delivered a speech to an [[American Bankers Association]] (ABA) summit in which she defended the forceful actions taken by regulators to avert a sweeping banking crisis and pledged resolute Biden administration support for lenders in need, regardless of their respective sizes. She said, "Our intervention was necessary to protect the broader U.S. banking system," and it was "not focused on aiding specific banks or classes of banks." Yellen went on to assure that "similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."<ref>{{Cite news |last=Rappeport |first=Alan |date=March 21, 2023 |title=U.S. Is Ready to Protect Smaller Banks if Necessary, Yellen Says |url=https://www.nytimes.com/2023/03/21/business/yellen-banking-system-svb.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20230322060903/https://www.nytimes.com/2023/03/21/business/yellen-banking-system-svb.html |archive-date=March 22, 2023
|access-date=March 22, 2023 |issn=1553-8095}}</ref>

Nevertheless, Yellen stated in her testimony before the [[United States Senate Appropriations Subcommittee on Financial Services and General Government|Senate Appropriations Subcommittee on Financial Services and General Government]] the following day that the FDIC was not considering providing "blanket insurance or guarantees of deposits." She said uninsured bank deposits beyond the law-established $250,000 limit could be protected only if a failed bank was deemed to pose a systemic risk to the financial system, and that determination would occur only on a case-by-case basis by the regulators.<ref>{{cite web |url=https://www.nbcnews.com/news/amp/rcna76210
 |title=U.S. isn't considering 'blanket insurance' for bank deposits, Yellen says |date=March 22, 2023 |website=NBC News |agency=Reuters |archive-url=https://web.archive.org/web/20230322235614/https://www.cnbc.com/2023/03/22/treasury-will-do-whatever-it-takes-to-ensure-savings-remain-safe-yellen-to-tell-senators-.html |archive-date=March 22, 2023 |url-status=live |access-date=March 23, 2023}}</ref>

On April 21, Yellen announced a proposal by the&nbsp;[[Financial Stability Oversight Council]]&nbsp;(FSOC) for a new procedure to designate&nbsp;[[Non-bank financial institution|nonbank financial companies]]&nbsp;as&nbsp;[[systemically important financial institution]]s, subjecting them to Federal Reserve supervision. It marked an effective reversal of previous guidance, which was issued in 2019 under the [[First presidency of Donald Trump|Trump administration]]  and, according to Yellen, "created inappropriate hurdles as part of the designation process." She said such a designation process "could take six years to complete, which could prevent the council from acting to address an emerging risk to financial stability before it's too late." The revised guidance relied on a quantitative and qualitative analysis under which the council determined whether "material financial distress at the company or the company's activities could pose a threat to U.S. financial stability" and allowed for ample engagement between regulators and the company under review.<ref>{{Cite web |url=https://www.reuters.com/markets/us/yellen-says-fsoc-tighten-rules-risk-assessment-non-bank-firms-2023-04-21/ |title=U.S. financial regulators to tighten rules on non-banks, systemic risks |last=Lawder |first=David |date=April 21, 2023 |website=Reuters |archive-url=https://web.archive.org/web/20230426052602/https://www.reuters.com/markets/us/yellen-says-fsoc-tighten-rules-risk-assessment-non-bank-firms-2023-04-21/ |archive-date=April 26, 2023 |url-status=live |access-date=April 22, 2023}}</ref>

On May 18, the [[Bank Policy Institute]] (BPI) convened a meeting of more than two dozen bank CEOs to discuss the current state of the economy. Citing sources familiar with the matter, [[CNN Business]]&nbsp;reported&nbsp;on Yellen's  remarks that more bank mergers may be necessary to overcome the sector's crisis.<ref>{{Cite web |url=https://edition.cnn.com/2023/05/19/investing/janet-yellen-bank-mergers/index.html |title=Janet Yellen told bank CEOs more mergers may be necessary, sources say |last=Egan |first=Matt |date=May 19, 2023 |website=CNN Business |archive-url=https://web.archive.org/web/20230523174839/https://www.cnn.com/2023/05/19/investing/janet-yellen-bank-mergers/index.html |archive-date=May 23, 2023 |url-status=live |access-date=May 20, 2023}}</ref>

====Economic approach to China====
[[File:P20231115AS-0524.jpg|thumb|Yellen with US President [[Joe Biden]] and Chinese President [[Xi Jinping]] at the Filoli Estate in [[Woodside, California]], November 15, 2023]]
[[File:Secretary Yellen met with PRC Premier Li Qiang at the Great Hall of the People in 2023 (2).jpg|thumb|Yellen meets Premier Li Qiang.]]
In a speech delivered at [[Johns Hopkins University]]'s [[Paul H. Nitze School of Advanced International Studies|School of Advanced International Studies]] on April 20, 2023, Yellen laid out three principal objectives of the Biden administration's economic approach toward China. Those principles are: first, the paramount importance of securing American national security interests as well as protecting human rights; second, seeking healthy and fair economic competition with China based on international rules; and third, aiming to engage on major global challenges like easing the [[debt of developing countries|debt burden of the developing world]] and [[climate change]].<ref>{{Cite news |last=Swanson |first=Ana |date=April 20, 2023 |title=Yellen Calls for 'Constructive' China Relationship |url=https://www.nytimes.com/2023/04/20/business/economy/yellen-us-china-relationship.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20230422195252/https://www.nytimes.com/2023/04/20/business/economy/yellen-us-china-relationship.html |archive-date=April 22, 2023 |access-date=April 21, 2023 |issn=1553-8095}}</ref> Though she emphasized that national security would always take priority if it collided with economics, her address ought to be interpreted as an olive branch to Beijing instead of the confrontation that has for a long time prevailed in&nbsp;[[China–United States relations|relations between the two nations]]. Yellen's speech attempted to revive dialogue, at least on economic matters, as she made clear her desire to visit China as soon as possible to get the countries' previously pragmatic approach to each other back on track. However, its ultimate success is not at all obvious.<ref>{{Cite news |last=Luce |first=Edward |date=April 20, 2023 |title=Janet Yellen offers an olive branch to China |url=https://www.ft.com/content/077885e8-73f8-4868-9f8f-b47ddbef24c1 |url-status=live |work=Financial Times |archive-url=https://archive.today/20230420153630/https://www.ft.com/content/077885e8-73f8-4868-9f8f-b47ddbef24c1 |archive-date=April 20, 2023 |access-date=April 21, 2023 |issn=0307-1766}}</ref>

Between July 6–9, Yellen visited China, the first trip to the country by a U.S. Treasury secretary in four years and her first since taking office. She began her visit by holding informal talks with the country's former vice premier [[Liu He (politician)|Liu He]], and [[People's Bank of China]] (PBC) governor [[Yi Gang]] about the state of their domestic economies, as well as the global outlook, in a bid to reopen communication lines and find areas of common economic ground between the two nations.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2023-07-06/yellen-will-meet-with-china-s-li-in-a-push-to-ease-tensions |title=Yellen Meets Old Guard of Chinese Economy on Trip to Mend Ties |last=Dendrinou |first=Viktoria |date=July 6, 2023 |website=Bloomberg News |access-date=July 7, 2023 |archive-date=July 7, 2023 |archive-url=https://web.archive.org/web/20230707173135/https://www.bloomberg.com/news/articles/2023-07-06/yellen-will-meet-with-china-s-li-in-a-push-to-ease-tensions |url-status=live }}</ref> Yellen then met with China's newly appointed economic team, including Premier [[Li Qiang]], Vice Premier [[He Lifeng]], finance minister [[Liu Kun]], and [[Chinese Communist Party]] (CCP) central bank chief [[Pan Gongsheng]]. During those bilateral meetings, she reaffirmed that the US national security restrictions on Chinese investment were intended to be narrowly focused and not have broad effects on the [[Economy of China|country's economy]].<ref name=":0">{{Cite news |last1=Rappeport |first1=Alan |last2=Bradsher |first2=Keith |date=2023-07-09 |title=China and the U.S., Still Adversaries, Are Talking. That's a Start. |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/2023/07/09/business/janet-yellen-china-us.html |access-date=2023-07-09 |issn=0362-4331 |archive-date=September 1, 2023 |archive-url=https://web.archive.org/web/20230901060744/https://www.nytimes.com/2023/07/09/business/janet-yellen-china-us.html |url-status=live }}</ref> Yellen also expressed concerns about Chinese economic policies and went on to criticize the country's authorities for their treatment of foreign, particularly American, companies; she stated, "We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time."<ref>{{Cite news |last1=Rappeport |first1=Alan |last2=Bradsher |first2=Keith |date=2023-07-07 |title=Yellen, in Beijing, Criticizes China's Treatment of U.S. Companies |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/07/07/business/yellen-china-companies-meetings.html |access-date=2023-07-08 |issn=0362-4331 |archive-date=July 9, 2023 |archive-url=https://web.archive.org/web/20230709054911/https://www.nytimes.com/2023/07/07/business/yellen-china-companies-meetings.html |url-status=live }}</ref>
[[File:Yallen Lan meeting 2024.jpg|thumb|Yellen with Chinese Finance Minister [[Lan Fo'an]] in Beijing, 7 April 2024]]
Overall, Yellen's visit was part of a broader push by the Biden administration to rebuild bridges between the two countries and open more lines of high-level communication with America's main geopolitical rival, in particular with China's new economic leaders. In a press conference capping her four-day trip to Beijing, Yellen described it as a mission to revive engagement between the two largest economies and said she believes it has brought US-China ties closer to a "surer footing."<ref>{{Cite news |last=Dendrinou |first=Viktoria |date=2023-07-09 |title=Yellen Says US-China Ties on 'Surer Footing' After Critical Trip |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-07-09/yellen-says-us-china-ties-on-surer-footing-after-critical-trip |access-date=2023-07-09 |archive-date=July 10, 2023 |archive-url=https://web.archive.org/web/20230710021928/https://www.bloomberg.com/news/articles/2023-07-09/yellen-says-us-china-ties-on-surer-footing-after-critical-trip |url-status=live }}</ref>

