History of Janet Yellen in Timeline
Janet Louise Yellen is a prominent American economist who made history as the first woman to serve as both the 78th United States Secretary of the Treasury (since 2021) and the 15th Chair of the Federal Reserve (2014-2018). Her influential career also includes leading the White House Council of Economic Advisers and holding the prestigious position of Eugene E. and Catherine M. Trefethen Professor of Business Administration and Economics at the University of California, Berkeley.
1906: Birth of Julius Yellen, Janet Yellen's Father
Julius Yellen, Janet Yellen's father, was born in 1906.
1907: Birth of Anna Ruth Blumenthal, Janet Yellen's Mother
Anna Ruth Blumenthal, Janet Yellen's mother, was born in 1907.
1934: Marriner S. Eccles Appointed Federal Reserve Chair
Marriner S. Eccles was appointed as the Chairman of the Federal Reserve in 1934 by President Franklin D. Roosevelt during the Great Depression.
1942: Birth of John Yellen, Janet Yellen's Brother
John Yellen, Janet Yellen's older brother, was born in 1942.
August 13, 1946: Birth of Janet Yellen
Janet Louise Yellen was born on August 13, 1946, in Bay Ridge, Brooklyn, New York City.
1963: Janet Yellen Graduates High School as Valedictorian
Janet Yellen graduated as valedictorian of her class from Fort Hamilton High School in 1963.
1963: Passage of the Equal Pay Act
The Equal Pay Act of 1963, a significant step towards closing the gender pay gap, was enacted, prohibiting wage discrimination based on sex.
1964: Janet Yellen Joins The Brown Daily Herald
In the spring of 1964, Janet Yellen joined the business staff of The Brown Daily Herald.
1967: Janet Yellen Graduates from Brown University
Janet Yellen graduated summa cum laude and Phi Beta Kappa with a bachelor's in economics from Brown University in 1967.
1967: Janet Yellen Graduates from Brown University
Janet Yellen graduated summa cum laude and Phi Beta Kappa with a bachelor's in economics from Brown University in 1967.
1969: Start of Data Analysis for Gender Wage Gap Report
The Council of Economic Advisers began analyzing data from 1969 onwards for their report on the gender wage gap, aiming to understand the historical trends and causes of pay disparities between men and women.
1970: William McChesney Martin's Tenure as Fed Chair Ends
In 1970, William McChesney Martin concluded his term as Fed Chair, leaving a notable record for low unemployment rates during his time in office.
1971: Janet Yellen Starts as Assistant Professor at Harvard
Janet Yellen began her role as assistant professor of economics at Harvard University in 1971.
1971: Janet Yellen Earns PhD in Economics from Yale University
Janet Yellen received her PhD in economics from Yale University in 1971, with her dissertation focusing on "Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach."
1971: Janet Yellen Earns Master's and PhD in Economics from Yale
Janet Yellen received her master's and PhD in economics from Yale University in 1971.
1975: Death of Julius Yellen, Janet Yellen's Father
Julius Yellen, Janet Yellen's father, passed away in 1975.
1976: Janet Yellen Leaves Harvard University
Janet Yellen left her position as an assistant professor of economics at Harvard University in 1976.
1976: Janet Yellen Concludes Teaching at Harvard University
Janet Yellen concluded her role as assistant professor of economics at Harvard University in 1976.
1977: Yellen Starts as a Staff Economist at the Federal Reserve
Janet Yellen began her journey with the Federal Reserve in 1977, working as a staff economist.
1977: Janet Yellen Joins Federal Reserve Board
In 1977, Janet Yellen commenced her role as a staff economist at the Federal Reserve's Board of Governors.
1977: Janet Yellen Joins Federal Reserve Board as Staff Economist
In 1977, Janet Yellen joined the Federal Reserve's Board of Governors as a staff economist.
1977: Meeting George Akerlof
Janet Yellen and George Akerlof crossed paths in the fall of 1977.
