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If Janet Yellen gets Senate confirmation to become Joe Biden’s Treasury Secretary, she risks ending up with a dramatic cut in her income.
Since leaving the Federal Reserve in 2018, after having been its chairman since 2014, Yellen has raised more than $ 7 million as a speaker at Wall Street and other companies, disclosure documents show, according to reports. reports.
Yellen received nearly $ 1 million from Citi alone, after giving nine speeches at the bank, according to Politico.
According to the report, other companies spending big bucks on Yellen’s words of wisdom have included Goldman Sachs, Google, City National Bank, UBS, Citadel LLC, Barclays, and Salesforce.
Yellen has delivered a total of more than 50 speeches to businesses, the Wall Street Journal reported.
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Meanwhile, she plans to resign from a position with Australia’s Magellan Financial Group if she is confirmed for the Treasury position, according to the newspaper.
It remained unclear whether Yellen’s revelations would cause problems with Congressional Democrats backing her, including Senator Elizabeth Warren, D-Mass., Who had called Yellen an “exceptional choice” to lead the Treasury, said reported Politico.
Warren has previously complained of a “revolving door” for public servants who move back and forth between government jobs and lucrative positions in the private sector.
Financial disclosure information on Yellen – and two other candidates for Biden – was released Thursday evening by the government’s Ethics Office after Biden’s team made the data available “mid-week,” reported reported Politico.
Biden’s other nominees were Anthony Blinken, the president-elect’s choice to be secretary of state, and Avril Haines, his choice to be director of national intelligence.
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Blinken unveiled a list of companies he consulted through WestExec Advisors, a company made up of several former members of the Obama administration, Politico reported. His clients included Bank of America, Facebook, Uber, Boeing, AT&T and LinkedIn.
He also plans to disengage from WestExec and associated units if it is confirmed that he will join Biden’s cabinet, Politico reported. The company has paid him nearly $ 1.2 million over the past two years and up to $ 500,000 is still owed to him, according to the report.
Haines claimed $ 180,000 in advisory fees from Palantir, a Silicon Valley company founded by Peter Thiel, known as a conservative supporter of President Trump.
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