"We certainly have improved communication," Yellen said regarding China in an October interview with Sky News. The U.S. established a set of principles to govern [[China–United States relations|Sino-American]] relations, Yellen said. These principles  are: 1. The U.S. will always protect its national security and call out human rights abuses, 2. The U.S. is not seeking to decouple economically from China, and 3. The U.S. and China need to cooperate on a variety of global challenges, including climate change and debt relief.<ref name=":1" />

'''Comments on Israel'''

When asked about the potential economic implications of [[Gaza war|Israel's war on Gaza]], Yellen told Sky News in an October 2023 interview, "I think it's too early to speculate on whether or not there will be significant consequences. I think, importantly, it depends on whether the hostilities extend beyond Israel and Gaza, and that's certainly an outcome we would like to avoid."<ref name=":1">{{Cite news |last=Sillars |first=James |date=October 16, 2023 |title=Janet Yellen: America can 'certainly' afford to support Israel and Ukraine, US Treasury secretary says |work=Sky News |url=https://news.sky.com/story/we-can-certainly-afford-two-wars-us-treasury-secretary-says-12985335 }}</ref>

Yellen maintained that the U.S. can manage funding wars in both Israel and [[Russian invasion of Ukraine|Ukraine]], saying, "America can certainly afford to stand with Israel and to support Israel's military needs and we also can and must support Ukraine in its struggle against Russia."<ref name=":1"/> She warned [[Iran]] that nothing is "off the table" for sanctions if Tehran is linked to the Hamas-led attack on Israel.<ref>{{cite news |title=Janet Yellen warns Iran that nothing is 'off the table' for sanctions |url=https://www.ft.com/content/f7e72b95-1325-4a8e-b174-e542aad644c4 |work=Financial Times |date=11 October 2023}}</ref>

== Economic philosophy ==
Yellen is widely considered to be a "[[Monetary hawk and dove|dove]]" on [[monetary policy]] (i.e., more concerned with unemployment than with inflation) and, as such, generally favors lower rather than higher Federal Reserve interest rates.<ref>{{Cite news |last=Cassidy |first=John |date=October 8, 2013 |title=A Janet Yellen Question: Just How Dovish Is She? |url=https://www.newyorker.com/news/john-cassidy/a-janet-yellen-question-just-how-dovish-is-she |url-status=live |magazine=The New Yorker |archive-url=https://web.archive.org/web/20160413041903/https://www.newyorker.com/news/john-cassidy/a-janet-yellen-question-just-how-dovish-is-she |archive-date=April 13, 2016 |access-date=October 9, 2013}}</ref><ref>{{Cite web |url=https://archive.nytimes.com/economix.blogs.nytimes.com/2013/04/25/hawks-and-doves-at-the-fed/ |title=Hawks and Doves at the Fed |last=Appelbaum |first=Binyamin |date=April 25, 2013 |website=economix.blogs.nytimes.com |url-status=live |archive-url=https://web.archive.org/web/20230314145312/https://archive.nytimes.com/economix.blogs.nytimes.com/2013/04/25/hawks-and-doves-at-the-fed/ |archive-date=March 14, 2023 |access-date=April 26, 2013}}</ref><ref name="VastPortfolio, NYT">{{Cite news |last1=Appelbaum |first1=Binyamin |last2=Swanson |first2=Ana |last3=Tankersley |first3=Jim |last4=Smialek |first4=Jeanna |date=November 24, 2020 |title=Yellen Would Assume Vast Policy Portfolio as Treasury Secretary |url=https://www.nytimes.com/2020/11/24/us/politics/janet-yellen-treasury-biden.html |url-status=live |work=The New York Times |archive-url=https://web.archive.org/web/20221126065703/https://www.nytimes.com/2020/11/24/us/politics/janet-yellen-treasury-biden.html |archive-date=November 26, 2022 |access-date=November 25, 2020 |issn=1553-8095}}</ref> She was overall in favor of more stringent [[financial regulation]] to lessen [[systemic risk]]s brought on by flaws in the financial system.<ref>{{Cite web |url=https://www.brookings.edu/blog/up-front/2019/01/03/seven-questions-for-janet-yellen-on-financial-stability/ |title=Seven questions for Janet Yellen on financial stability |last=Yellen |first=Janet L. |date=January 3, 2019 |website=brookings.edu |publisher=Brookings Institution |archive-url=https://web.archive.org/web/20190203102755/https://www.brookings.edu/blog/up-front/2019/01/03/seven-questions-for-janet-yellen-on-financial-stability/ |archive-date=February 3, 2019 |url-status=live |access-date=January 4, 2019}}</ref> Yellen was arguably the most liberal Federal Reserve leader since [[Marriner S. Eccles]], who was appointed by President [[Franklin D. Roosevelt]] amidst the [[Great Depression]] in 1934.<ref name="Lemann, NewYorker">{{Cite news |last=Lemann |first=Nicholas |date=July 21, 2014 |title=The Hand on the Lever |url=https://www.newyorker.com/magazine/2014/07/21/the-hand-on-the-lever |url-status=live |magazine=The New Yorker |archive-url=https://web.archive.org/web/20140724000037/https://www.newyorker.com/magazine/2014/07/21/the-hand-on-the-lever |archive-date=July 24, 2014 |access-date=July 22, 2014 |issn=0028-792X}}</ref> On [[fiscal policy]], publications frequently refer to her as "sort of" a [[deficit hawk]].<ref name="VastPortfolio, NYT" /><ref>{{Cite news |last=Jones |first=Claire |date=January 7, 2021 |title=What Yellen's career tells us her views on fiscal policy |url=https://www.ft.com/content/d35b0693-4bd3-4f6f-ae09-cf7603d21cda |url-status=live |work=Financial Times |archive-url=https://archive.today/20210107192115/https://www.ft.com/content/d35b0693-4bd3-4f6f-ae09-cf7603d21cda |archive-date=January 7, 2021 |access-date=January 8, 2021 |issn=0307-1766}}</ref> She expressed concern about the [[Fiscal policy of the United States|United States fiscal path]] prior to the [[COVID-19 recession]], particularly about the [[National debt of the United States|national debt]]; in 2018, she said, "If I had a magic wand, I would raise taxes and cut retirement spending."<ref name="VastPortfolio, NYT" /> The following year, she again suggested that she favored both raising revenue and making changes to the [[Medicare (United States)|Medicare]], [[Medicaid]], and [[Social Security (United States)|Social Security]] programs to control spending.<ref name="VastPortfolio, NYT" /> In September 2021, at a [[United States House Committee on Financial Services|House Financial Services Committee]] hearing, Yellen lent support to efforts for the complete removal of the debt ceiling, arguing that the borrowing cap is "very destructive" and poses an unnecessary threat to the American economy.<ref>{{Cite web |url=https://www.cnbc.com/2021/09/30/yellen-lends-support-for-effort-to-remove-the-debt-ceiling-altogether.html |title=Yellen lends support for effort to remove the debt ceiling altogether |last=Cox |first=Jeff |date=September 30, 2021 |website=CNBC |archive-url=https://web.archive.org/web/20211030141923/https://www.cnbc.com/2021/09/30/yellen-lends-support-for-effort-to-remove-the-debt-ceiling-altogether.html |archive-date=October 30, 2021 |url-status=live |access-date=October 1, 2021}}</ref>

