Yellen, Janet

women early better on carbon tax?

MORANO TARGET

Marc Morano

Weekly update ⋅ September 26, 2025

Trump's climate speech should be 'EPIC': Marc Morano - YouTube

YouTube

ClimateDepot.com executive editor Marc Morano discusses President Donald Trump's upcoming speech on fossil fuels and more on 'The Bottom Line.

Trump makes global push for fossil fuels | Fox Business Video

Fox Business

ClimateDepot.com executive editor Marc Morano discusses President Donald Trump's upcoming speech on fossil fuels and more on 'The Bottom Line.'

omfg

ClimateDepot.com executive editor Marc Morano discusses President Donald Trump's upcoming speech on fossil fuels and more on 'The Bottom Line.'

fox biz 6 min

Dagen McDowell

Kerry

ghoul climate colonialiSm told Africa 3 yrs ago threat ff pjts will not get funded or make profit; stay in dark poverty yto keep ff in gnd bc not good for climate; world cannot have AC; yellin straw hut praise for climate commitment, lectuered, trump sp UN will be epic, let them have it tomorrow; black hole of finance, sucking anti-human; 1 in 5 carbon offsets 1/5 land owned by wealth euro; trump try to do rt thing, allow poor to catch up; renewable energy racists; let us use the word they will use; easier to change gender than energy; make burEaucrats wealthy in dev world; leftwing lunaverse; ca nerwsom sued big oil refinery shit dn chevron leave state; only buy EV overturne EPA waiver rescinded; impoverish entire state; after 25 yrs pounding FF corps; gavin run for prez; delsy cap, minor restrictions; fraud impOrting refined oil from Iraq brazil low emission GND fantasies; ...? pll of ca voted for this; hypocrisy newsome went to china byb ron popeil; china biggest carbon emitter.

dereliction of responsibilities': Elizabeth Warren calls out Janet Yellen for going easy on megabank mergers

https://www.alternet.org/janet-yellen-2661983964/

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Leaked audio obtained this week by Politico revealed that billionaire casino magnate and GOP megadonor Steve Wynn recently offered Republicans a bit of messaging advice as they attempt to win back control of the Senate: Amplify the lies about Democratic tax policies.

During a Wednesday conference call hosted by the Republican National Committee, which is seeking to wrangle big-money donors amid internal concerns that the party's Senate chances are dimming, Wynn recommended "hard-hitting" ads with scripts warning ominously: "They're coming after you if you're a waiter, if you're a bartender, if you're anybody with a cash business... they're coming after you."

Wynn, a once highly prominent figure who has been accused of sexual assault and illegal lobbying, didn't specify which Democratic tax policies he was referencing. But Steve Rosenthal, a senior fellow at the Tax Policy Center, told the Washington Post Thursday that Wynn's suggested messaging resembles GOP attacks on increased funding for the Internal Revenue Service, which Republican lawmakers have systematically deprived of resources for years—a major boon to rich tax-dodgers and large corporations.

"The lack of resources prevents the IRS from ensuring that large and sprawling operations pay their full tax bill," Rosenthal said in an interview with the Post's Greg Sargent and Paul Waldman. "The point of increased enforcement is to pursue these businesses."

Wynn's advice came after the GOP had already launched hysterical attacks on the $80 billion in IRS funding included in the newly enacted Inflation Reduction Act, which passed both chambers of Congress this month without a single Republican vote. In floor debate over the package, House Republicans falsely claimed the funding would enable "robbery" by gun-wielding IRS agents.

In reality, the money will go toward ensuring the agency is capable of mundane tasks—such as answering phone calls—as well as giving it the capacity and resources to audit ultra-rich taxpayers whose returns have gone under-examined for years.[twt]

earlier this year, the Transactional Records Access Clearinghouse published an analysis showing that the IRS audited low-income wage earners at a rate five times higher than everyone else in Fiscal Year 2021, a trend the agency has blamed on the higher costs of auditing wealthier taxpayers.

In a letter to the IRS chief earlier this month, Treasury Secretary Janet Yellen specifically instructed the tax agency to use the new funding from the Inflation Reduction Act to "increase equity in the tax system by enforcing the tax laws against those high-earners, large corporations, and complex partnerships who today do not pay what they owe."

As Rosenthal put it to the Post,"Wynn is trying to push Republicans to scare the little fish into thinking the IRS is targeting them, when in fact the IRS has pledged to target the big fish."