June 1978: Marriage to George Akerlof
Janet Yellen married fellow economist George Akerlof in June 1978.
1978: Start of G. William Miller's Short Tenure
G. William Miller's brief tenure as head of the central bank began in 1978.
1978: Janet Yellen Joins London School of Economics
In 1978, Janet Yellen took up a tenure-track lectureship at the London School of Economics (LSE).
1978: Janet Yellen Marries George Akerlof
Janet Yellen married economist George Akerlof in 1978.
1978: Yellen Concludes Role as Staff Economist at the Federal Reserve
Janet Yellen's time as a staff economist at the Federal Reserve came to an end in 1978.
1979: End of G. William Miller's Tenure
G. William Miller's time as the head of the central bank ended in 1979.
1979: Paul Volcker Becomes Fed Chair
In 1979, Paul Volcker became the last Democrat to hold the Federal Reserve Chair position before Janet Yellen.
1980: Janet Yellen Joins UC Berkeley Faculty
Janet Yellen joined the faculty of the University of California, Berkeley, in 1980.
1980: Janet Yellen Joins UC Berkeley Faculty
Janet Yellen started her tenure at the University of California, Berkeley, as a faculty member in 1980, where she taught at the Haas School of Business.
1980: First Democratic Appointees to the Board Since 1980
Yellen and Alan Blinder were the first Democrats to be appointed to the Federal Reserve Board since 1980, marking a shift in the board's political composition.
1981: Birth of Robert Akerlof
Robert Akerlof, son of Janet Yellen and George Akerlof, was born in 1981.
1982: Janet Yellen Achieves Tenure at Berkeley-Haas
Janet Yellen achieved the distinction of tenure at Berkeley-Haas in 1982.
1985: Janet Yellen Receives First Outstanding Teaching Award and Full Professor Title
Janet Yellen was awarded the Haas School's outstanding teaching award for the first time and earned the title of full professor, both in 1985.
1986: Death of Anna Ruth Yellen, Janet Yellen's Mother
Anna Ruth Yellen, Janet Yellen's mother, passed away in 1986.
1988: Janet Yellen Receives Second Outstanding Teaching Award
Janet Yellen received her second Haas School's outstanding teaching award in 1988.
1990: Publication of "The Fair-Wage Effort Hypothesis and Unemployment"
In 1990, Yellen and Akerlof published a significant paper titled "The Fair-Wage Effort Hypothesis and Unemployment," introducing the "fair wage effort hypothesis" and the concept of the gift-exchange game in economics.
1992: Janet Yellen Named Bernard T. Rocca Jr. Professor
Janet Yellen was named the Bernard T. Rocca Jr. Professor of International Business and Trade in 1992.
April 22, 1994: Nomination to the Federal Reserve Board of Governors
President Bill Clinton nominated Janet Yellen as a member of the Federal Reserve Board of Governors on April 22, 1994.
July 1994: Senate Banking Committee Hearing
During her confirmation hearing with the Senate Banking Committee in July 1994, Janet Yellen advocated for Fed policies that would promote economic growth without increasing inflation.
August 12, 1994: Appointment to the Federal Reserve Board of Governors
On August 12, 1994, Janet Yellen was officially appointed to a full 14-year term on the Federal Reserve Board of Governors, becoming the fourth female governor in history.
1994: Leave of Absence from Berkeley
Janet Yellen took a leave of absence from her position at Berkeley to pursue public service in 1994.
1994: Yellen Begins First Term as Federal Reserve Governor
Janet Yellen's first term as a Federal Reserve Governor commenced in 1994.
1994: Janet Yellen Appointed to Federal Reserve Board of Governors
Nominated by President Bill Clinton, Janet Yellen became a member of the Federal Reserve Board of Governors in 1994.
July 1996: Resistance Against Raising Interest Rates
In July 1996, the Federal Reserve, including Yellen, resisted calls to increase interest rates despite a drop in unemployment. Yellen used academic research to advocate for moderate inflation rather than aiming for zero inflation.