In January 2019, Yellen was among the 45 original signers of the [[Economists' Statement on Carbon Dividends]], which was eventually signed by over 3,500 prominent American economists promoting a [[Carbon fee and dividend|carbon dividends]] framework for the [[Climate change policy of the United States|U.S. policy on climate change]].<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |title=Economists' Statement on Carbon Dividends |url=https://www.wsj.com/articles/economists-statement-on-carbon-dividends-11547682910 |url-status=live |archive-url=https://archive.today/20200102005448/https://www.wsj.com/articles/economists-statement-on-carbon-dividends-11547682910 |archive-date=January 2, 2020 |work=The Wall Street Journal |date=January 16, 2019 |access-date=January 17, 2019 |issn=1042-9840}}</ref> In October 2020, the [[Group of Thirty]]'s Steering Committee Working Group on Climate Change and Finance, which Yellen co-chaired with [[Mark Carney]], prepared a report that developed a robust and inclusive strategy to amplify and mainstream the global transition to a net-zero emissions economy.<ref>{{Cite report |author=G30 Working Group on Climate Change and Finance |date=October 8, 2020 |title=Mainstreaming the Transition to a Net-Zero Economy |url=https://group30.org/images/uploads/publications/G30_Mainstreaming_the_Transition_to_a_Net-Zero_Economy_2.pdf |publisher=Group of Thirty |page=80 |access-date=October 9, 2020 |archive-date=August 31, 2022 |archive-url=https://web.archive.org/web/20220831234758/https://group30.org/images/uploads/publications/G30_Mainstreaming_the_Transition_to_a_Net-Zero_Economy_2.pdf |url-status=live}}</ref> The study calls upon governments, businesses, and financial institutions to assess [[climate risk]]s and supports a phase-in of [[carbon pricing]] to accelerate a shift to [[carbon neutrality]].<ref>{{Cite web |url=https://www.reuters.com/article/us-usa-climate-tax-idUSKBN26T23L |title=U.S. could adopt carbon tax under a Biden presidency, ex-Fed Chair Yellen says |last=Green |first=Matthew |date=October 8, 2020 |website=Reuters |archive-url=https://web.archive.org/web/20221206004253/https://www.reuters.com/article/us-usa-climate-tax-idUSKBN26T23L |archive-date=December 6, 2022 |url-status=live |access-date=October 9, 2020}}</ref>

Yellen is a [[Keynesian economics|Keynesian]] economist and has been described as a "Keynesian to her fingertips".<ref>{{Cite magazine |last=Cassidy |first=John |date=April 3, 2013 |title=Janet Yellen: A Keynesian Woman at the Fed |url=https://www.newyorker.com/news/john-cassidy/janet-yellen-a-keynesian-woman-at-the-fed |url-status=live |magazine=The New Yorker |archive-url=https://web.archive.org/web/20141014063610/https://www.newyorker.com/news/john-cassidy/janet-yellen-a-keynesian-woman-at-the-fed |archive-date=October 14, 2014 |access-date=April 4, 2013 |issn=0028-792X}}</ref> In&nbsp;April&nbsp;1999, Yellen discussed her views on the application of Keynesian economics to policymaking at&nbsp;the Yale&nbsp;economics&nbsp;department reunion. She stated that while most economists "appreciate the value of markets and incentives," Yalies "can recognize when they are not operating correctly and have higher concern for policies to remedy them."<ref>{{Cite speech |last=Yellen |first=Janet |title=Yale Economics in Washington |event=Yale Economics Reunion |date=April 16, 1999 |location=New Haven, Connecticut |publisher=Yale Department of Economics |url=https://economics.yale.edu/yale-economics-washington |access-date=January 15, 2001 |url-status=live |archive-date=November 24, 2014 |archive-url=https://web.archive.org/web/20141124155921/https://economics.yale.edu/yale-economics-washington |language=en}}</ref> During the [[2008 financial crisis]], she "warned against an over-hasty removal of stimulus," and "believes the state has a duty to tackle poverty and inequality."<ref name="JobsSlump, TheGuardian">{{Cite news |last1=Elliott |first1=Larry |last2=Inman |first2=Phillip |date=December 5, 2020 |title=Jobs slump and Covid lead litany of post-Trump crises facing Janet Yellen |url=http://www.theguardian.com/business/2020/dec/05/jobs-slump-and-covid-lead-litany-of-post-trump-crises-facing-janet-yellen |url-status=live |work=The Guardian |archive-url=https://web.archive.org/web/20201205203115/http://www.theguardian.com/business/2020/dec/05/jobs-slump-and-covid-lead-litany-of-post-trump-crises-facing-janet-yellen |archive-date=December 5, 2020 |access-date=December 6, 2020 |issn=1756-3224}}</ref> When her appointment as treasury secretary was announced, Yellen was viewed by Wall Street as a "Treasury secretary who will push hard for expansionary policies aimed at boosting growth, profits and share prices," although the ability of Yellen to push through her preferred fiscal policies was seen as likely to be constrained by congressional [[Gridlock (politics)|gridlock]].<ref name="JobsSlump, TheGuardian"/>

== Honors and awards ==
Yellen has received numerous honors in recognition of her career in academia and politics. These include:

=== Academic ===

{| class="wikitable"
|+Chancellor, visitor, governor, rector, and fellowships
!scope="col"| Location
!scope="col"| Date
!scope="col"| Organization
!scope="col"| Position
|-
| New York
|[[List of Guggenheim Fellowships awarded in 1986|1986–1987]]
| [[John Simon Guggenheim Memorial Foundation]]
| [[Guggenheim Fellowship]]<ref>{{Cite web |title=Janet Louise Yellen |url=https://www.gf.org/fellows/all-fellows/janet-louise-yellen/ |url-status=live |archive-url=https://web.archive.org/web/20190413052109/https://www.gf.org/fellows/all-fellows/janet-louise-yellen/ |archive-date=April 13, 2019 |website=Solomon R. Guggenheim Foundation |date=May 12, 1986 |access-date=May 24, 2008}}</ref>
|-
| Connecticut
|2000–2006
| [[Yale Corporation]]
| Alumni Fellow<ref name="YaleCorporation">{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Janet Yellen joins Yale Corporation as the newest alumni fellow |url=http://archives.news.yale.edu/v28.n34/story1.html |url-status=live |archive-url=https://web.archive.org/web/20201123211820/http://archives.news.yale.edu/v28.n34/story1.html |archive-date=November 23, 2020 |website=archives.news.yale.edu |date=June 23, 2000 |access-date=January 15, 2001}}<br />{{Cite web |url=https://yaledailynews.com/blog/2006/06/01/warner-to-serve-on-yale-corporation/ |title=Warner to serve on Yale Corporation |last=Katz |first=Daniel |date=June 1, 2006 |website=yaledailynews.com |archive-url=https://web.archive.org/web/20210302204716/https://yaledailynews.com/blog/2006/06/01/warner-to-serve-on-yale-corporation/ |archive-date=March 2, 2021 |url-status=live |access-date=November 30, 2022}}</ref>
|-
| California
|2003–2004
| [[Western Economic Association International]]
| President<ref>{{Cite web |title=92nd Annual Conference Program |url=https://weai.org/assets/418.pdf |url-status=live |archive-url=https://web.archive.org/web/20200111103749/https://weai.org/assets/418.pdf |archive-date=January 11, 2020 |access-date=October 23, 2020 |publisher=Western Economics Association |page=4}}</ref>
|-
| Tennessee
|2004–2005
| [[American Economic Association]]
| Vice President<ref>{{Cite web |title=Past Vice-Presidents |url=https://www.aeaweb.org/about-aea/leadership/officers/past-officers/vice-presidents |url-status=live |archive-url=https://web.archive.org/web/20201015054005/https://www.aeaweb.org/about-aea/leadership/officers/past-officers/vice-presidents |archive-date=October 15, 2020 |access-date=October 23, 2011 |publisher=American Economic Association}}</ref>
* Served with [[Angus Deaton]]
|-
| California
|2013–present
| [[University of California, Berkeley]]
| Berkeley Fellow<ref>{{Cite web |url=https://newsroom.haas.berkeley.edu/profs-williamson-yellen-named-berkeley-fellows/ |title=Profs. Williamson, Yellen Named Berkeley Fellows |last=Counts |first=Laura |date=March 13, 2013 |website=newsroom.haas.berkeley.edu |archive-url=https://web.archive.org/web/20210110110209/https://newsroom.haas.berkeley.edu/profs-williamson-yellen-named-berkeley-fellows/ |archive-date=January 10, 2021 |url-status=live |access-date=March 14, 2013}}</ref>
|-
| Tennessee
|2020–2021
| [[American Economic Association]]
| President<ref>{{Cite web |title=Past Presidents |url=https://www.aeaweb.org/about-aea/leadership/officers/past-officers/presidents |url-status=live |archive-url=https://web.archive.org/web/20210121144628/https://www.aeaweb.org/about-aea/leadership/officers/past-officers/presidents |archive-date=January 21, 2021 |access-date=January 20, 2021 |publisher=American Economic Association}}</ref>
|-
|}

