Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Janet Yellen made millions giving speeches to Wall Street banks she'll soon regulate

Janet Yellen made millions giving speeches to Wall Street banks she'll soon regulate

Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, made more than $7 million in recent years by giving speeches to Wall Street banks, major corporations and industry groups.

The former chair of the Federal Reserve hauled in nearly $1 million alone in multiple speeches to Citigroup (C), according to financial disclosure documents filed last week. Since stepping down from the Fed in early 2018, Yellen has also given paid speeches to other companies, including Google, Goldman Sachs, Bank of America and Salesforce.

It's common for former government officials, including Fed leaders, to make money by giving speeches that share their insights on the economy and policy. However, the disclosure of Yellen's lucrative speaking fees is awkward because she could soon be Biden's point person on the economy and finance.

If confirmed as Treasury secretary, Yellen will have enormous sway over everything from taxes and climate to tariffs and government spending. Yellen would also chair a team of US regulators that responds to emerging risks in the financial system.

"This disclosure dovetails with some broader Democratic concerns regarding the revolving door and the access certain financial services firms have to top policymakers," Isaac Boltansky, director of policy research at Compass Point Research & Trading, said in an email.

Big bank speeches


The fact that the majority of Yellen's speaking fees were from the financial industry could raise concerns that she is too cozy with Wall Street.

Yellen listed $952,200 in income from speeches to Citi, one of the nation's largest banks. She also disclosed speaking fees from PIMCO, Barclays (BCS),
Citadel, BNP Paribas, UBS (UBS), Credit Suisse (CS), ING, Standard Chartered Bank and City National Bank.

"The next Treasury Secretary making millions off of the biggest banks, PE firms, tech companies, etc. raises serious red flags," The Revolving Door Project, a progressive group that tracks conflicts of public officials, wrote on Twitter.

The group called on Yellen to publish "in full" all of her paid speeches -- a disclosure that would explain whether she was "merely opining on the markets, or offering lobbying/policy advice."

Former government officials have been criticized for their post-politics relationships with big banks and corporations.

During the 2016 campaign, then-candidate Donald Trump criticized his opponent, former Secretary of State Hillary Clinton, for making millions off speeches to banks, securities firms and trade associations. The transcripts of some of those speeches were released by WikiLeaks.

The Biden transition team downplayed concerns about Yellen's income from Wall Street and noted that some speeches were moderated or covered by journalists.

"Take a look at her record on enforcement — this is not someone who pulls punches when it comes to bad actors or bad behavior," a Biden transition official told CNN Business.

Yellen appealed to some progressives in part because of her crackdown on Wells Fargo (WFC). In February 2018, the Yellen-led Fed imposed unprecedented growth restrictions on Wells Fargo, penalties the scandal-ridden bank has yet to recover from.

"She didn't hesitate to tell some audience that the rules governing their business should be tougher and more stringent — and it could create problems for the economy otherwise," the Biden transition official said.

Avoiding conflicts of interest


However, transcripts of Yellen's speeches to Wall Street banks have not been made public. And the Biden transition official did not immediately provide specific examples of Yellen telling companies that rules may need to be toughened.

In a recent letter to ethics officials, Yellen pledged to take steps to "avoid any actual or apparent conflicts of interest" if she's confirmed to lead the Treasury Department.

Specifically, Yellen promised that no later than 90 days after confirmation she will sell her stakes in several major companies, including Pfizer (PFE), Raytheon (RTN), DuPont (DD), ConocoPhillips (COP) and CNN parent AT&T (T).

Additionally, Yellen plans to resign from the Washington Speakers Bureau, which has represented the former Fed chief in paid speeches.

Yellen also wrote that for a period of one year after her last speech she plans to recuse herself from matters related to several companies, including Salesforce (CRM), Principal Financial and Japanese investment bank Daiwa Securities. Yellen said she will "not participate personally or substantially in any particular matter" unless she is authorized to.

However, Yellen also signaled she will seek written authorization to participate in matters related to other companies she earned speaking fees from, including Barclays, Citi (C), Citadel, Credit Suisse and Goldman Sachs (GS).

Confirmation not in doubt


Analysts said the disclosures are unlikely to derail Yellen's confirmation by the US Senate.

"Yellen will face questions on these speeches during the confirmation process, but it's difficult to envision this disclosure impacting her odds of becoming Treasury Secretary," Boltansky said. "The fact is she did absolutely nothing wrong and she will still cruise to confirmation."

Yellen's forms ran 21 pages and included her stamp collection, which was estimated to be worth between $15,001 and $50,000.

Other former Fed officials have similarly hauled in lucrative speaking fees after leaving the US central bank. For example, Ben Bernanke, who led the Fed through the 2008 financial crisis, made as much as $250,000 per speech at one point. In 2015, Bernanke was hired as a senior adviser to Chicago-headquartered hedge fund firm Citadel — a role he still holds today.

Biden's nomination of Yellen has received widespread support, including from progressive leaders like Senator Elizabeth Warren. Even some Republicans such as Senator Chuck Grassley and Senator John Thune spoke positively about Yellen.

Greg Valliere, chief US policy strategist at AGF Investments, doubts the speaking fees will prevent Yellen from becoming the first woman to lead the US Treasury Department.

"She has such a reservoir of goodwill on Capitol Hill that she will easily win confirmation," Valliere said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×