December 20, 1996: Appointment as Chair of the Council of Economic Advisers
Janet Yellen was appointed by President Clinton as the Chair of the Council of Economic Advisers on December 20, 1996, replacing Joseph Stiglitz.
1996: End of Data Analysis for Gender Wage Gap Report
The Council of Economic Advisers concluded their analysis of data spanning from 1969 to 1996 for their report on the gender wage gap, culminating in the publication of "Explaining Trends in the Gender Wage Gap."
1996: Publication of "An Analysis of Out-of-Wedlock Childbearing in the United States"
Yellen, Akerlof, and Michael Katz co-authored a paper titled "An Analysis of Out-of-Wedlock Childbearing in the United States," published in 1996. The paper aimed to understand the reasons behind the increase in out-of-wedlock births in the US, proposing the "reproductive technology shock" theory.
February 13, 1997: Senate Confirmation as Chair of the Council of Economic Advisers
On February 13, 1997, the Senate unanimously confirmed Janet Yellen as the Chair of the Council of Economic Advisers, making her the second woman to hold the position.
February 17, 1997: Resignation from the Board of Governors
Janet Yellen resigned from her position on the Board of Governors of the Federal Reserve System on February 17, 1997, following her confirmation as chair of the Council of Economic Advisers.
1997: Janet Yellen Becomes Chair of the Council of Economic Advisers
President Bill Clinton appointed Janet Yellen as chair of the Council of Economic Advisers in 1997.
1997: Yellen Concludes First Term as Federal Reserve Governor
In 1997, Janet Yellen concluded her initial term as a Federal Reserve Governor.
June 1998: Publication of "Explaining Trends in the Gender Wage Gap"
The Council of Economic Advisers, under Yellen's leadership, released a report titled "Explaining Trends in the Gender Wage Gap" in June 1998. The report analyzed data from 1969 to 1996 and concluded that the persistent wage gap between men and women was primarily due to discrimination.
April 1999: Yellen's Speech at Yale Economics Department Reunion
In April 1999, at the Yale economics department reunion, Janet Yellen spoke about her views on applying Keynesian economics to policymaking.
June 1999: Resignation from CEA and Return to UC Berkeley
Janet Yellen announced her resignation from the Council of Economic Advisers in June 1999, citing personal reasons. She declined an offer from President Clinton to become the vice chairwoman of the Federal Reserve and returned to teaching at UC Berkeley.
1999: Return to Berkeley and Appointment as Professor
After her time in public service, Yellen returned to Berkeley in 1999 and resumed her teaching role. She was also appointed the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics.
1999: Chair of the OECD Economic Policy Committee
From 1997 to 1999, while serving in the Clinton administration, Janet Yellen also held the position of Chair of the OECD Economic Policy Committee.
1999: Research Associate at the National Bureau of Economic Research
Janet Yellen began her tenure as a Research Associate at the National Bureau of Economic Research in 1999.
1999: Janet Yellen Concludes Role as Chair of the Council of Economic Advisers
Janet Yellen completed her service as chair of the Council of Economic Advisers in 1999.
2001: George Akerlof's Nobel Prize
In 2001, Janet Yellen's husband, George Akerlof, was honored with the Nobel Memorial Prize in Economic Sciences.
April 12, 2004: Appointment as President and CEO of the Federal Reserve Bank of San Francisco
On April 12, 2004, Janet Yellen was announced as the successor to Robert T. Parry for the role of President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. This made her the first woman to ever hold this position.
2004: Janet Yellen Takes Helm as President of the Federal Reserve Bank of San Francisco
Janet Yellen assumed the role of president and chief executive officer of the Federal Reserve Bank of San Francisco in 2004.
2004: Appointment as President and CEO of the Federal Reserve Bank of San Francisco
In 2004, Janet Yellen was appointed as the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, marking a significant step in her career.
2004: Yellen Becomes President of the Federal Reserve Bank of San Francisco
In 2004, Janet Yellen assumed the role of President at the Federal Reserve Bank of San Francisco, a position she held until 2010.
