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Wednesday, August 28, 2013

Janet Yellen’s Wealth

Janet Yellen, vice chairwoman of the Federal Reserve, at a conference in March.Gary Cameron/Reuters Janet Yellen, vice chairwoman of the Federal Reserve, at a conference in March.

Janet L. Yellen reported investments worth at least $4.8 million in 2012, making her one of the wealthiest members of the Federal Reserve’s board of governors, according to annual financial disclosures that the Fed released Tuesday.

All seven members of the board are millionaires, but the disclosures also show that the Fed’s chairman, Ben S. Bernanke, may well be the least affluent of the group.

Ms. Yellen, a candidate to succeed Mr. Bernanke, owned stock in a small number of companies including Conoco Phillips and Pfizer, but mostly invested in broad-based equity and bond funds. Much of the money is held in retirement accounts.

Her investments, mostly held in common with her husband, George Akerlof, also include a stamp collection worth at least $15,000. The couple’s investments were worth between $4.8 million and $13.2 million in 2012, according to the disclosure forms, which assign each asset to a range (such as $50,001 to $100,000) rather than providing a value.

The total does not include the pensions the couple earned at the University of California, Berkeley, where both worked as professors, nor Ms. Yellen’s pension from the Federal Reserve Bank of San Francisco, where she was president from 2004 to 2010, nor the home they own near campus.

Ms. Yellen earns a salary of $179,900 as a Fed governor. She does not earn anything extra for her position as vice chairwoman. On top of that, the couple reported income from investments of between $102,820 and $323,200. The disclosure forms do not include the salary earned by Mr. Akerlof as a senior resident scholar at the International Monetary Fund.

(The leading candidate to succeed Mr. Bernanke, Lawrence H. Summers, the Harvard economist and former Treasury secretary, reported wealth between $7 million and $31 million in 2009, when he last entered public service. He likely has probably that number considerably since leaving the Obama administration in 2010.)

The format of the disclosures make it impossible to rank the Fed’s governors by wealth, but Mr. Bernanke’s reported holdings of $1.1 million to $2.3 million had the lowest minimum and the lowest maximum values of any governor.



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