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If Janet Yellen wins Senate confirmation to become Joe Biden’s treasury secretary, she may find herself with a dramatic reduction in income.
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Since leaving the Federal Reserve in 2018, after serving as its chairwoman since 2014, Yellen has raked in more than $7 million as a speaker from Wall Street firms and other corporations, disclosure filings reveal, according to reports.
Yellen received nearly $1 million from Citi alone, after delivering nine speeches to the bank, according to Politico.
Other companies shelling out big bucks for Yellen’s words of wisdom have included Goldman Sachs, Google, City National Bank, UBS, Citadel LLC, Barclays and Salesforce, according to the report.
Yellen delivered a total of more than 50 speeches to the companies, The Wall Street Journal reported.
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Meanwhile, she plans to resign from a position with Magellan Financial Group of Australia if confirmed for the Treasury job, the Journal report said.
It remained unclear whether Yellen’s disclosures would cause problems with Democrats in Congress who supported her, including Sen. Elizabeth Warren, D-Mass., who had called Yellen an “outstanding choice” to lead the Treasury, Politico reported.
Warren has previously complained about a “revolving door” for officials who go back and forth between government jobs and lucrative positions in the private sector.
The financial disclosure information about Yellen – and about two other Biden nominees – was posted late Thursday by the Office of Government Ethics after the Biden team made the data available sometime in “mid-week,” Politico reported.
The other Biden nominees were Anthony Blinken, the president-elect’s pick to be secretary of state, and Avril Haines, his choice to be director of national intelligence.
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Blinken disclosed a list of companies he consulted through WestExec Advisors, a firm 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 has also made plans to divest from WestExec and associated units if confirmed to join Biden’s Cabinet, Politico reported. The company paid him nearly $1.2 million over the past two years with as much as $500,000 still owed to him, the report said.
Haines reported $180,000 in consulting fees from Palantir, a Silicon Valley company that was founded by Peter Thiel, known as a conservative supporter of President Trump.
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