{| class="wikitable"
|+Honorary degrees
!scope="col"| Location
!scope="col"| Date
!scope="col"| School
!scope="col"| Degree
!scope="col"| Gave Commencement Address
|-
| Rhode Island
|May 25, 1998
| [[Brown University]]
| [[Doctor of Laws]] (LL.D.)<ref name="BrownHonDegree">{{Cite web |url=https://www.brown.edu/about/administration/corporation/1900s |title=Honorary Degrees: 1900s |publisher=The Brown University |access-date=May 25, 2014 |archive-date=October 29, 2020 |archive-url=https://web.archive.org/web/20201029034722/https://www.brown.edu/about/administration/corporation/1900s |url-status=live}}</ref>
| Yes<ref>{{Cite press release |author=<!--Not stated--> |title=Brown will present eight honorary degrees at Commencement May 25 |url=https://www.brown.edu/Administration/News_Bureau/1997-98/97-125.html |url-status=live |location=Providence, Rhode Island |publisher=The Brown University News Bureau |date=May 11, 1998 |archive-url=https://web.archive.org/web/20010509024941/https://www.brown.edu/Administration/News_Bureau/1997-98/97-125.html |archive-date=May 9, 2001 |access-date=May 20, 2014}}</ref>
|-
| New York
|May 27, 2000
| [[Bard College]]
| [[Doctor of Humane Letters]] (DHL)<ref name="BardHonDegree">{{Cite press release |author=<!--Not stated--> |title=Largest Graduating Class in Bard's History to Receive Degrees at the College's One Hundred Fortieth Commencement on Saturday, May 27, 2000 |url=https://www.bard.edu/news/releases/pr/fstory.php?id=148 |url-status=live |location=Annandale-on-Hudson, New York |publisher=Bard College |date=May 27, 2000 |archive-url=https://web.archive.org/web/20060905084341/https://www.bard.edu/news/releases/pr/fstory.php?id=148 |archive-date=September 5, 2006 |access-date=October 5, 2016}}</ref>
| No
|-
| New York
|May 21, 2014
| [[New York University]]
| Doctor of Commercial Science (DCS)<ref>{{Cite press release |author=<!--Not stated--> |title=New York University Holds 182nd Commencement In Yankee Stadium |url=https://www.nyu.edu/about/news-publications/news/2014/may/new-york-university-holds-182nd-commencement-in-yankee-stadium.html |url-status=live |location=New York |publisher=New York University |date=May 21, 2014 |archive-url=https://web.archive.org/web/20201115101051/https://www.nyu.edu/about/news-publications/news/2014/may/new-york-university-holds-182nd-commencement-in-yankee-stadium.html |archive-date=November 15, 2020 |access-date=May 20, 2016}}</ref>
| Yes<ref>{{Cite speech |last=Yellen |first=Janet |title=Speech by Chair Janet L. Yellen at New York University's commencement |event=University of Baltimore 2016 Midyear Commencement |date=May 21, 2014 |location=New York, New York |publisher=Board of Governors of the Federal Reserve System |url=https://www.federalreserve.gov/newsevents/speech/yellen20140521a.htm |access-date=May 22, 2014 |url-status=live |archive-date=May 27, 2014 |archive-url=https://web.archive.org/web/20140527152409/https://www.federalreserve.gov/newsevents/speech/yellen20140521a.htm |language=en}}</ref>
|-
| England
|May 15, 2015
| [[London School of Economics]]
| [[Doctor of Science]] (DSc)<ref name="LSEHonDegree">{{Cite web |title=LSE Honorary Graduates |url=https://info.lse.ac.uk/staff/divisions/Secretarys-Division/Assets/Documents/Governance/Honorary-Awards/LSE-Honorary-Graduates.pdf?from_serp=1 |url-status=live |archive-url=https://web.archive.org/web/20210519174424/https://info.lse.ac.uk/staff/divisions/Secretarys-Division/Assets/Documents/Governance/Honorary-Awards/LSE-Honorary-Graduates.pdf |archive-date=May 19, 2021 |access-date=May 15, 2016 |publisher=the London School of Economics and Political Science}}<br>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=LSE Global Forum in New York City |url=http://www.aflse.org/article.html?aid=2387 |url-status=live |archive-url=https://web.archive.org/web/20180418135545/http://www.aflse.org/article.html?aid=2387 |archive-date=April 18, 2018 |website=aflse.org |date=May 15, 2015 |access-date=May 16, 2015}}</ref>
| No
|-
| Connecticut
|May 15, 2015
| [[Yale University]]
| [[Doctor of Social Science]] (DSSc)<ref name="YaleHonDegree">{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Yale awards nine honorary degrees at Commencement 2015 |url=http://news.yale.edu/2015/05/15/yale-awards-nine-honorary-degrees-commencement-2015 |url-status=live |archive-url=https://web.archive.org/web/20170704130717/http://news.yale.edu/2015/05/15/yale-awards-nine-honorary-degrees-commencement-2015 |archive-date=July 4, 2017 |website=news.yale.edu |date=May 15, 2015 |access-date=May 16, 2015}}</ref>
| No
|-
| England
|November 19, 2015
| [[University of Warwick]]
| [[Doctor of Laws]] (LL.D.)<ref>{{Cite web |title=Graduation Ceremony – November 2015 |url=https://warwick.ac.uk/services/gov/hongrads/november2015 |url-status=live |archive-url=https://web.archive.org/web/20160424053054/https://warwick.ac.uk/services/gov/hongrads/november2015 |archive-date=April 24, 2016 |website=warwick.ac.uk |date=November 19, 2015 |access-date=November 20, 2015}}</ref>
| No
|-
| Maryland
|December 19, 2016
| [[University of Baltimore]]
| [[Doctor of Laws]] (LL.D.)<ref>{{Cite press release |author=<!--Not stated--> |title=Federal Reserve Chair Janet Yellen to Receive Honorary Degree, Deliver Keynote at UB Commencement, Dec. 19 |url=https://www.ubalt.edu/news/news-releases.cfm?id=2671 |url-status=live |location=Baltimore, Maryland |publisher=University of Baltimore |date=December 15, 2016 |archive-url=https://web.archive.org/web/20201225115612/https://www.ubalt.edu/news/news-releases.cfm?id=2671 |archive-date=December 25, 2020 |access-date=October 19, 2016}}</ref>
| Yes<ref>{{Cite speech |last=Yellen |first=Janet |title=Commencement remarks by&nbsp;Chair Yellen |event=University of Baltimore 2016 Midyear Commencement |date=December 19, 2016 |location=Baltimore, Maryland |publisher=Board of Governors of the Federal Reserve System |url=https://www.federalreserve.gov/newsevents/speech/yellen20161219a.htm |access-date=December 20, 2016 |url-status=live |archive-date=December 19, 2016 |archive-url=https://web.archive.org/web/20161219185528/https://www.federalreserve.gov/newsevents/speech/yellen20161219a.htm |language=en}}</ref>
|-
| Israel
|June 5, 2019
| [[Tel Aviv University]]
| [[Doctor of Philosophy]] (Ph.D.)<ref name="TAUHonDegree">{{Cite web |title=Honorary Doctor of Philosophy |url=http://www3.tau.ac.il/honorary/ |url-status=live |archive-url=https://web.archive.org/web/20200629212356/http://www3.tau.ac.il/honorary/ |archive-date=June 29, 2020 |website=tau.ac.il |date=June 5, 2019 |access-date=June 6, 2019}}<br>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=BOG 2019: Honorary Degrees Awarded |url=https://english.tau.ac.il/impact/2019_hon_doc_conferment_ceremony |url-status=live |archive-url=https://web.archive.org/web/20210126214611/https://english.tau.ac.il/impact/2019_hon_doc_conferment_ceremony |archive-date=January 26, 2021 |website=tau.ac.il |date=June 5, 2019 |access-date=June 6, 2019}}</ref>
| No
|-
| Michigan
|December 15, 2019
| [[University of Michigan]]
| [[Doctor of Laws]] (LL.D.)<ref name="UMichHonDegree">{{Cite web |title=Honorary Degrees Awarded, 1852-Present (By Year) |url=https://president.umich.edu/wp-content/uploads/sites/3/2020/12/Recipients-by-Year_1852-Present.pdf |url-status=live |archive-url=https://web.archive.org/web/20210108100617/https://president.umich.edu/wp-content/uploads/sites/3/2020/12/Recipients-by-Year_1852-Present.pdf |archive-date=January 8, 2021 |website=president.umich.edu |date=December 15, 2019 |access-date=December 16, 2019}}<br>{{Cite web |url=https://record.umich.edu/articles/five-recommended-for-winter-commencement-honorary-degrees/ |title=Five recommended for Winter Commencement honorary degrees |last1=Zaniewski |first1=Ann |last2=Iseler |first2=James |date=November 1, 2019 |website=record.umich.edu |publisher=University of Michigan |archive-url=https://web.archive.org/web/20210202112813/https://record.umich.edu/articles/five-recommended-for-winter-commencement-honorary-degrees/ |archive-date=February 2, 2021 |url-status=live |access-date=November 2, 2019}}</ref>
| No
|-
| Pennsylvania
|May 17, 2021
| [[University of Pennsylvania]]
| [[Doctor of Laws]] (LL.D.)<ref name="PennHonDegree">{{Cite web |title=Chronological Listing of Honorary Degree Recipients|url=https://secretary.upenn.edu/sites/default/files/Chronological%20Penn%20HDR%20Listing.pdf |url-status=live |archive-url=https://web.archive.org/web/20211223202029/https://secretary.upenn.edu/sites/default/files/Chronological%20Penn%20HDR%20Listing.pdf |archive-date=December 23, 2021 |website=secretary.upenn.edu |date=July 1, 2021 |access-date=July 2, 2021}}<br>{{Cite web |url=https://almanac.upenn.edu/articles/penns-2021-commencement-speaker-and-honorary-degree-recipients |title=Penn's 2021 Commencement Speaker and Honorary Degree Recipients |date=March 16, 2021 |website=almanac.upenn.edu |publisher=University of Pennsylvania |archive-url=https://web.archive.org/web/20210316075309/https://almanac.upenn.edu/articles/penns-2021-commencement-speaker-and-honorary-degree-recipients |archive-date=March 16, 2021 |url-status=live |access-date=March 17, 2021}}</ref>
| No
|-
| Germany
|May 21, 2024
| [[Frankfurt School of Finance & Management]]
| Doctor of Economics (Dr. rer. pol. h. c.)<ref name="FSHonDegree">{{Cite web |title=Janet Yellen receives honorary doctorate from Frankfurt School of Finance & Management|url=https://www.frankfurt-school.de/en/home/newsroom/news/2024/Mai/Janet-Yellen-erhaelt-Ehrendoktorwuerde-der-Frankfurt-School.html |archive-url=https://web.archive.org/web/20240522045048/https://www.frankfurt-school.de/en/home/newsroom/news/2024/Mai/Janet-Yellen-erhaelt-Ehrendoktorwuerde-der-Frankfurt-School.html |archive-date=May 22, 2024 |website=frankfurt-school.de |date=May 21, 2024 |access-date=May 22, 2024}}
<br></ref>
| No
|-
|}