Sargent and Waldman argued in a column Thursday that "it's pretty revealing for Wynn to be urging Republicans to attack those policies by arguing that their real victims will be waiters and bartenders."

"Democrats should jump on this," they wrote.

According to Politico, the 36-minute conference call also featured Republican National Committee Chairwoman Ronna McDaniel begging rich donors to inject funding into Senate races as GOP leaders openly raise doubts about the party's prospects of retaking the upper chamber in November.

Recent polling in the key battleground states of Pennsylvania and Wisconsin, for example, shows that Democratic candidates John Fetterman and Mandela Barnes have opened up leads against their Republican opponents.

"Please help us invest in these Senate races specifically," McDaniel told donors on the call. "Give to any of these Senate candidates, all of these Senate candidates if you can, so all of them can be on TV."

Politico reported that Wynn "asked whether there are any dark-money nonprofits that contributors could give to."

Donors, he said, "are self-conscious for reasons that are personal to them, business people and folks like that."

BS house ltr recycled sea change b(also sent to munchkin by lamar and david b mckinley?]

https://www.scribd.com/document/564227085/RSC-Letter-to-Treasury-on-Russia#download&from_embed

https://www.alternet.org/2022/06/gas-prices/

In the wake of new federal data showing that U.S. inflation rose again in May after decelerating slightly the previous month, progressive lawmakers, economists, and union leaders on Friday tried to hammer home their argument that corporate profiteering is a major driver of the price hikes that are eroding workers' modest wage gains and heightening economic pain nationwide.

"While families are feeling the sting of soaring energy costs, oil and gas companies are cheering the nearly $100 billion in profits they've already made this year off families' pain at the pump," said Dr. Rakeen Mabud, chief economist at the Groundwork Collaborative.

"It's past time for Congress to pass an excess profits tax to stop the outrageous war profiteering by Big Oil," Mabud added, referring to the benefits the U.S. fossil fuel industry has reaped from Russia's assault on Ukraine.

The narrative that corporate greed is one of the key culprits behind inflation, which is now at a 40-year high, resonates greatly with the U.S. public, according to recent survey data. A poll conducted last month by Data for Progress showed that 71% of all U.S. voters blame corporate profit-seeking for rising inflation.

But despite the argument's popularity—and alignment with data showing that record-high corporate profits are a disproportionate contributor to inflation—the Biden administration has been increasingly hesitant to deploy it in recent months even as inflationary pressures persist and businesses' net incomes grow exponentially in some sectors.

During an event hosted by The New York Times on Thursday, Treasury Secretary Janet Yellen outright rejected the notion that corporate greed is to blame for inflation, saying, "Demand and supply is largely driving inflation."

Federal Reserve Chair Jerome Powell, meanwhile, has openly suggested that wage increases are part of the problem, telling reporters during a press conference last month that the country needs to "get wages down" in order to tackle inflation.

While progressive economists have acknowledged that a number of factors, from supply chain issues caused by the pandemic to the war in Ukraine, are pushing inflation to levels not seen in decades, they have nevertheless maintained that corporate profiteering is a significant culprit.

"Corporations are using inflation as an excuse to raise their prices, hurting workers and consumers while they enjoy record profits," Robert Reich, the former secretary of the U.S. Labor Department, wrote last month. "Prices are surging—but let's be clear: corporations are not raising prices simply because of the increasing costs of supplies and labor. They could easily absorb these higher costs, but instead they are passing them on to consumers and even raising prices higher than those cost increases."

Mary Kay Henry, president of the Service Employees International Union, echoed Reich on Friday.

"Make no mistake: the same corporations that are making record profits while busting workers' unions are raising prices on working families," Henry wrote on Twitter. "If our nation's leaders are serious about addressing inflation, they'll hold these big corporations accountable for their price gouging."

In recent weeks, as inflation numbers have remained stubbornly high and corporate executives have continued boasting about their profits, congressional Democrats have put forth several proposals aimed at combating price gouging and reining in excess profits via taxation.

Led by Rep. Ro Khanna (D-Calif.) in the House and Sen. Sheldon Whitehouse (D-R.I.), a group of Democrats and Sen. Bernie Sanders (I-Vt.) introduced legislation in March that would hit large and highly profitable oil companies with "a per-barrel tax equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."

While the White House has signaled it would be willing to support a windfall profits tax on Big Oil, Democrats' bill has not received a vote in the House or Senate.

Last month, Sens. Elizabeth Warren (D-Mass.) and Tammy Baldwin (D-Wis.) along with Rep. Jan Schakowsky (D-Ill.) unveiled a measure that would empower federal regulators to crack down on corporate price gouging. Warren has specifically called out the meat industry for its pricing practices throughout the pandemic.