2005: Summers' Controversial Remarks on Women in STEM
In 2005, Lawrence Summers, while serving as Harvard University's president, made controversial statements regarding women's abilities in mathematics and science. These remarks resurfaced during his bid to become the next Fed chair.
2006: First Voting Membership on the Federal Open Market Committee
In 2006, Janet Yellen began her first term as a voting member of the Federal Open Market Committee, a significant responsibility that comes with the role of a Federal Reserve District president.
2006: Professor Emeritus at UC Berkeley
Janet Yellen was awarded the title of Professor Emeritus at UC Berkeley in 2006.
2006: Last Interest Rate Hike Before Yellen's Tenure
The Federal Reserve's last interest rate hike before Janet Yellen's term took place in 2006.
2007: Yellen's Warnings on Stimulus Removal
During the 2007-2008 financial crisis, Janet Yellen cautioned against removing economic stimulus prematurely.
2008: Yellen's Stance on Poverty and Inequality
Janet Yellen has consistently held the belief that the government has a responsibility to address poverty and inequality, as evident during the 2008 financial crisis.
June 5, 2009: Yellen Advocates Early Interest Rate Hike
On June 5, 2009, Janet Yellen suggested that the Federal Reserve should consider raising interest rates sooner than later. She believed this action could help prevent another housing bubble by curbing the demand for housing and high-risk mortgages.
July 2009: Yellen Emerges as Potential Successor to Bernanke
In July 2009, Janet Yellen's name was circulating as a possible replacement for then-Federal Reserve Chairman Ben Bernanke.
March 2010: Yellen Becomes Leading Contender for Vice Chair
By March 2010, Janet Yellen had become the frontrunner for the position of vice chair of the Federal Reserve Board.
April 28, 2010: Obama Nominates Yellen for Vice Chair of the Federal Reserve
President Barack Obama officially nominated Janet Yellen to succeed Donald Kohn as vice chair of the Federal Reserve on April 28, 2010.
July 2010: Senate Confirms Yellen as Vice Chair
In July 2010, the Senate Banking Committee voted to confirm Janet Yellen as vice chair of the Federal Reserve.
September 29, 2010: Yellen Confirmed and Sworn in as Vice Chair of the Federal Reserve
Janet Yellen was confirmed by the Senate on September 29, 2010, to serve as both a member of the board of governors and vice chairman of the Federal Reserve System.
2010: Janet Yellen Becomes Vice Chair of the Federal Reserve
Chosen by President Barack Obama, Janet Yellen took on the position of vice chair of the Federal Reserve in 2010.
2010: Yellen Serves as Federal Reserve Vice Chair
From 2010 to 2014, Janet Yellen served as the Vice Chair of the Federal Reserve.
2010: End of Tenure at the National Bureau of Economic Research
In 2010, Janet Yellen's time as a Research Associate at the National Bureau of Economic Research came to an end.
July 2013: Senate Democrats Support Yellen for Fed Chair
In July 2013, nearly a third of the Senate Democrats signed a letter endorsing Janet Yellen to be the next chair of the Federal Reserve.
October 9, 2013: Obama Nominates Yellen as Chair of the Federal Reserve
President Obama officially nominated Janet Yellen to replace Ben Bernanke as chair of the Federal Reserve on October 9, 2013, marking the first time a vice chair was nominated for this position.
December 20, 2013: Senate Votes for Cloture on Yellen's Nomination
The U.S. Senate voted to end debate on Janet Yellen's nomination for Federal Reserve Chair on December 20, 2013.
January 6, 2014: Yellen Confirmed as First Female Chair of the Federal Reserve
Janet Yellen was confirmed as the first female chair of the Federal Reserve on January 6, 2014.
February 3, 2014: Yellen is Sworn in as Chair of the Federal Reserve
Janet Yellen was sworn in as Chair of the Federal Reserve on February 3, 2014.
