Janet Yellen

Janet Yellen
Born	Janet Louise Yellen 13 8, 1946
Birthplace	New York City, New York, U.S.
Nationality	American
Occupation	Economist, government official
Title	78th United States Secretary of the Treasury (2021–2025); 15th Chair of the Federal Reserve (2014–2018)
Known for	First woman to serve as U.S. Secretary of the Treasury; first woman to serve as Chair of the Federal Reserve
Education	Yale University (MA, PhD)
Children	1
Awards	Janet L. Yellen Award for Excellence in Public Service (2026)

Janet Louise Yellen (born August 13, 1946) is an American economist who has held some of the most consequential positions in United States economic policymaking over a career spanning more than five decades. She served as the 78th United States Secretary of the Treasury from January 2021 to January 2025 under President Joe Biden, and before that as the 15th Chair of the Federal Reserve from 2014 to 2018 under Presidents Barack Obama and Donald Trump. In both roles, she was the first woman to hold the position. Born and raised in Bay Ridge, Brooklyn, Yellen rose through the ranks of academia and government service, holding positions at Harvard University, the London School of Economics, and the University of California, Berkeley, as well as serving as chair of the Council of Economic Advisers under President Bill Clinton and as president of the Federal Reserve Bank of San Francisco. A specialist in macroeconomics, labor economics, and New Keynesian economics, Yellen's scholarly and policy work has focused on the causes and consequences of unemployment, the dynamics of the labor market, and the role of monetary policy in stabilizing the economy. Since leaving the Treasury Department in January 2025, she has returned to the Brookings Institution as a distinguished fellow in residence and has been an outspoken advocate for Federal Reserve independence and fiscal responsibility.

Early Life

Janet Louise Yellen was born on August 13, 1946, in Brooklyn, New York City, and grew up in the neighborhood of Bay Ridge. She was raised in a middle-class family; her father was a physician who practiced family medicine and her mother was a schoolteacher. Yellen grew up in a household that valued education and intellectual achievement. Her neighborhood in Bay Ridge, a residential area in the southwestern part of Brooklyn, was home to a diverse working- and middle-class population during the post-war decades.

Yellen attended Fort Hamilton High School in Bay Ridge, where she excelled academically. She served as editor-in-chief of the school newspaper and graduated as valedictorian of her class. Her early academic distinction foreshadowed a career defined by intellectual rigor and sustained achievement in economics and public policy. Growing up in New York City during the 1950s and 1960s, Yellen came of age during a period of significant economic expansion and social change in the United States, experiences that would later inform her scholarly interest in employment, labor markets, and the role of government in promoting economic stability.

Education

Yellen enrolled at Brown University in Providence, Rhode Island, where she studied economics. She graduated summa cum laude in 1967 with a Bachelor of Arts degree. At Brown, she developed a strong foundation in economic theory and quantitative methods.

Following her undergraduate studies, Yellen pursued graduate education at Yale University, one of the leading centers for economics research in the United States. At Yale, she studied under James Tobin, the Nobel Prize–winning economist known for his work on monetary policy and portfolio theory, who served as her doctoral advisor. Joseph Stiglitz, another future Nobel laureate, was among her academic advisors. Yellen earned both a Master of Arts and a Doctor of Philosophy in economics from Yale in 1971. Her doctoral dissertation, titled Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach, explored macroeconomic dynamics and reflected her early interest in employment and labor market issues.

Career

Early Academic Career (1971–1994)

After completing her doctorate at Yale, Yellen began her academic career as an assistant professor of economics at Harvard University, where she taught from 1971 to 1976. During her time at Harvard, she conducted research in macroeconomics and labor economics, fields that would remain central to her scholarly work throughout her career.

From 1977 to 1978, Yellen left academia temporarily to serve as a staff economist for the Board of Governors of the Federal Reserve System, gaining her first direct experience with the institution she would later lead. This early exposure to the Federal Reserve's operations and policymaking processes provided Yellen with practical knowledge of central banking that complemented her academic training.

Following her stint at the Federal Reserve, Yellen joined the faculty of the London School of Economics, where she taught from 1978 to 1980. In 1980, she moved to the University of California, Berkeley, joining the faculty of the Haas School of Business and the Department of Economics. She would maintain her affiliation with Berkeley for decades, eventually holding the title of Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics. At Berkeley, Yellen built a reputation as a rigorous researcher specializing in the causes of unemployment, wage dynamics, and the macroeconomic effects of monetary policy. Her work contributed to the development of New Keynesian economics, a school of thought that emphasizes the role of market imperfections and price rigidities in explaining economic fluctuations.

Federal Reserve Board of Governors and Council of Economic Advisers (1994–1999)

In 1994, President Bill Clinton nominated Yellen to serve as a member of the Federal Reserve Board of Governors, and she was confirmed by the U.S. Senate. She served on the Board from August 12, 1994, to February 17, 1997, a period during which the U.S. economy experienced sustained growth and declining unemployment. As a governor, Yellen participated in deliberations on monetary policy, including decisions on interest rates and the regulation of the financial system.