"Giant corporations are using inflation as a cover story to jack up prices and pad profits," Warren tweeted Friday. "Let's pass my bill to crack down on corporate price gouging. And let's pass our windfall profits tax on Big Oil, which includes rebate checks for Americans struggling with gas prices."

https://www.alternet.org/2022/02/to-us-oligarchs-majority-views-on-taxing-the-rich-count-for-little/

noah b

With one political party entirely committed to expanding inequality, and the other divided on the issue, overwhelming public support and commonsense ethical commitments don’t carry much weight.

That’s how oligarchies consolidate. The wealthy horde power and wealth, then that power and wealth gives them the ability to shape institutions to further increase their power and wealth.

Yellen has had some successes in restraining wealthy and corporate power. She negotiated an international agreement with 136 countries to implement a global corporate minimum tax of 15 percent.

At some point, corruption stops being a bug in democracy and starts becoming a feature of oligarchy.

Has the US passed that threshold?

Based on the sweeping and effective resistance to commonsense solutions to reign in wealthy tax scofflaws, the answer is not encouraging.

Since the 1970s, the United States has become steadily and inexorably more economically unequal. According to Pew, upper income families have brought in a larger and larger share of total income.

US income inequality is the highest of all G7 nations. Its Gini coefficient is .434, well above second highest UK at .392.

In 1968, the top 20 percent of households earned 43 percent of national income. By 2018, the top 20 percent of households earned 52 percent.

In 1989, the richest 5 percent of families had 114 times as much wealth as families in the second poorest income tier. In 2016, they had 248times as much wealth.

In 2020, the 50 richest Americans had almost as much wealth as the poorest half of the US population.

This massive concentration of wealth is also a massive concentration of power. The wealthiest people have access to the best lawyers, the best tax attorneys and the most powerful politicians.

That means that it is very difficult for the government to restrain them, or to create a more equitable economy and society against their wishes.

That’s how oligarchies consolidate. The wealthy horde power and wealth, then that power and wealth gives them the ability to shape institutions to further increase their power and wealth. [amp fdbk]

An example of oligarchical power is billionaire tax evasion. A recent IRS study found that wealthy Americans conceal more than 20 percent of their earnings. They are able to do this because of complex accounting scams involving offshore tax shelters.

The lost tax costs the government at least $175 billion a year in revenue. The top 1 percent of earners are responsible for a third of unpaid federal taxes.

In addition to these straightforwardly illegal accounting tricks, the very wealthy also benefit from at least nominally legal loopholes.

For instance, wealthy people have many assets that increase in value over time, but they do not pay taxes on those assets until they sell them.

They can borrow against those assets without paying taxes, since again the assets aren’t considered income. Then, if they die before selling the assets, they can pass them on to their heirs using trusts and other accounting shenanigans to avoid the estate tax.

ProPublica called this strategy Buy, Borrow, Die. It’s a key method for hoarding generational wealth, and entrenching oligarchy.

The Biden administration, led by Secretary of the Treasury Janet Yellen, have proposed strong measures to rein in billionaire corruption. In part, they want to restrain inequality. In part, they hope to fund other priorities like climate mitigation and anti-poverty measures in the administration’s Build Back Better infrastructure plan.

To address billionaire tax evasion, BBB included $80 billion to boost capacity and staff at the IRS. That would help make up for the steady budget-cuts under Republican administrations. Those have led to a 60 percent decrease in audits of taxpayers who earn more than $1 million. Biden said the investment would allow the IRS to collect $400 billion in taxes.

Biden, Yellen and Senate Finance Chair Ron Wyden have also been pushing for a billionaire tax to force the very wealthy to pay taxes on the increased value of their assets.

This would strike at the heart of the oligarchic “Buy, Borrow, Die” lifestyle. It would force the ultra-wealthy to pay their fair share, like everyone else, every year, year after year.

Policies that prevent the rich from escaping a tax burden everyone has to pay should be easy to pass in a democracy. You’d think preventing billionaires from cheating on their taxes would be a popular policy.

And you’d be correct.

A 2019 poll, for example, showed that 76 percent of Americans agreed that the wealthiest should pay more in taxes. Proposals to tax income over $10 million at 70 percent — a huge increase over current rates — obtained more than 50 percent support.

In an oligarchy, though, public support doesn’t necessarily count for all that much.