July 2014: Yellen's First Congressional Testimony on Monetary Policy
In her first semi-annual congressional testimony on U.S. monetary policy in July 2014, Janet Yellen stated that while asset prices had risen, they were generally within historical norms.
2014: Janet Yellen Appointed Chair of the Federal Reserve
In 2014, Janet Yellen assumed the role of the 15th chair of the Federal Reserve, marking a significant milestone as the first woman to lead the institution.
2014: Yellen Becomes Federal Reserve Chair
Janet Yellen made history in 2014 by becoming the first woman to serve as the Chair of the Federal Reserve, a position she held until 2018.
December 16, 2015: Federal Reserve Raises Interest Rates for the First Time Since 2006
On December 16, 2015, under Janet Yellen's leadership, the Federal Reserve implemented its first key interest rate increase since 2006.
2016: Yellen Opposes Weakening of Dodd-Frank Act
Following the 2016 presidential election, Janet Yellen publicly defended the Dodd-Frank Act, expressing her disagreement with then-President-elect Donald Trump's intention to review and potentially weaken the legislation.
June 27, 2017: Yellen Downplays Financial Crisis Risk
On June 27, 2017, Janet Yellen expressed confidence in the strength of banks due to Federal Reserve oversight, stating that she did not anticipate another financial crisis "in our lifetime."
August 25, 2017: Yellen Defends Dodd-Frank Act at Jackson Hole Symposium
During the Jackson Hole Economic Symposium on August 25, 2017, Janet Yellen voiced her support for the Dodd-Frank Act and cautioned against significant weakening of financial regulations.
November 2017: Trump Chooses Powell Over Yellen for Fed Chair
Although initially considering Janet Yellen for a second term, President Trump ultimately selected Jerome Powell to succeed her as chair of the Federal Reserve in November 2017.
February 2, 2018: Yellen Enforces Sanctions on Wells Fargo
On February 2, 2018, then Federal Reserve Chair Janet Yellen imposed significant sanctions on Wells Fargo, the third-largest U.S. bank, due to "widespread consumer abuses and compliance breakdowns," including a fake account scandal. This action restricted the bank's growth until it addressed its internal issues and marked the first time the Fed limited a financial institution's total assets.
February 5, 2018: Yellen Joins Brookings Institution
On February 5, 2018, Janet Yellen joined the Brookings Institution as a distinguished fellow in residence within the Economic Studies program.
July 31, 2018: Yellen Co-Chairs Productivity Measurement Initiative
On July 31, 2018, Janet Yellen, alongside James H. Stock and Louise Sheiner, was appointed as a co-chair of the newly established Productivity Measurement Initiative at the Hutchins Center. This initiative aimed to enhance the quality of economic data.
December 10, 2018: Yellen Warns of Potential Financial Crisis
During a conversation with Paul Krugman at the City University of New York on December 10, 2018, Janet Yellen warned of the possibility of another financial crisis. She pointed to "gigantic holes in the system" following her departure from the Federal Reserve.
2018: Janet Yellen Joins Brookings Institution
After her time at the Federal Reserve, Janet Yellen joined the Brookings Institution as a distinguished fellow in residence in 2018.
2018: Yellen Earns Millions in Speaking Fees
Between 2018 and 2020, Janet Yellen received $7.2 million for delivering 50 speeches to various financial, technology, and consulting firms, including Citi, Citadel LLC, Barclays, Goldman Sachs, UBS, Credit Suisse, Google, and Salesforce.
2018: Yellen Expresses Concerns About U.S. Fiscal Path
In 2018, Yellen expressed worries about the United States' fiscal trajectory, highlighting her concerns about the national debt.
2018: Janet Yellen Concludes Term as Federal Reserve Chair
Janet Yellen concluded her tenure as the chair of the Federal Reserve in 2018.
2018: Yellen's Term as Federal Reserve Chair Ends
Janet Yellen's term as the Chair of the Federal Reserve concluded in 2018.