{{Expand list|date=May 2021}}

=== Memberships and fellowships ===

{| class="wikitable"
!scope="col"| Location
!scope="col"| Date
!scope="col"| Organization
!scope="col"| Position
|-
| Massachusetts
|1999–2010
| [[National Bureau of Economic Research]]
| Research Associate (Monetary Economics)<ref>{{Cite web |title=Janet Yellen |url=http://www.nber.org/people/janet_yellen |url-status=dead |archive-url=https://web.archive.org/web/20090910233751/http://www.nber.org/people/janet_yellen |archive-date=September 10, 2009 |access-date=October 29, 2020 |publisher=National Bureau of Economic Research}}</ref>
|-
| Massachusetts
|2001–present
| [[American Academy of Arts and Sciences]]
| Member<ref name="AAASMember">{{Cite web |title=Members of the American Academy of Arts and Sciences, 1780–2019 – XYZ |url=https://www.amacad.org/sites/default/files/media/document/2019-10/ChapterXYZ.pdf |url-status=live |archive-url=https://web.archive.org/web/20191018214335/https://www.amacad.org/sites/default/files/media/document/2019-10/ChapterXYZ.pdf |archive-date=October 18, 2019 |access-date=October 25, 2020 |publisher=American Academy of Arts and Sciences}}</ref>
|-
| New York
|2002–2010
| [[Economists for Peace and Security]]
| Trustee<ref>{{Cite web |title=Trustees |url=http://www.epsusa.org/main/trustees.htm |url-status=dead |archive-url=https://web.archive.org/web/20060527165309/http://www.epsusa.org/main/trustees.htm |archive-date=May 27, 2006 |access-date=October 25, 2020 |publisher=Economists for Peace and Security}}</ref>
|-
| New York
|2005–present
| [[Council on Foreign Relations]]
| Member<ref name="FedChairNomHearing">{{Cite web |title=Nomination of Janet L. Yellen |url=https://www.govinfo.gov/content/pkg/CHRG-113shrg85910/pdf/CHRG-113shrg85910.pdf |url-status=live |archive-url=https://web.archive.org/web/20201123211820/https://www.govinfo.gov/content/pkg/CHRG-113shrg85910/pdf/CHRG-113shrg85910.pdf |archive-date=November 23, 2020 |access-date=August 29, 2020 |website=GovInfo |pages=39–41}}</ref>
|-
| District of Columbia
|2009–present
| [[Group of Thirty]]
| Senior Member<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Senior Member Biography – Janet Yellen |url=https://group30.org/members/bio_senior/yellen |url-status=live |archive-url=https://web.archive.org/web/20201028174519/https://group30.org/members/bio_senior/yellen |archive-date=October 28, 2020 |website=group30.org |date=October 2020 |access-date=October 25, 2020}}</ref>
|-
| Tennessee
|2012–present
| [[American Economic Association]]
| Distinguished Fellow<ref>{{Cite web |title=Janet Yellen, Distinguished Fellow 2012 |url=https://www.aeaweb.org/about-aea/honors-awards/distinguished-fellows/janet-yellen |url-status=live |archive-url=https://web.archive.org/web/20190404130725/https://www.aeaweb.org/about-aea/honors-awards/distinguished-fellows/janet-yellen |archive-date=April 4, 2019 |access-date=December 14, 2020 |publisher=American Economic Association}}</ref>
|-
| Connecticut
|2014–present
| [[Econometric Society]]
| [[List of fellows of the Econometric Society|Fellow]]<ref>{{Cite web |title=2014 Election of Fellows |url=https://www.econometricsociety.org/content/2014-election-fellows |url-status=live |archive-url=https://web.archive.org/web/20201027114735/https://www.econometricsociety.org/content/2014-election-fellows |archive-date=October 27, 2020 |access-date=November 13, 2020 |publisher=The Econometric Society}}</ref>
|-
| District of Columbia
|2010–present
| [[National Association for Business Economics]]
| NABE Fellow<ref>{{Cite web |title=NABE Fellows |url=https://www.nabe.com/NABE/About/Hall_of_Fame/NABE_Fellows.aspx?WebsiteKey=91b9e16d-e6fe-4f31-a4af-02c194225c32 |access-date=November 24, 2020 |archive-url=https://web.archive.org/web/20201031081734/https://nabe.com/nabe/NABE/About/Hall_of_Fame/NABE_Fellows.aspx |archive-date=October 31, 2020 |publisher=National Association for Business Economics |url-status=live}}</ref>
|-
| England
|2016–present
| [[British Academy]]
| [[Fellow of the British Academy|Honorary Fellow]]<ref>{{Cite press release |author=<!--Not stated--> |title=British Academy announces new President and elects 66 new Fellows |url=https://www.thebritishacademy.ac.uk/news/press-release-british-academy-announces-new-president-and-elects-66-new-fellows/ |url-status=live |location=London, United Kingdom |publisher=The British Academy |date=July 15, 2016 |archive-url=https://web.archive.org/web/20200814210058/https://www.thebritishacademy.ac.uk/news/press-release-british-academy-announces-new-president-and-elects-66-new-fellows/ |archive-date=August 14, 2020 |access-date=July 17, 2016}}</ref>
|}