A notorious 2015 study found that politicians were much more likely to listen to and follow the political preferences of economic elites than those of the less affluent.

You can see that playing out in the politics of billionaire taxation.

Build Back Better, which included the beefed-up IRS funding, was scuttled by millionaire West Virginia Senator Joe Manchin, in large part, reportedly, because he was worried that poor parents would spend money on drugs.

A wealthy politician refused to enforce the law against billionaires because he was worried that poor people are natural criminals.

That is what you call class consciousness.

Wyden’s proposal to end “Buy, Borrow, Die” also failed after opposition from Manchin.It was of course opposed by Senate Republicans, whose main goal is to shovel as much money as possible to the rich in as short a time as possible.

Yellen has had some successes in restraining wealthy and corporate power. She negotiated an international agreement with 136 countries to implement a global corporate minimum tax of 15 percent. This would make it harder for businesses to escape tax burdens by moving their corporate offices. Congress still has to pass the treaty, but Yellen said she was confident they would do so.

The corporate minimum tax is a substantial achievement. But it’s also a small dam erected against the tsunami of inequality in the US.

With one political party entirely committed to expanding inequality, and the other divided on the issue, overwhelming public support and commonsense ethical commitments don’t carry much weight.

The wealthy have been expanding their power and influence for decades in the US. The result is that the US regularly chooses to make the rich richer rather than helping the poorest feed their children.

The outlook for change is likely to be even bleaker if Republicans recapture one or both legislative chambers in November.

Yellen and Biden are to be commended for fighting an ongoing rearguard action against corruption. But if government inability to restrain corruption is a feature of oligarchy, then the US is already well down a path that it is very difficult to retrace.

The Women Who Were Right About the Economy

bigthink

Who could have saved us from the global financial crisis? In a word, women.The release of the Federal Reserve’s transcripts of policymaking meetings up to 2007 has shed new light on the machinations inside the central bank as the Great Recession dawned. One member of the Board of Governorscast in a positive light is Janet Yellen, the vice-chair, who saw the potential for trouble in the shadow banking system. She isn’t the only woman who might have done a better job than the man who outranked her:

Brooksley Born. The formerchair of the Commodities Futures Trading Commission warned that the Commodities Futures Modernization Act of 2000 could lead to excesses in the derivatives markets. The act eliminated most monitoring and regulation of the over-the-counter derivatives market where the subprime loan crisis exploded. But Born was overruled by Larry Summers, the Treasury secretary, and President Bill Clinton signed it into law.

Alice Rivlin. As vice-chair of the Board of Governors and a possible successor to Alan Greenspan as chair, her resignation in 1999, just as the Fed began to raise interest rates for the first time in four years, came as a surprise. Her view of monetary policy the late 1990s suggests she correctly perceived the global economy as more fragile than Greenspan did; the markets’ crash in 2000 soon forced him to reverse course. She later criticized Greenspan for endorsing the 2001 Bush tax cuts, which ended up casting the nation into deep deficits.

Sheila Bair. She chaired the Federal Deposit Insurance Corporation before, during, and after the financial crisis. A strong believer in aiding consumers more and big banks less, she dissented from Treasury Secretary Timothy Geithner’s view that bailing out big banks – some of which she said didn’t need the help – was the best way to get the economy back on its feet. She argued for more accountability, but she lost; the big banks got their money, with few strings attached.

Christina Romer. The first chair of President Barak Obama’s Council of Economic Advisers wanted a much bigger stimulus package than the one he eventually proposed to Congress in 2009 - $1.8 trillion rather than about $900 billion. But before Obama even saw the plan, Summers, who was director of the National Economic Council, persuaded her to water it down to $1.2 trillion. The shortcomings of the initial package led Obama to pursue additional stimulus, an effort largely stymied by the Republicans in the Congress.

Would we be better off today if these women had held the top jobs in economic policy rather than the men who steamrolled them? There’s no way to know for sure, but my guess is that, in at least a few cases, the answer is yes.

ref

What is the Shadow Banking System?