In 1997, President Clinton appointed Yellen to serve as chair of the Council of Economic Advisers (CEA), the body responsible for advising the president on economic policy. She held this position from February 18, 1997, to August 3, 1999, succeeding Joseph Stiglitz, who had been one of her academic advisors at Yale. As CEA chair, Yellen played a central role in shaping the Clinton administration's economic agenda during a period of budget surpluses and strong economic performance. She was succeeded by Martin Neil Baily.

President of the Federal Reserve Bank of San Francisco (2004–2010)

After leaving the CEA, Yellen returned to her academic position at UC Berkeley. In 2004, she was appointed the 11th president and chief executive officer of the Federal Reserve Bank of San Francisco, one of the twelve regional reserve banks that make up the Federal Reserve System. She succeeded Robert Parry in the role.

As president of the San Francisco Fed, Yellen oversaw the largest of the twelve Federal Reserve districts, encompassing nine western states, as well as American Samoa, Guam, and the Northern Mariana Islands. Her tenure coincided with a period of profound upheaval in the U.S. financial system, including the subprime mortgage crisis and the ensuing Great Recession of 2007–2009. During this period, Yellen was among the Federal Reserve officials who recognized early warning signs of the crisis and advocated for aggressive monetary policy responses to stabilize the economy and support employment.

Vice Chair of the Federal Reserve (2010–2014)

In 2010, President Barack Obama nominated Yellen to serve as vice chair of the Federal Reserve, succeeding Donald Kohn. She assumed the role on October 4, 2010, and served as the second-ranking official at the Fed during a critical period of economic recovery following the Great Recession. As vice chair, Yellen worked alongside Chairman Ben Bernanke as the Federal Reserve implemented extraordinary monetary policy measures, including near-zero interest rates and large-scale asset purchases (commonly known as quantitative easing), aimed at stimulating economic growth and reducing unemployment.

During her tenure as vice chair, Yellen became known for her focus on the labor market and her advocacy for policies that would support a full recovery in employment, even as some critics expressed concern about the potential inflationary effects of the Fed's expansionary policies. Her track record of economic forecasting during this period drew attention; analyses of her public statements and predictions suggested that she had been more accurate in her economic forecasts than many of her colleagues at the Fed.

Chair of the Federal Reserve (2014–2018)

On October 9, 2013, President Obama nominated Yellen to succeed Ben Bernanke as chair of the Federal Reserve. On January 6, 2014, the U.S. Senate confirmed her nomination by a vote of 56–26, making her the first woman to lead the central bank in its then-100-year history. She took office on February 3, 2014, with Stanley Fischer serving as her vice chair.

As chair, Yellen presided over a period of continued economic recovery and gradual normalization of monetary policy. Under her leadership, the Federal Reserve began to raise the federal funds rate from near-zero levels for the first time since the Great Recession, initiating a series of measured interest rate increases starting in December 2015. Yellen emphasized a data-driven and cautious approach to tightening monetary policy, arguing that the Fed should move slowly to avoid derailing the recovery and should pay close attention to the labor market and inflation indicators before adjusting rates.

During her tenure as chair, the U.S. unemployment rate declined significantly, falling to levels not seen since before the Great Recession. The economy added millions of jobs, and inflation remained relatively subdued. Yellen also oversaw efforts to strengthen financial regulation in the aftermath of the financial crisis, supporting the implementation of reforms aimed at making the banking system more resilient.

In November 2017, President Donald Trump declined to renominate Yellen for a second term as chair, instead nominating Jerome Powell, a Federal Reserve governor whom Obama had originally appointed to the Board. Yellen's departure was announced on November 20, 2017, and she left the Fed on February 3, 2018. She was the first Fed chair in nearly four decades not to be reappointed for a second term.

Brookings Institution (2018–2020)

Following her departure from the Federal Reserve, Yellen joined the Brookings Institution in Washington, D.C., as a distinguished fellow in residence with the Hutchins Center on Fiscal and Monetary Policy. During this period, she remained active in public discourse on economic policy, commenting on issues including trade policy, fiscal responsibility, and the independence of the Federal Reserve. Her position at Brookings allowed her to continue contributing to policy debates while remaining outside of government.

Secretary of the Treasury (2021–2025)

On November 30, 2020, President-elect Joe Biden nominated Yellen to serve as the 78th United States Secretary of the Treasury. The U.S. Senate confirmed her nomination on January 25, 2021, in a bipartisan vote, and she was sworn in by Vice President Kamala Harris on January 26, 2021. Her confirmation made her the first woman to hold the office of Treasury Secretary, adding to her distinction as the first woman to chair the Federal Reserve. With her appointment, Yellen became the first person in American history to have led the Treasury Department, the Federal Reserve, and the Council of Economic Advisers.

As Treasury Secretary, Yellen played a central role in the Biden administration's economic policy. She oversaw the implementation of major fiscal legislation, including pandemic relief measures and infrastructure spending. Yellen was also involved in international economic diplomacy, representing the United States at meetings of the G7 and G20 finance ministers and advocating for a global minimum corporate tax rate to address international tax avoidance.