{{Expand list|date=February 2021}}

=== Awards ===

{| class="wikitable"
!scope="col"| Location
!scope="col"| Date
!scope="col"| Organisation
!scope="col"| Award
|-
| Connecticut
|May 26, 1997
| [[Yale Graduate School of Arts and Sciences]]
| [[Wilbur Cross Medal]]<ref name="YaleWCMedal">{{Cite web |title=List of Past Wilbur Cross Recipients |url=https://gsas.yale.edu/deans-office/graduate-school-awards-prizes/wilbur-cross-medal/list-past-wilbur-cross-recipients |url-status=live |archive-url=https://web.archive.org/web/20201128222923/https://gsas.yale.edu/deans-office/graduate-school-awards-prizes/wilbur-cross-medal/list-past-wilbur-cross-recipients |archive-date=November 28, 2020 |website=gsas.yale.edu |date=May 26, 1997 |access-date=January 15, 2001}}<br>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Wilbur L. Cross Medals |url=http://archives.news.yale.edu/ybc/v25.n33.comm.08.html |url-status=live |archive-url=https://web.archive.org/web/20210610220256/http://archives.news.yale.edu/ybc/v25.n33.comm.08.html |archive-date=June 10, 2021 |website=archives.news.yale.edu |publisher=Yale University |date=June 2–23, 1997 |access-date=January 15, 2001}}</ref>
|-
| District of Columbia
|October 11, 2010
| [[National Association for Business Economics]]
| Adam Smith Award<ref>{{Cite web |title=Adam Smith Award |url=https://www.nabe.com/nabe/NABE/About/Hall_of_Fame/Adam%20Smith%20Award.aspx |url-status=live |archive-url=https://web.archive.org/web/20210610220256/http://archives.news.yale.edu/ybc/v25.n33.comm.08.html |archive-date=June 10, 2021 |website=nabe.com |date=December 13, 2020 |access-date=December 14, 2020}}</ref>
|-
| New York
|January 22, 2015
| [[Hobart and William Smith Colleges]]
| Elizabeth Blackwell Award<ref>{{Cite web |title=Blackwell Recipients – Dr. Janet L. Yellen |url=https://www.hws.edu/about/blackwell/yellen.aspx |url-status=live |archive-url=https://web.archive.org/web/20160305072743/https://www.hws.edu/about/blackwell/yellen.aspx |archive-date=March 5, 2016 |website=hws.edu |date=January 22, 2015 |access-date=January 23, 2015}}</ref>
|-
| Massachusetts
|May 27, 2016
| [[Radcliffe Institute for Advanced Study]]
| Radcliffe Medal<ref>{{Cite web |url=https://harvardmagazine.com/2016/05/commencement-radcliffe-medal-janet-yellen |title=Janet Yellen Talks Policy and Inequality at Radcliffe Day Celebration |last=Bolotnikova |first=Marina N. |date=May 27, 2016 |website=harvardmagazine.com |archive-url=https://web.archive.org/web/20160528131732/https://harvardmagazine.com/2016/05/commencement-radcliffe-medal-janet-yellen |archive-date=May 28, 2016 |url-status=live |access-date=May 28, 2016}}</ref>
|-
| Rhode Island
|May 5, 2017
| [[Brown University]]
| The President's Medal<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Yellen traces the struggles, progress of women in the U.S. economy |url=https://www.brown.edu/news/2017-05-05/yellen |url-status=live |archive-url=https://web.archive.org/web/20201124123755/https://www.brown.edu/news/2017-05-05/yellen |archive-date=November 24, 2020 |website=brown.edu |date=May 5, 2017 |access-date=May 6, 2017}}</ref>
|-
| Illinois
|November 7, 2017
| ''Institute of Government and Public Affairs''
| The Paul H. Douglas Award for Ethics in Government<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Federal Reserve Board chairs Ben Bernanke and Janet Yellen receive the Paul H. Douglas Award for Ethics in Government |url=https://igpa.uillinois.edu/announcement/Douglas-Award-2017 |url-status=live |archive-url=https://web.archive.org/web/20180512142055/https://igpa.uillinois.edu/announcement/Douglas-Award-2017 |archive-date=May 12, 2018 |website=igpa.uillinois.edu |date=November 8, 2017 |access-date=November 9, 2017}}</ref>
* Awarded with [[Ben Bernanke]]
|-
| California
|February 2, 2019
| [[University of California, Santa Cruz]]
| The Foundation Medal<ref>{{Cite web |url=https://news.ucsc.edu/2019/02/yellen-medal.html |title=Former Federal Reserve Chair Janet Yellen receives Foundation Medal |last=McNulty |first=Jennifer |date=February 5, 2019 |website=news.ucsc.edu |archive-url=https://web.archive.org/web/20190209004529/https://news.ucsc.edu/2019/02/yellen-medal.html |archive-date=February 9, 2019 |url-status=live |access-date=September 25, 2020}}</ref>
|-
| Connecticut
|March 20, 2019
| ''Chief Executive Leadership Institute''
| The Legend in Leadership Award<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Chief Executive Leadership Institute Honors Janet Yellen |url=https://som.yale.edu/news/2019/03/chief-executive-leadership-institute-honors-janet-yellen |url-status=live |archive-url=https://web.archive.org/web/20210215090459/https://som.yale.edu/news/2019/03/chief-executive-leadership-institute-honors-janet-yellen |archive-date=February 15, 2021 |website=som.yale.edu |date=March 19, 2019 |access-date=March 20, 2019}}</ref>
|-
| Massachusetts
|September 21, 2019
| [[Brandeis International Business School]]
| Dean's Medal<ref>{{Cite web |url=https://www.brandeis.edu/global/news/2019/janet-yellen-deans-medal.html#:~:text=Brandeis%20International%20Business%20School%20Dean,International%20Business%20School's%20top%20honor. |title=Janet Yellen awarded Dean's Medal |last=Moser |first=Douglas |date=September 26, 2019 |website=brandeis.edu |archive-url=https://web.archive.org/web/20201130165048/https://www.brandeis.edu/global/news/2019/janet-yellen-deans-medal.html |archive-date=November 30, 2020 |url-status=live |access-date=September 27, 2020}}</ref>
|-
| Missouri
|October 10, 2019
| ''Truman Library Institute''
| Truman Medal for Economic Policy<ref>{{Cite press release |author=<!--Not stated--> |title=Truman Medal for Economic Policy to be awarded to Janet Yellen |url=https://www.trumanlibraryinstitute.org/about-us/news-releases/truman-medal-for-economic-policy-to-be-awarded-to-janet-yellen/ |url-status=live |location=Independence, Missouri |publisher=Truman Library Institute |date=October 7, 2019 |archive-url=https://web.archive.org/web/20201219130253/https://www.trumanlibraryinstitute.org/about-us/news-releases/truman-medal-for-economic-policy-to-be-awarded-to-janet-yellen/ |archive-date=December 19, 2020 |access-date=October 13, 2020}}</ref>
|-
| District of Columbia
|March 30, 2023
| [[National Association for Business Economics]]
| The Paul A. Volcker Lifetime Achievement Award for Economic Policy
|-
|}