A shadow banking system is the group of financial intermediaries facilitating the creation of credit across the global financial system but whose members are not subject to regulatory oversight. The shadow banking system also refers to unregulated activities by regulated institutions. Examples of intermediaries not subject to regulation include hedge funds, unlisted derivatives, and other unlisted instruments, while examples of unregulated activities by regulated institutions include CDS ...KEY TAKEAWAYS

The shadow banking system consists of lenders, brokers, and other credit intermediaries who fall outside the realm of traditional regulated banking.
It is generally unregulated and not subject to the same kinds of risk, liquidity, and capital restrictions as traditional banks are.
The shadow banking system played a major role in the expansion of housing credit in the run up to the 2008 financial crisis, but has grown in size and largely escaped government oversight even since then.
sht vid] on s.b. System The shadow banking system has escaped regulation primarily because unlike traditional banks and credit unions, these institutions do not accept traditional deposits. Shadow banking institutions arose as innovators in financial markets who were able to finance lending for real estate and other purposes but who did not face the normal regulatory oversight and rules regarding capital reserves and liquidity that are required of traditional lenders in order to help prevent bank failures, runs on banks, and financial crises. As a result, many of the institutions and instruments have been able to pursue higher market, credit, and liquidity risks in their lending and do not have capital requirements commensurate with those risks. Many shadow banking institutions were heavily involved in lending related to the boom in subprime mortgage lending and loan securitization in the early 2000’s. Subsequent to the subprime meltdown in 2008, the activities of the shadow banking system came under increasing scrutiny due to their role in the over-extension of credit and systemic risk in the financial system and the resulting financial crisis.

The Breadth of the Shadow Banking System

Shadow banking is a blanket term to describe financial activities that take place among non-bank financial institutions outside the scope of federal regulators. These include investment banks, mortgage lenders, money market funds, insurance companies, hedge funds, private equity funds and payday lenders, all of which are a significant and growing source of credit in the economy.

Despite the higher level of scrutiny of shadow banking institutions in the wake of the financial crisis, the sector has grown significantly. In May 2017, the Switzerland-based Financial Stability Board released a report detailing the extent of global non-bank financing. Among the findings, the board found that non-bank financial assets had risen to $92 trillion in 2015 from $89 trillion in 2014. A more narrow measure in the report, used to indicate shadow banking activity that may give rise to financial stability risks, grew to $34 trillion in 2015, up 3.2% from the prior year and excluding data from China. Most of the activity centers around the creation of collateralized loans and repurchase agreements used for short-term lending between non-bank institutions and broker-dealers. Non-bank lenders, such as Quicken Loans, account for an increasing share of mortgages in the United States. One of the fastest-growing segments of the shadow banking industry is peer-to-peer (P2P) lending, with popular lenders such as LendingClub.com and Prosper.com.

P2P lenders initiated more than $1.7 billion in loans in 2015.

Who Is Watching the Shadow Banks?

The shadow banking industry plays a critical role in meeting rising credit demand in the United States. Although it's been argued that shadow banking's disintermediation can increase economic efficiency, its operation outside of traditional banking regulations raises concerns over the systemic risk it may pose to the financial system. The reforms enacted through the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act focused primarily on the banking industry, leaving the shadow banking sector largely intact. While the Act imposed greater liability on financial companies selling exotic financial products, most of the non-banking activities are still unregulated. The Federal Reserve Board has proposed that non-banks, such as broker-dealers, operate under similar margin requirements as banks. Meanwhile, outside of the United States, China began issuing directives in 2017 directly targeting risky financial practices such as excessive borrowing and speculation in equities.

Federal Reserve Chair Janet Yellen is balking at turning over some of the documents ordered by a key House lawmaker in his investigation of a possible leak of market-sensitive information.

Yellen has told Rep. Jeb Hensarling, R-Texas, who heads the House Financial Services Committee, that she can't provide some documents sought by his subpoena because doing so could jeopardize a criminal investigation by the Justice Department and the Fed's watchdog inspector general. Yellen said the inspector general has told the Fed that the documents in question — which include records related to an earlier internal review by the Fed's general counsel — should not be provided.

"The Federal Reserve is mindful that we must not impede that open criminal investigation," Yellen wrote in a letter to Hensarling Thursday.

The move escalated a months-long battle between the Fed chair and the lawmaker over an alleged leak in 2012 of interest-rate information to a financial newsletter.

Hensarling, a vocal critic of the Fed, issued a subpoena to the central bank last month, saying it had repeatedly failed to adequately respond to the panel's questions and requests for documents. He has said that his committee is trying to determine whether or not the Fed's probe was dropped at the request of several members of its policymaking body.

The Fed told the committee in March that its own investigation found no evidence that sensitive information was deliberately leaked from the September 2012 interest-rate policy meeting. Any disclosure of information on Fed policymakers' views appeared to have been "unintentional or careless" and did not contain details of policy proposals, the Fed concluded.

An aide to Hensarling said the central bank has "not provided a valid legal justification for its failure to provide complete and adequate responses to the committee."