January 2019: Economists' Statement on Carbon Dividends
In January 2019, Janet Yellen joined 45 prominent economists in signing the Economists' Statement on Carbon Dividends, advocating for carbon dividends as part of U.S. climate policy.
February 25, 2019: Yellen Criticizes Trump's Economic Understanding
In a notable departure from her usual neutrality, Janet Yellen publicly questioned then-President Trump's grasp of macroeconomic policy in a February 25, 2019 interview with Marketplace. She expressed doubts about his understanding of the Federal Reserve's goals and criticized his assertions about trade being part of those goals. Yellen also voiced concerns about Trump's respect for the central bank's independence.
2019: Yellen Reverses Trump-Era Guidance on Financial Stability Oversight
In 2019, Yellen, as Treasury Secretary, reversed a Trump-era policy that made it more difficult to designate nonbank financial companies as systemically important and subject to stricter oversight. Yellen argued that the previous guidance hindered the government's ability to address emerging risks to financial stability.
July 17, 2020: Yellen and Bernanke Testify on Economic Response to Pandemic
Former Federal Reserve Chairs Ben Bernanke and Janet Yellen testified before the House Select Oversight Subcommittee on the Coronavirus Crisis on July 17, 2020. They stressed the importance of robust fiscal stimulus measures to address the pandemic's economic impact, advocating for extended unemployment benefits, aid to struggling states and local governments, and investments in healthcare.
August 2020: Yellen Briefs Biden Campaign on Economic Issues
In August 2020, Janet Yellen was among a group of economists who briefed then-presidential candidate Joe Biden and his running mate, Kamala Harris, on economic matters. This briefing marked one of the first public indications of the Biden campaign's economic advisors.
October 2020: Group of Thirty Report on Climate Change and Finance
In October 2020, the Group of Thirty's Steering Committee Working Group on Climate Change and Finance, co-chaired by Janet Yellen and Mark Carney, released a report outlining a strategy to achieve a net-zero emissions economy.
November 2020: Yellen Leaves Brookings Institution
In November 2020, Janet Yellen stepped down from her position at the Brookings Institution after being chosen as the nominee for Treasury Secretary.
November 30, 2020: President-Elect Biden Nominates Yellen for Treasury Secretary
President-elect Joe Biden nominated Janet Yellen to serve as the U.S. secretary of the treasury on November 30, 2020.
2020: Yellen Considered for Treasury Secretary
Following the 2020 presidential election, Janet Yellen emerged as a leading contender for the position of Treasury Secretary in the incoming Biden administration, surpassing other potential candidates like Lael Brainard and Roger W. Ferguson Jr.
2020: Yellen Earns Millions in Speaking Fees
Between 2018 and 2020, Janet Yellen received $7.2 million for delivering 50 speeches to various financial, technology, and consulting firms, including Citi, Citadel LLC, Barclays, Goldman Sachs, UBS, Credit Suisse, Google, and Salesforce.
2020: Janet Yellen Concludes Fellowship at Brookings Institution
Janet Yellen finished her distinguished fellowship in residence at the Brookings Institution in 2020, marking her return to public service.
January 22, 2021: Senate Committee Approves Yellen's Nomination
The Senate Finance Committee unanimously approved Janet Yellen's nomination for Treasury Secretary by a vote of 26-0 on January 22, 2021.
January 25, 2021: U.S. Senate Confirms Yellen as Treasury Secretary
The U.S. Senate confirmed Janet Yellen's nomination for secretary of the treasury on January 25, 2021.
January 26, 2021: Janet Yellen Becomes U.S. Secretary of the Treasury
On January 26, 2021, Janet Yellen was sworn in as the 78th United States secretary of the treasury, becoming the first woman to hold this position.
April 2021: Yellen Proposes Global Minimum Corporate Tax Rate
In April 2021, Janet Yellen put forth a proposal for a global minimum corporate tax rate to prevent multinational corporations from shifting profits to avoid taxes. She highlighted the potential benefits of this system for both the US and global economies in an article published in The Wall Street Journal.
