Janet Yellen facts for kids
Quick facts for kids
Janet Yellen
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Official portrait, 2021
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| 78th United States Secretary of the Treasury | |
| In office January 26, 2021 – January 20, 2025 |
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| President | Joe Biden |
| Deputy | Wally Adeyemo |
| Preceded by | Steven Mnuchin |
| Succeeded by | Scott Bessent |
| 15th Chair of the Federal Reserve | |
| In office February 3, 2014 – February 3, 2018 |
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| President | Barack Obama Donald Trump |
| Deputy | Stanley Fischer |
| Preceded by | Ben Bernanke |
| Succeeded by | Jerome Powell |
| 19th Vice Chair of the Federal Reserve | |
| In office October 4, 2010 – February 3, 2014 |
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| President | Barack Obama |
| Preceded by | Donald Kohn |
| Succeeded by | Stanley Fischer |
| Member of the Federal Reserve Board of Governors | |
| In office October 4, 2010 – February 3, 2018 |
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| President | Barack Obama Donald Trump |
| Preceded by | Mark W. Olson |
| Succeeded by | Lisa D. Cook |
| In office August 12, 1994 – February 17, 1997 |
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| President | Bill Clinton |
| Preceded by | Wayne Angell |
| Succeeded by | Edward Gramlich |
| 11th President of the Federal Reserve Bank of San Francisco | |
| In office June 14, 2004 – October 4, 2010 |
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| Preceded by | Robert T. Parry |
| Succeeded by | John Williams |
| 18th Chair of the Council of Economic Advisers | |
| In office February 18, 1997 – August 3, 1999 |
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| President | Bill Clinton |
| Preceded by | Joseph Stiglitz |
| Succeeded by | Martin Neil Baily |
| Personal details | |
| Born |
Janet Louise Yellen
August 13, 1946 New York City, New York, U.S. |
| Political party | Democratic |
| Spouse | |
| Children | 1 |
| Education | Brown University (BA) Yale University (MA, PhD) |
| Signature |  |
| Scientific career | |
| Fields | Macroeconomics Labor economics New Keynesian economics |
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| Thesis | Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach (1971) |
| Doctoral advisor | James Tobin |
| Other academic advisors | Joseph Stiglitz |
| Doctoral students | Charles Engel |
| Academic career | |
| Information at IDEAS / RePEc | |
Janet Louise Yellen (born August 13, 1946) is an American economist. An economist studies how money, goods, and services are made, shared, and used. From 2021 to 2025, she was the 78th United States secretary of the treasury. Before that, she led the Federal Reserve from 2014 to 2018. She was the first woman to hold both of these very important jobs. Yellen is also a professor at the University of California, Berkeley.
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Early Life and School
Janet Yellen was born in New York City on August 13, 1946. Her mother, Anna Ruth, was a teacher, and her father, Julius, was a doctor. Janet has an older brother, John.
Yellen shared that her father's family came to the United States from a small town in Poland. Many of her relatives who stayed in Poland were killed during the Holocaust.
She went to Fort Hamilton High School. There, she was a top student and led the school newspaper. She won many awards for her studies. In 1963, she graduated as the best student in her class, called the valedictorian.
Yellen first planned to study philosophy at Brown University. But she soon changed her mind to economics. She was inspired by her professors. She graduated from Brown in 1967 with top honors. Then, she earned her master's and PhD degrees in economics from Yale University in 1971. Her main teacher at Yale was James Tobin, who later won a Nobel Prize.
Academic Career
After finishing her PhD, Yellen became a professor at Harvard University. She taught economics there from 1971 to 1976. She was one of only two women teaching economics at Harvard at that time.
In 1977, Yellen started working at the Federal Reserve. This is the central bank of the United States. She met her husband, George Akerlof, who is also an economist, there. They got married in 1978.
Yellen and her husband moved to the United Kingdom for two years. She taught at the London School of Economics. In 1980, they returned to the U.S.
She then joined the University of California, Berkeley. She taught business and economics there for over 20 years. She won awards for her teaching. She became a full professor and was highly respected. She took breaks from teaching to work in public service.
Public Service Roles
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Janet Yellen has held many important jobs in the U.S. government. From 1994 to 1997, she was a member of the Federal Reserve Board of Governors. President Bill Clinton chose her for this role.
Then, President Clinton named her the chair of the Council of Economic Advisers from 1997 to 1999. This group advises the President on economic issues.
From 2004 to 2010, she led the Federal Reserve Bank of San Francisco. This is one of the regional banks that make up the Federal Reserve System.
In 2010, President Barack Obama chose her to be the vice chair of the Federal Reserve. Three years later, he nominated her to lead the entire Federal Reserve. She became the first woman to be the chair of the Federal Reserve, serving from 2014 to 2018.
After leaving the Federal Reserve, Yellen joined the Brookings Institution. This is a research group that studies public policy.
In 2020, President-elect Joe Biden nominated Yellen to be the United States secretary of the treasury. The U.S. Senate approved her, and she took office in January 2021. She is the first woman to hold this position.
Secretary of the Treasury (2021–2025)
As Secretary of the Treasury, Janet Yellen is in charge of the U.S. government's money. This includes managing taxes, spending, and the national debt.
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Global Tax Rate
In 2021, Yellen suggested a worldwide minimum tax rate for large companies. This idea was to stop big companies from moving their profits to countries with very low taxes. This way, they would pay their fair share of taxes no matter where they operate. More than 130 countries agreed to this plan.
Debt Ceiling Crisis
The "debt ceiling" is a limit on how much money the U.S. government can borrow. If the government hits this limit, it cannot pay its bills. This could harm the U.S. economy.
Yellen has often urged Congress to raise or suspend this limit. She warned that not doing so could cause serious problems. In 2021 and 2023, Congress passed laws to raise the debt ceiling. This allowed the government to keep paying its bills.
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Digital Money Rules
Yellen has also talked about how to manage new digital money, like cryptocurrencies. She believes that new technologies can help the U.S. financial system. But she also says that rules are needed to protect people and keep the economy stable.
She mentioned that the government is looking into creating a "digital dollar." This would be a digital version of the U.S. currency. It would be issued by the central bank.
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Economic Approach to China
Yellen has spoken about the U.S. economic relationship with China. She has three main goals:
- Protecting U.S. national security and human rights.
- Having fair economic competition with China.
- Working with China on big global problems like climate change and helping developing countries with their debt.
She visited China in July 2023. This trip aimed to restart talks and find common ground between the two countries. She met with top Chinese economic leaders. Yellen said her visit helped put U.S.-China ties on a "surer footing."
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Personal Life
Janet Yellen is married to George Akerlof, who is also a famous economist. He won the Nobel Memorial Prize in Economic Sciences in 2001. They met in 1977 and married in 1978.
Their son, Robert Akerlof, is also an economist. He teaches at the University of Warwick.
Janet Yellen and her husband have often worked together on research. They have studied topics like poverty and unemployment. Yellen says her husband has been her biggest intellectual influence.
Honors and Awards
Janet Yellen has received many awards and honors for her work.
- She has received several honorary degrees from universities. These include degrees from Brown University, Yale University, and New York University.
- She is a member of important groups like the American Academy of Arts and Sciences.
- She has won awards such as the Adam Smith Award and the Paul A. Volcker Lifetime Achievement Award for Economic Policy.
- Time magazine has named her one of the "100 most influential people in the world" four times.
- Forbes magazine has also listed her among the "world's 100 most powerful women."
See also
- List of female United States Cabinet members