"The Fed once again is acting in a manner that can only be characterized as resistant to accountability, transparency and oversight," Jeff Emerson, an aide to Hensarling, said in a statement.

Yellen disclosed last month that she met once in 2012 with Regina Schleiger, a senior managing director of Medley Global Advisors, which publishes the newsletter. Yellen was the Fed's vice chairman at the time.

But Yellen said the meeting occurred several months before the private Fed discussions at issue took place, and dealt with general economic matters. The meeting was months before the newsletter's Oct. 3 report that said the Fed policymakers had reached a consensus on launching an additional round of bond purchases to stimulate economic growth, Yellen noted.

Details in the newsletter about the private Fed discussions were confirmed when the Fed released its minutes on Oct. 4.

Janet Louise Yellen (born August 13, 1946) is an American economist. She is the Chair of the Board of Governors of the Federal Reserve System, previously serving as Vice Chair from 2010 to 2014.

Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers under President Bill Clinton; and Professor Emerita at the University of California, Berkeley, Haas School of Business. On January 6, 2014, the United States Senate confirmed Yellen's nomination to be Chair of the Federal Reserve Board of Governors.^[1] Yellen was sworn in on February 3, 2014, making her the first woman to hold the position.^[2]

[hide]

Early life and education

Yellen was born to a Jewish family in Brooklyn, New York, the daughter of Anna (née Blumenthal) and Julius Yellen, a physician.^[3][4] Her father's family originally came from the Polish town of Suwałki.^[citation ^needed] She graduated from Fort Hamilton High School in the Bay Ridge section of Brooklyn.^[5] She graduated summa cum laudefrom Pembroke College (Brown University) with a degree in economics in 1967. At Brown, Yellen had switched her planned major from philosophy to economics and was particularly influenced by professors George Borts and Herschel Grossman.^[6] She received her Ph.D. in economics from Yale University in 1971 for a thesis titledEmployment, output and capital accumulation in an open economy: a disequilibrium approach under the supervision of James Tobin and Joseph Stiglitz.^[7]

Yellen is married to George Akerlof, a Nobel prize-winning economist and professor emeritus at the University of California, Berkeley.^[8] Their son, Robert Akerlof, teaches Economics at the University of Warwick.^[9]

Career

Yellen was an assistant professor at Harvard in 1971–76 and a lecturer at The London School of Economics and Political Science in 1978-1980. She was an economist with the Federal Reserve Board of Governors in 1977–78.^[10] Beginning in 1980, Yellen has been conducting research at the Haas School and teaching macroeconomicsto full-time and part-time MBA and undergraduate students. She is now a Professor Emerita at the University of California, Berkeley's Haas School of Business, where she was named Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. Twice she has been awarded the Haas School's outstanding teaching award.

Yellen served as Chair of President Bill Clinton's Council of Economic Advisers from February 18, 1997,^[11] to August 3, 1999, and was appointed as a member of theFederal Reserve System's Board of Governors from 1994 to 1997. Yellen serves as president of the Western Economic Association International and is a former vice president of the American Economic Association. She was a fellow of the Yale Corporation.

From June 14, 2004, until 2010, Yellen was the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. She was a voting member of theFederal Open Market Committee (FOMC) in 2009. Following her appointment to the Federal Reserve in 2004, she spoke publicly, and in meetings of the Fed’s monetary policy committee, about her concern about the potential consequences of the boom in housing prices. However, Yellen did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of Countrywide Financial, the largest lender in the U.S.^[12]

In a 2005 speech in San Francisco, Yellen argued against deflating the housing bubble because "arguments against trying to deflate a bubble outweigh those in favor of it" and predicted that the housing bubble "could be large enough to feel like a good-sized bump in the road, but the economy would likely be able to absorb the shock."^[13]In 2010, Yellen told the Financial Crisis Inquiry Commission that she and other San Francisco Fed officials looked for guidance from Washington because "she had not explored the San Francisco Fed’s ability to act unilaterally," according to the New York Times.^[12] Yellen conceded her previous misjudgment of the housing crisis to the Commission: "I guess I thought that similar to the collapse of the stock market around the tech bubble, that most likely the economy could withstand [the housing collapse] and the Fed could move to support the economy the way it had after the tech bubble collapsed."^[14]

In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as chair of the Federal Reserve System, before he was renominated by Barack Obama.^[15][16]

Vice-chair

On April 28, 2010, President Obama nominated Yellen to succeed Donald Kohn as vice-chair of the Federal Reserve System.^[17] In July, the Senate Banking Committee voted 17 to 6 to confirm her, though the top Republican on the panel, Senator Richard C. Shelby of Alabama, voted no, saying he believed Yellen had an "inflationary bias". At the same time, on the heels of related testimony by Fed Chairman Bernanke, FOMC voting member James B. Bullard of the St. Louis Fed made a statement that the U.S. economy was "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years'".