June 5, 2021: G7 Agrees to Global Minimum Corporate Tax Rate
Finance ministers from the Group of Seven (G7) nations reached a significant agreement on June 5, 2021, to implement a minimum global corporate tax rate of at least 15%. This decision aimed to curb profit shifting by multinational corporations and modernize the global tax system.
July 23, 2021: Yellen Urges Congress to Address Debt Limit
On July 23, 2021, Yellen sent a letter to congressional leaders warning about the urgency of raising or suspending the debt limit. She highlighted the potential for "irreparable harm" to the U.S. economy if the government failed to meet its financial obligations.
September 2021: Yellen Advocates for Removal of Debt Ceiling, Citing Economic Risks
In September 2021, Yellen voiced her support for eliminating the debt ceiling during a House Financial Services Committee hearing, contending that the borrowing limit is detrimental and poses an unnecessary risk to the U.S. economy.
September 19, 2021: Yellen's Continued Call to Raise the Debt Ceiling
On September 19, 2021, Yellen, in an op-ed for The Wall Street Journal, reiterated her plea to Congress to raise the debt ceiling, emphasizing the risk of a financial crisis if the issue wasn't addressed before the Treasury's cash reserves were exhausted in October.
October 2021: Landmark Global Minimum Tax Agreement
In October 2021, Yellen played a crucial role in a global agreement through the OECD, where over 130 countries agreed to a 15% minimum tax rate for businesses worldwide. This agreement aimed to prevent tax avoidance and boost global tax revenues by an estimated $150 billion annually.
November 2021: Yellen Leads Development of Sanctions Strategy Against Russia
Starting in November 2021, Yellen and the Treasury took the lead in crafting a sanctions strategy aimed at maximizing economic pressure on Russia while minimizing potential negative impacts on the U.S. and its allies.
December 2021: Debt Ceiling Increase Averted U.S. Default
In December 2021, President Biden signed a debt ceiling increase, preventing a U.S. default just a day before the Treasury's deadline. The legislation ensured the government could cover its financial obligations, offering a temporary reprieve from the debt crisis.
2021: SNL Parody by Kate McKinnon
Janet Yellen was portrayed by Kate McKinnon on Saturday Night Live (SNL) in 2021.
February 2022: Implementation of Unprecedented Sanctions Following Russia's Invasion of Ukraine
In February 2022, after Russia's invasion of Ukraine, Yellen and the Treasury, in collaboration with international partners, implemented unprecedented sanctions against Russia.
April 7, 2022: Yellen Addresses Digital Assets and Financial Innovation
On April 7, 2022, at an event hosted by American University's Kogod School of Business, Yellen delivered a significant speech outlining her perspective on digital assets and their impact on the U.S. economy. She emphasized responsible innovation, protecting vulnerable populations, and the importance of sovereign money.
April 13, 2022: Yellen Advocates for "Friendshoring" to Address Supply Chain Risks
On April 13, 2022, during a speech at the Atlantic Council, Yellen raised concerns about supply chain vulnerabilities and advocated for "friendshoring" - prioritizing supply chains with trusted allies. This strategy aimed to reduce reliance on potentially adversarial nations and enhance economic security.
May 10, 2022: Yellen Testifies on Economic Impact of Overturning Roe v. Wade
On May 10, 2022, during a Senate Banking Committee hearing, Janet Yellen stated her view that overturning Roe v. Wade would negatively affect the U.S. economy and harm women's economic prospects. Her comments followed a leaked draft opinion indicating the Supreme Court's intention to overturn the landmark abortion rights ruling.
August 2022: Yellen Directs IRS to Utilize Funding for Modernization
In August 2022, following the Inflation Reduction Act's passage, Yellen instructed the IRS to allocate $80 billion towards clearing backlogs, enhancing taxpayer services, modernizing technology, and expanding its workforce over a decade.