{{Expand list|date=February 2021}}

=== Other recognition ===
* In March 2018, [[Charles D. Ellis]] endowed ''The Janet L. Yellen Chair'' at the [[Yale School of Management]], which was named after her. Professor [[Andrew Metrick]] has been invested as the inaugural ''Janet L. Yellen Professor of Finance and Management'' at the School.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Prof. Andrew Metrick, Expert on Financial Crises, Named First Janet L. Yellen Professor |url=https://som.yale.edu/news/2018/03/prof-andrew-metrick-expert-on-financial-crises-named-first-janet-l-yellen-professor |url-status=live |archive-url=https://web.archive.org/web/20200812095740/https://som.yale.edu/news/2018/03/prof-andrew-metrick-expert-on-financial-crises-named-first-janet-l-yellen-professor |archive-date=August 12, 2020 |website=som.yale.edu |date=March 29, 2018 |access-date=March 30, 2018}}</ref>
* In December 2018, ''Federal Reserve Board'' presented an annual ''Janet L. Yellen Award for Excellence in Community Development'' to recognize the exemplary work of Federal Reserve System staff, intended to honor former chair Yellen's commitment to public service.<ref>{{Cite press release |author=<!--Not stated--> |title=Federal Reserve Board announces plans to present Janet L. Yellen Award for Excellence in Community Development |url=https://www.federalreserve.gov/newsevents/pressreleases/other20181130a.htm |url-status=live |location=Washington, D.C. |publisher=Federal Reserve Board |date=November 30, 2018 |archive-url=https://web.archive.org/web/20181201134249/https://www.federalreserve.gov/newsevents/pressreleases/other20181130a.htm |archive-date=December 1, 2018 |access-date=December 1, 2018}}</ref> Ariel Cisneros of the [[Federal Reserve Bank of Kansas City]] has been named the first recipient of the newly created award.<ref>{{Cite press release |author=<!--Not stated--> |title=Ariel Cisneros awarded inaugural Janet L. Yellen Award for Community Development |url=https://www.kansascityfed.org/documents/6663/yellenaward_final_002.pdf |url-status=live |location=Kansas City, Missouri |publisher=Federal Reserve Bank of Kansas City |date=December 6, 2018 |archive-url=https://web.archive.org/web/20210429173109/https://www.kansascityfed.org/documents/6663/yellenaward_final_002.pdf |archive-date=April 29, 2021 |access-date=December 7, 2018}}</ref>
* Yellen has been named one of the [[Time 100|100 most influential people in the world]] by ''[[Time (magazine)|Time]]'' magazine four times. This occurred in the years 2014,<ref>{{Cite magazine |last=Lagarde |first=Christine |date=April 23, 2014 |title=Janet Yellen |url=https://time.com/collection-post/70905/janet-yellen-2014-time-100/ |url-status=live |magazine=Time |archive-url=https://web.archive.org/web/20211021064349/https://time.com/collection-post/70905/janet-yellen-2014-time-100/ |archive-date=October 21, 2021 |access-date=April 24, 2014 |language=en |issn=0040-781X}}</ref> 2015,<ref>{{Cite magazine |last=Admati |first=Anat |title=Janet Yellen |date=April 16, 2015 |url=https://time.com/collection-post/3822773/janet-yellen-2015-time-100/ |url-status=live |magazine=Time |archive-url=https://web.archive.org/web/20211020163714/https://time.com/collection-post/3822773/janet-yellen-2015-time-100/ |archive-date=October 20, 2021 |access-date=April 17, 2015 |language=en |issn=0040-781X}}</ref> 2017,<ref>{{Cite magazine |last=Stiglitz |first=Joseph |title=Janet Yellen |date=April 20, 2017 |url=https://time.com/collection/2017-time-100/4742751/janet-yellen/ |url-status=live |magazine=Time |archive-url=https://archive.today/20201217094433/https://time.com/collection/2017-time-100/4742751/janet-yellen/ |archive-date=December 17, 2020 |access-date=April 21, 2017 |issn=0040-781X}}</ref> and 2023.<ref>{{Cite magazine |last=Summers |first=Larry |title=Janet Yellen |date=April 13, 2023 |url=https://time.com/collection/100-most-influential-people-2023/6269837/janet-yellen-2023/ |url-status=live |magazine=Time |archive-url=https://archive.today/20230413173412/https://time.com/collection/100-most-influential-people-2023/6269837/janet-yellen-2023/ |archive-date=April 13, 2023 |access-date=April 14, 2023 |issn=0040-781X}}</ref> Additionally, she was named a runner-up for [[Time Person of the Year|''Time'' Person of the Year]] in 2022.<ref>{{Cite web |url=https://www.today.com/news/time-2022-person-of-the-year-shortlist-rcna60072 |title=Who will be Time's 2022 Person of the Year? See the contenders |last=Portée |first=Alex |date=December 5, 2022 |website=Today |archive-url=https://web.archive.org/web/20230131000433/https://www.today.com/news/time-2022-person-of-the-year-shortlist-rcna60072 |archive-date=January 31, 2023 |url-status=live |access-date=December 6, 2022}}</ref>
* Yellen has been ranked on multiple occasions in ''[[Forbes]]''&nbsp;magazine's&nbsp;[[Forbes list of The World's 100 Most Powerful Women|list of the world's&nbsp;100 most powerful women]]. She was named the second-most powerful woman in the world in 2014.<ref>{{Cite press release |author=<!--Not stated--> |title=Forbes Announces 10th Anniversary Of The World's 100 Most Powerful Women List |url=https://www.forbes.com/sites/forbespr/2014/05/28/forbes-announces-10th-anniversary-of-the-worlds-100-most-powerful-women-list/?sh=b472b736fbce |url-status=live |location=Jersey City, New Jersey |work=Forbes |date=May 28, 2014 |archive-url=https://web.archive.org/web/20201125090952/https://www.forbes.com/sites/forbespr/2014/05/28/forbes-announces-10th-anniversary-of-the-worlds-100-most-powerful-women-list/?sh=5cfaa1296fbc |archive-date=November 25, 2020 |access-date=May 29, 2014}}</ref> ''Forbes'' also ranked her several times on its [[Forbes list of the World's Most Powerful People|list of the world's most powerful people]]. She was named the sixth-most powerful person in the world in 2014 and 2016.<ref>{{cite press release |author=<!--Not stated--> |title=2014 Ranking Of The World's Most Powerful People |url=https://www.forbes.com/sites/forbespr/2014/11/05/2014-ranking-of-the-worlds-most-powerful-people/?sh=29019c744d93 |url-status=live |location=Jersey City, New Jersey |work=Forbes |date=November 5, 2014 |archive-url=https://web.archive.org/web/20141108013203/http://www.forbes.com/sites/forbespr/2014/11/05/2014-ranking-of-the-worlds-most-powerful-people/ |archive-date=November 8, 2014 |access-date=November 5, 2014 |df= dmy-all}}
* {{Cite news |last=Ewalt |first=David M.  |title=The World's Most Powerful People 2016 |url=https://www.forbes.com/sites/davidewalt/2016/12/14/the-worlds-most-powerful-people-2016/ |magazine=Forbes |date=December 14, 2016 |access-date=December 15, 2016 |url-status=live |archive-url=https://web.archive.org/web/20161214153005/http://www.forbes.com/sites/davidewalt/2016/12/14/the-worlds-most-powerful-people-2016/#26ec03f2368d |archive-date=December 14, 2016 |df= dmy-all}}</ref>

== Personal life ==
Yellen is married to [[George Akerlof]], an economist who is a university professor at the [[McCourt School of Public Policy]] at [[Georgetown University]] and Koshland Professor of Economics Emeritus at the [[University of California, Berkeley]], as well as a 2001 [[Nobel Memorial Prize in Economic Sciences]] laureate.<ref name="NobelPrize">{{Cite web |url=https://www.nobelprize.org/prizes/economic-sciences/2001/akerlof/biographical/ |title=George A. Akerlof Biographical |last=Akerlof |first=George |date=October 10, 2001 |website=nobelprize.org |archive-url=https://web.archive.org/web/20201124194812/https://www.nobelprize.org/prizes/economic-sciences/2001/akerlof/biographical/ |archive-date=November 24, 2020 |url-status=live |access-date=October 11, 2001}}</ref><ref>{{Cite news |last=Reddy |first=Sudeep |date=September 23, 2014 |title=George Akerlof (aka Mr. Janet Yellen) Heads to Georgetown – Real Time Economics – WSJ |url=https://blogs.wsj.com/economics/2014/09/23/george-akerlof-aka-mr-janet-yellen-heads-to-georgetown/ |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20141002041538/http://blogs.wsj.com/economics/2014/09/23/george-akerlof-aka-mr-janet-yellen-heads-to-georgetown/ |archive-date=October 2, 2014 |access-date=September 24, 2014 |issn=1042-9840}}</ref> The couple met in the fall of 1977, became engaged by that December, and married in June 1978, less than a year after meeting.<ref name="Foroohar, Time" /><ref name="FedLove, Reuters"/> 

Their son,&nbsp;Robert Akerlof (born 1981), is a fellow economist. He received a bachelor's ''summa cum laude'' in economics and mathematics from Yale University in 2003 and earned his Ph.D. in economics from Harvard University in 2009, where he was a Presidential Scholar. After two years as a postdoc at [[Massachusetts Institute of Technology|MIT]], and 14 years at the [[University of Warwick]] as an assistant and associate professor of economics, in 2024, he became a full professor of economics at the [[UNSW Business School]] in Sydney.<ref name="R.AkerlofCV2">{{cite web |url=https://robertakerlof.com/download/akerlof-cv-september-2025.pdf |title=Robert Akerlof Resume |work=robertakerlof.com |access-date=October 11, 2025}}</ref> 

Yellen and George Akerlof have often collaborated on research, including topics such as poverty, unemployment and a paper on the costs of out-of-wedlock childbearing. One of their most discussed papers at Berkeley, on why lower wages sometimes lead to lower employment, came from the personal experience of hiring a nanny for the first time.<ref name="Foroohar, Time">{{Cite magazine |last=Foroohar |first=Rana |date=January 9, 2014 |title=Janet Yellen: The Sixteen Trillion Dollar Woman |url=https://time.com/4238/janet-yellen-the-sixteen-trillion-dollar-woman/ |url-status=live |magazine=Time |archive-url=https://web.archive.org/web/20211114101542/https://time.com/4238/janet-yellen-the-sixteen-trillion-dollar-woman/ |archive-date=November 14, 2021 |access-date=January 10, 2014 |issn=0040-781X |quote="Firms are not always willing to cut wages, even if there are people lined up outside the gates to work. So why don't they?" asks Yellen. The couple's conclusion: some employers set pay higher to demonstrate that they value employees in a way that motivates them to do good work, even when markets are ready to undercut those wages. As any parent paying more than market rates for a nanny knows, child care is a labor market in which the conventional wisdom doesn't always hold.}}</ref> Yellen says Akerlof has been her biggest intellectual influence.<ref name="Foroohar, Time"/> Both frequently state that their lone disagreement is that she is a bit more supportive of free trade than he is.<ref name="FedLove, Reuters"/><ref name="NobelPrize"/>