Bullard's 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 A. 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".^[18]

On October 4, 2010, Yellen was sworn in for a 4-year term ending October 4, 2014. Yellen simultaneously began a 14-year term as a member of the Federal Reserve Board that will expire on January 31, 2024.^[19]

Chair of the Federal Reserve

On October 9, 2013, Yellen was officially nominated to replace Bernanke as head of the Federal Reserve. During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed has been injecting into the U.S. economy.^[20] Additionally, Yellen testified that U.S. monetary policy is to revert towards more traditional monetary policy once the economy is back to normal.^[21][22]

On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination.^[23] On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26, the narrowest margin ever for the position.^[24] In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979.^[25] After being elected by the Federal Open Market Committee as its chair on 30 January 2014, she took office on February 3.^[26][27]

Economic philosophy

Yellen is considered by many on Wall Street to be a "dove" (more concerned with unemployment than with inflation) and as such to be less likely to advocate Federal Reserve interest rate hikes, as compared, for example, to William Poole (former St. Louis Fed president) a "hawk".^[28] However, some predict Yellen could act more as a hawk if economic circumstances dictate.^[29]

Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of thePhillips curve (which originally was an observation about an inverse relationship between unemployment and inflation). In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, "The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support."^[30]

In a 1995 meeting of the Federal Open Market Committee while serving on the Board of Governors of the Federal Reserve System, Yellen stated that occasionally letting inflation rise could be a "wise and humane policy" if it increases output. At the same meeting she also stated that each percentage point reduction in inflation results in a 4.4 percent loss of Gross Domestic Product.^[31]

Honors and awards

Yellen received the Wilbur Cross Medal from Yale in 1997, an honorary Doctor of Laws degree from Brown in 1998, and an honorary Doctor of Humane Letters from Bard College in 2000. In October 2013, it was announced that she will receive an Honorary Doctorate from the London School of Economics in July 2014, making her and her husband "the first wife and husband team to hold honorary doctorates from the School".^[32]

In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE).^[33]

In 2012, she was elected Distinguished Fellow of the American Economic Association.

In September 2012, she was included in the 50 Most Influential list of Bloomberg Markets magazine.

In 2014, she was named by Forbes as the second most powerful woman in the world. She is the highest ranking American on the list.^[34]

In May 2015, Yellen received an honorary Doctor of Social Science degree from Yale University.^[35]

Positions held

2014–present Chair, Board of Governors, Federal Reserve System
2010–2014 Vice Chair, Board of Governors, Federal Reserve System
2004–2010 President and CEO, Federal Reserve Bank of San Francisco
1997–1999 Chair, President's Council of Economic Advisers
1994–1997 Member, Board of Governors of the Federal Reserve System
1985–2006 Professor, Haas School of Business, UC Berkeley^[36]
1980–1985 Associate Professor, Haas School of Business, UC Berkeley
1978–1980 Lecturer, London School of Economics and Political Science
1977–1978 Economist, Division of International Finance, Trade and Financial Studies Section, Board of Governors of the Federal Reserve System
1971–1976 Assistant Professor, Department of Economics, Harvard University
1974 Research Fellow, Massachusetts Institute of Technology

External service and assignments

President and CEO, Federal Reserve Bank of San Francisco
Fellow, American Academy of Arts and Sciences, 2001
Vice President, Western Economics Association, 2001
Fellow, Yale Corporation 2000–
Member, National Academy of Sciences Panel on Ensuring the Best Presidential Science and Technology Appointments, 2000
Research Associate, National Bureau of Economic Research, 1999–
Advisory Board, Center for International Political Economy, 1999–
Advisory Board, Brookings Panel on Economic Activity, 1999
Chair: Economic Policy Committee of the Organization for Economic Cooperation and Development 1997–1999
President's Interagency Committee on Women's Business Enterprise (1997)
Member and adviser: Brookings Panel on Economic Activity (senior advisor); Advisor Panel in Economics, National Science Foundation;
Adviser: Congressional Budget Office
Research fellow: Yale University, and Massachusetts Institute of Technology
Trustee of the Economists for Peace and Security