December 2, 2022: International Agreement on Russian Oil Price Cap
On December 2, 2022, due in part to Yellen's advocacy for a price cap on Russian oil, a coalition of nations including the G7, EU, and Australia agreed to a $60 per barrel price cap. The aim was to curb Russia's revenue from oil sales while minimizing global oil price shocks.
December 2022: Yellen Highlights Economic Risks and the Importance of "Friendshoring"
In December 2022, Yellen authored an essay for Project Syndicate emphasizing the economic risks associated with over-reliance on certain markets and geopolitical adversaries. She reiterated the importance of "friendshoring" to mitigate these risks, promote worker and consumer protection, and uphold human rights standards.
2022: Congressional Legislation Addressed Debt Ceiling Beyond Midterm Elections
In December 2021, the passed legislation ensured the government's financial obligations would be covered beyond the 2022 midterm elections. This aimed to provide some stability and prevent the debt ceiling from becoming a recurring point of contention.
January 2023: Yellen Warns of Debt Ceiling Deadline, Rejects GOP Payment Plan
In January 2023, Yellen notified congressional leaders that the U.S. was projected to reach the debt ceiling on January 19th, prompting the use of "extraordinary measures" to avoid default. She urged for timely action and rejected the GOP's proposed payment prioritization plan.
February 27, 2023: Yellen Makes Unannounced Visit to Kyiv, Reaffirms U.S. Support for Ukraine
Yellen made a surprise visit to Kyiv on February 27, 2023, demonstrating the U.S. commitment to supporting Ukraine. She met with President Zelenskyy and Prime Minister Shmyhal to discuss the implementation of financial aid, including a $1.25 billion budget relief package.
March 12, 2023: Yellen Addresses Banking Crisis, Approves Measures to Protect Depositors
During the banking crisis on March 12, 2023, Yellen assured the public of regulators' close monitoring of the banking system. She addressed the Silicon Valley Bank collapse, stating that appropriate policies were being designed and ruling out a bailout. However, she approved measures to fully protect all depositors, preventing a potential bank run.
April 20, 2023: Yellen Outlines Biden Administration's Economic Policy Towards China
On April 20, 2023, Yellen outlined the Biden administration's three main objectives for economic relations with China: safeguarding U.S. national security and human rights, promoting healthy competition based on international rules, and collaborating on global issues like debt relief and climate change.
June 3, 2023: Debt Ceiling Crisis Averted Through Bipartisan Agreement
On June 3, 2023, President Biden signed a bipartisan bill suspending the debt limit, averting a potential default just two days before the deadline. This compromise between the White House and House Republicans provided a temporary resolution to the debt ceiling crisis.
June 2023: Yellen Addresses IRS Funding Reallocation, Assures Continued Modernization Efforts
In June 2023, despite the Fiscal Responsibility Act reallocating a portion of IRS modernization funding, Yellen affirmed the agency's capacity to improve service and strengthen enforcement. She emphasized ongoing advocacy for additional funds to ensure equitable tax collection from high earners.
September 2023: Yellen Expresses No Concern Over Federal Debt
In September 2023, Yellen publicly stated her lack of concern about the substantial $33 trillion federal government debt.
October 2023: Yellen Cautions Against Early Speculation on Economic Fallout of Israel-Hamas War
In an October 2023 interview, Yellen said it was premature to determine the economic impact of the Israel-Hamas war. She emphasized that the consequences would depend on whether the conflict spread beyond Israel and Gaza, an outcome the U.S. aimed to prevent.
2023: Anticipated Implementation of Global Minimum Tax
The global minimum tax agreement, a key achievement of Yellen's tenure, was projected to take effect in 2023. This implementation aimed to create a fairer international tax system.
2024: End of Yellen's Term as Fed Governor
Janet Yellen's term as a Fed governor was set to end in 2024.
2024: Proposal for Long-Term Debt Ceiling Solution
To avoid recurring debt ceiling crises, Yellen supported raising the debt ceiling to a level that wouldn't be reached until after the 2024 elections, preventing its use as a political tool.