Yellen has an estimated net worth of $20{{nbs}}million, accrued from stock holdings, speaking engagements, and various government and academic positions.<ref>{{Cite web |url=https://finance.yahoo.com/news/rich-biden-cabinet-picks-check-121329672.html |title=How Rich Are Biden's Cabinet Picks? Check Out the Finances of These Notable Nominees |last=Allcot |first=Dawn |date=January 21, 2021 |website=Yahoo! Finance |archive-url=https://web.archive.org/web/20210122000556/https://finance.yahoo.com/news/rich-biden-cabinet-picks-check-121329672.html |archive-date=January 22, 2021 |url-status=live |access-date=January 22, 2021}}</ref> Upon taking office as U.S. Treasury Secretary, she divested her shares including those in [[Pfizer]], [[ConocoPhillips]], and [[AT&T]], among others.<ref>{{Cite news |last=Alexander |first=Dan |date=June 15, 2021 |title=Here's How Much Treasury Secretary Janet Yellen Is Worth |url=https://www.forbes.com/sites/danalexander/2021/06/15/heres-how-much-treasury-secretary-janet-yellen-is-worth/?sh=ac456962ae89 |url-status=live |work=Forbes |archive-url=https://web.archive.org/web/20210624200854/https://www.forbes.com/sites/danalexander/2021/06/15/heres-how-much-treasury-secretary-janet-yellen-is-worth/?sh=4a93e0112ae8 |archive-date=June 24, 2021 |access-date=June 16, 2021 |issn=0015-6914}}</ref>

Yellen inherited from her mother a collection of [[postage stamp]]s worth between $15,000 and $50,000.<ref name="Udland, BI">{{Cite web |url=https://www.businessinsider.com/janet-yellen-stamp-collection-2014-8/ |title=Janet Yellen Owns A Very Expensive Collection Of Stamps |last=Udland |first=Myles |date=August 29, 2014 |website=Business Insider |archive-url=https://web.archive.org/web/20140901050254/https://www.businessinsider.com/janet-yellen-stamp-collection-2014-8/ |archive-date=September 1, 2014 |url-status=live |access-date=August 30, 2014}}</ref><ref name="Walsh, Forbes"/> She doesn't collect them on her own.<ref>{{Cite news |last=Duehren |first=Andrew |date=September 15, 2022 |title=Janet Yellen Likes Rocks. Foreign Diplomats Keep Giving Her Stamps. |url=https://www.wsj.com/articles/janet-yellen-treasury-secretary-rocks-stamps-11663250822 |url-status=live |work=The Wall Street Journal |archive-url=https://archive.today/20220915145908/https://www.wsj.com/amp/articles/janet-yellen-treasury-secretary-rocks-stamps-11663250822 |archive-date=September 15, 2022 |access-date=September 16, 2022 |issn=1042-9840}}</ref>

== In popular culture ==
"Who's Yellen Now?" is a song by [[Dessa]], a member of the [[Underground hip-hop|indie hip-hop]] collective [[Doomtree]] and contributor to ''[[The Hamilton Mixtape]]''. ''Marketplace'' commissioned the song after then-President-elect Biden announced his intention to nominate Yellen as the nation's first female Treasury Secretary and joked that [[Lin-Manuel Miranda]] should write a [[Hamilton (musical)|Hamiltonesque]] musical about her.<ref>{{Cite web |author=<!--Staff writer(s)/no by-line.--> |title=Biden: Yellen needs a 'Hamilton' musical. Dessa: Here you go. |url=https://www.marketplace.org/2021/01/21/yellen-hamilton-musical-biden-dessa/ |url-status=live |archive-url=https://web.archive.org/web/20210122000450/https://www.marketplace.org/2021/01/21/yellen-hamilton-musical-biden-dessa/ |archive-date=January 22, 2021 |website=Marketplace |date=January 21, 2021 |access-date=January 22, 2021}}</ref> In addition, ''[[The Late Show with Stephen Colbert]]'' premiered a parody of [[Alexander Hamilton (song)|Hamilton's opening song]] about Yellen.<ref>{{Cite magazine |last=Meyer |first=Dan |date=December 3, 2020 |title=WATCH: Janet Yellen Gets the Hamilton Treatment |url=https://playbill.com/article/watch-janet-yellen-gets-the-hamilton-treatment |url-status=live |magazine=Playbill |archive-url=https://web.archive.org/web/20221112181746/https://playbill.com/article/watch-janet-yellen-gets-the-hamilton-treatment |archive-date=November 12, 2022 |access-date=December 4, 2020 |issn=0551-0678}}</ref>

On [[NBC]]'s [[sketch comedy]] show ''[[Saturday Night Live]]'' (SNL), Yellen was parodied by SNL cast member [[Kate McKinnon]] in 2021.<ref>{{Cite web |url=https://www.cnn.com/2021/03/28/media/nfts-snl-saturday-night-live/index.html |title=Still not sure what NFTs are? 'SNL' explains with Eminem parody |last=Goodwin |first=Jazmin |date=March 29, 2021 |website=CNN Business |url-status=live |archive-url=https://web.archive.org/web/20210330141946/https://www.cnn.com/2021/03/28/media/nfts-snl-saturday-night-live/index.html |archive-date=March 30, 2021 |access-date=March 30, 2021}}</ref>

== Selected works ==
=== Books ===
* {{Cite book|title=Efficiency Wage Models of the Labor Market|date=October 31, 1986|publisher=Cambridge University Press|isbn=978-0-521-31284-4|editor-last1=Akerlof|editor-first1=George A.|doi=10.1017/cbo9780511559594|editor-last2=Yellen|editor-first2=Janet L.|url=https://archive.org/details/efficiencywagemo00geor|url-access=registration }}
* {{Cite book|last1=Blinder|first1=Alan S.|last2=Yellen|first2=Janet L.|title=The Fabulous Decade: Macroeconomic Lessons from the 1990s|year=2001|publisher=The Century Foundation Press|isbn=0-87078-467-6|location=New York|oclc=47018413|url=https://archive.org/details/fabulousdecadema0000blin|url-access=registration}}

=== Articles ===
* {{Cite journal|last1=Adams|first1=William James|last2=Yellen|first2=Janet L.|date=August 1976|title=Commodity Bundling and the Burden of Monopoly|journal=[[The Quarterly Journal of Economics]]|volume=90|issue=3|pages=475–498|doi=10.2307/1886045|jstor=1886045}}
* {{Cite journal|last1=Akerlof|first1=George A.|last2=Yellen|first2=J. L.|date=January 1985|title=A Near-Rational Model of the Business Cycle, with Wage and Price Inertia|journal=The Quarterly Journal of Economics|language=en|volume=100|pages=823–838|doi=10.1093/qje/100.Supplement.823|issn=0033-5533}}
* {{Cite journal|last1=Akerlof|first1=George A.|last2=Yellen|first2=Janet L.|date=May 1990|title=The Fair Wage-Effort Hypothesis and Unemployment|journal=The Quarterly Journal of Economics|volume=105|issue=2|pages=255–283|doi=10.2307/2937787|jstor=2937787}}

== See also ==
* [[List of female United States Cabinet members]]
* [[List of Jewish United States Cabinet members]]
* [[List of people who have held multiple United States Cabinet-level positions]]

== References ==
{{Reflist}}

== External links ==
{{Commons category}}
{{Wikiquote}}

=== Official ===
* [https://home.treasury.gov/about/general-information/officials/janet-yellen Biography] {{Webarchive|url=https://web.archive.org/web/20210215085005/https://home.treasury.gov/about/general-information/officials/janet-yellen |date=February 15, 2021 }} at the [[United States Department of the Treasury]]
* [https://www.federalreservehistory.org/people/janet-l-yellen Biography] at the [[Federal Reserve]]
* [https://clintonwhitehouse4.archives.gov/WH/EOP/CEA/html/yellen.html Clinton White House biography] (archived)
* [https://www.brookings.edu/experts/janet-l-yellen/ Expert profile] at the [[Brookings Institution]]
* [https://haas.berkeley.edu/faculty/yellen-janet/ Faculty profile] at the [[Haas School of Business]]
* [https://www.econ.berkeley.edu/faculty/862 Faculty profile] at [[University of California, Berkeley]]

=== Other ===
* {{C-SPAN}}
* [https://ideas.repec.org/e/pye21.html Profile] and [https://econpapers.repec.org/RAS/pye21.htm papers] at [[Research Papers in Economics]]
* {{Guardian topic}}

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