Selected works

Books

The Fabulous Decade: Macroeconomic Lessons from the 1990s (with Alan Blinder), The Century Foundation Press, New York, 2001. ISBN 0-87078-467-6

Articles

"East Germany In From the Cold: The Economic Aftermath of Currency Union" (with George Akerlof, Andrew Rose, and Helga Hessenius), Brookings Papers on Economic Activity 1991:1.
"How Large are the Losses from Rule of Thumb Behavior in Models of the Business Cycle?" (with George Akerlof) in Willima Brainard, William Nordhaus, and Harold Watts, eds., Money, Macroeconomics and Economic Policy: Essays in Honor of James Tobin, Cambridge, Mass.: MIT Press (1991). ISBN 0-262-02325-3
"An Analysis of Out-of-Wedlock Childbearing in the United States," (with George Akerlof and Michael Katz). Quarterly Journal of Economics (May 1996); adapted into a Policy Brief prepared for the Fall 1996 issue of the *Brookings Review* doi:10.2307/2946680
"Monetary Policy: Goals and Strategy," Business Economics (July 1996).
"Trends in Income Inequality and Policy Responses," Looking Ahead, October 1997; reproduced in James Auerbach and Richard Belous, eds., The Inequality Paradox: Growth of Income Disparity, National Policy Association, 1998
"The Continuing Importance of Trade Liberalization," Business Economics (1998).
Rose, Andrew K. & Yellen, Janet L., 1989. "Is there a J-curve?," Journal of Monetary Economics, Elsevier, vol. 24(1), pages 53–68, July.
Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205
McCulloch, Rachel & Yellen, Janet, 1982. "Can capital movements eliminate the need for technology transfer?," Journal of International Economics, Elsevier, vol. 12(1-2), pages 95–106, February.

References

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^ :{Jump up to::(style="top:-99999px;clip:rect(1px 1px 1px 1px);overflow:hidden;position:absolute !important;padding:0px !important;border:0px !important;height:1px !important;width:1px !important;-webkit-user-select:none"):}:^a ^b(https://en.wikipedia.org/wiki/Janet_Yellen#cite_ref-nytimes.com_12-1) Appelbaum, Binyamin (August 13, 2013). "Divining the Regulatory Goals of Fed Rivals". The New York Times.
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External links

	United States portal
	New York portal
	Biography portal

Wikimedia Commons has media related to Janet Yellen.

Wikiquote has quotations related to: Janet Yellen

Janet L. Yellen at the Federal Reserve System
Nomination of Janet L. Yellen: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session, on Nomination of Janet L. Yellen, of California, to be Chairman of the Board of Governors of the Federal Reserve System, November 14, 2013
Statements and Speeches of Janet L. Yellen (1995–2011) at FRASER (Federal Reserve Archive)
Janet L. Yellen (2004–2010) at the Federal Reserve Bank of San Francisco
Profile at the Haas School of Business
Profile and Papers at Research Papers in Economics/RePEc
Publications at the National Bureau of Economic Research
Janet Yellen at the Notable Names Database
Appearances on C-SPAN
Janet Yellen at the Internet Movie Database
Works by or about Janet Yellen in libraries (WorldCat catalog)
Janet Yellen collected news and commentary at Bloomberg News
Janet Yellen collected news and commentary at The Guardian
Janet Yellen collected news and commentary at The Wall Street Journal

Political offices	Political offices	Political offices
Preceded by Joseph Stiglitz	Chairperson of the Council of Economic Advisers 1997–1999	Succeeded by Martin Baily
Civic offices	Civic offices	Civic offices
Preceded by Robert Parry	President of the Federal Reserve Bank of San Francisco 2004–2010	Succeeded by John Williams
Preceded by Donald Kohn	Vice Chair of the Federal Reserve System 2010–2014	Succeeded by Stanley Fischer
Preceded by Ben Bernanke	Chair of the Federal Reserve 2014–present	Incumbent
United States order of precedence (ceremonial)	United States order of precedence (ceremonial)	United States order of precedence (ceremonial)
Preceded by Partick Donahoe as *Postmaster General*	Order of Precedence of the United States Chair of the Federal Reserve	Succeeded by :{Michael Boots as Chair of the Council on Environmental Quality}:

Political offices

Preceded by

Joseph Stiglitz

Chairperson of the Council of Economic Advisers

1997–1999

Succeeded by

Martin Baily

Civic offices

Preceded by

Robert Parry

President of the Federal Reserve Bank of San Francisco

2004–2010