During her tenure, Yellen navigated a series of fiscal challenges, including recurring debates over the federal debt ceiling, which threatened to disrupt government operations and financial markets. She repeatedly warned of the economic consequences of a potential default on U.S. government obligations and advocated for congressional action to raise or suspend the debt limit.

Yellen's term as Treasury Secretary ended on January 20, 2025, with the conclusion of the Biden administration. She was succeeded by Scott Bessent.

Post-Treasury Career (2025–present)

After leaving the Treasury Department, Yellen returned to the Brookings Institution as a distinguished fellow in residence in the Hutchins Center on Fiscal and Monetary Policy. She has remained active in public commentary on economic and fiscal policy. In July 2025, she co-authored an opinion article with former Federal Reserve Chair Ben Bernanke in The New York Times arguing for the importance of maintaining the independence of the Federal Reserve from political interference. In an interview with The New Yorker that same month, Yellen discussed the risks posed by expanding fiscal deficits and the potential consequences for the American economy.

In January 2026, Yellen publicly warned about the growing national debt, which had reached approximately $38 trillion, cautioning that the debt-to-GDP ratio was approaching levels that economists have long identified as potentially unsustainable. She also commented on a reported Department of Justice probe into Federal Reserve Chair Jerome Powell, calling the investigation "extremely chilling" for the independence of the central bank and warning that financial markets should be concerned about potential political encroachment on the Fed.

In October 2025, Yellen visited Brandeis University, where she engaged with students and faculty on topics related to economic policy and public service.

Personal Life

Janet Yellen married George Akerlof, a fellow economist, in 1978. Akerlof, a professor at UC Berkeley, was awarded the Nobel Memorial Prize in Economic Sciences in 2001 for his research on markets with asymmetric information. The couple met while both were working at the Federal Reserve Board in the late 1970s. They have one son, Robert Akerlof, who also pursued a career in economics.

Yellen holds the title of professor emeritus at the Haas School of Business at the University of California, Berkeley, where she has been affiliated since 1980. She is the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Economics at the university.

Throughout her career, Yellen has been noted for her meticulous approach to economic data and her focus on the real-world impacts of economic policy on employment and the livelihoods of ordinary Americans. Her fields of specialization include macroeconomics, labor economics, and New Keynesian economics.

Recognition

Yellen's career in public service and economics has been recognized with numerous honors. Her confirmation as Chair of the Federal Reserve in January 2014 was covered extensively as a historic milestone, making her the first woman to lead the institution since its founding in 1913. Her subsequent appointment as Secretary of the Treasury in 2021 further cemented her status as a barrier-breaking figure in American economic policymaking, as she became the first person to have held the top positions at both the Federal Reserve and the Treasury Department, as well as the Council of Economic Advisers.

In January 2026, Yellen received the inaugural Janet L. Yellen Award for Excellence in Public Service, presented by the Committee on the Status of Women in the Economics Profession (CSWEP). The award, named in her honor, recognizes contributions to public service by women in economics. In her remarks upon receiving the award, Yellen reflected on the challenges and achievements of her career and the importance of increasing the participation of women in the economics profession.

Yellen has also been recognized by her alma mater, Brown University, where she graduated in 1967. In January 2026, she received the Elliot Richardson Prize for her contributions to public service, an honor noted by the Brown Daily Herald.

Her work has been the subject of extensive media coverage over the years. The Guardian has maintained a dedicated topic page on Yellen, reflecting her prominence in global economic affairs. Her public appearances and speeches have been archived by C-SPAN.

Legacy

Janet Yellen's career has encompassed over five decades at the intersection of academic economics and public policy. She is the only person in American history to have served as Chair of the Federal Reserve, Secretary of the Treasury, and Chair of the Council of Economic Advisers, a trifecta of economic policymaking roles that is unmatched by any other individual. Her tenure at the Federal Reserve, spanning multiple roles from governor to vice chair to chair, coincided with some of the most consequential economic events of the late twentieth and early twenty-first centuries, including the economic expansion of the 1990s, the Great Recession, and the subsequent recovery.

As the first woman to lead both the Federal Reserve and the Treasury Department, Yellen's appointments marked significant milestones in the representation of women in senior economic policymaking positions in the United States. The establishment of the Janet L. Yellen Award for Excellence in Public Service by CSWEP in 2026 reflects recognition of her role as a prominent figure for women in economics.

Yellen's scholarly contributions, particularly in the areas of labor economics and New Keynesian economics, have influenced the academic understanding of unemployment, wage determination, and the mechanisms through which monetary policy affects the real economy. Her doctoral work under James Tobin at Yale and her decades of research at UC Berkeley contributed to the development of economic models that emphasize the importance of market imperfections and institutional factors in shaping economic outcomes.

In the years following her government service, Yellen has continued to shape public discourse on economic policy, particularly through her advocacy for Federal Reserve independence and her warnings about the long-term risks of growing fiscal deficits. Her co-authored 2025 opinion article with Ben Bernanke in The New York Times underscored the importance of insulating monetary policy from political pressure, a theme that has defined much of her public commentary in the post-Treasury period.