Fed’s Yellen, Husband, Rake in up to $13.2 Million in 2012

Who are the other top earners among Washington's one percent?

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Pete Marovich / Bloomberg / Getty Images

Janet Yellen, vice chairman of the U.S. Federal Reserve, right, speaks while Allan Sloan, senior editor of Fortune Magazine, listens at the Society of American Business Editors and Writers Spring Conference in Washington, D.C. on Apr. 4, 2013

Janet Yellen, one of the Fed’s leading candidates for chairman of the board, and her husband, Nobel Prize winning economist George Akerlof, have a portfolio of assets worth somewhere between $4.8 million and $13.2 million, according to the Wall Street Journal. The other leading candidate, former Treasury Secretary Larry Summers, holds assets in the range of $7.9 million and $31.7 million, according to documents disclosed by the White House in 2009. In either case, it appears the current batch of candidates won’t have to worry about the bills anytime soon.

But the Fed’s fortunate few look like paupers compared with the biggest earners in Congress. Last week, The Hill published a list of the 50 wealthiest lawmakers after its reporters combed through their financial disclosure forms in 2012.  Representative Darrell Issa (R-Calif.) tops the list with a whopping $355.4 million. Sen. Mark Warner (D-Va.) outranked all of the other Democrats with holdings of $88.5 million. The Hill notes that their calculations are “conservative” estimates of minimum net worth. No matter how they cut the numbers, it seems safe to say the elected representatives have entirely unrepresentative incomes.

MORE: Why Yellen is a Smarter Choice for Federal Reserve Chief Than Summers

5 comments
jmac
jmac

Why is Larry Summers sitting on the board of Lending Club?  Why are these banks that aren't banks necessary?  Sarah Ludwig, co-director of the New Economy Project, "What is the potential Fed chairman doing on the board of a company that doesn't check if people can afford loans.?"

Maybe Obama's vetting process can give us an answer as they look into Citibank and Summer's consulting participation.

Ivy_B
Ivy_B

If Yellen and her husband have the smallest amount of assets of any mentioned, why was she selected for the headline? Why not Summers if you want to relate it to the Fed selection?

jmac
jmac

In 1998,  why did Summers oppose Brooksley Born, the chairman of the CFT commission, for correctly calling for the regulation of derivatives?

Of course, the fact that Born's a woman doesn't have anything to do with it.   It's her message, which isn't in the Good Old Boy's Club agenda.     

Why did Summer squelch Christina Romer for a larger stimulus?   What about the clash with Seila Bair and Elizabeth Warren?

It's time for new blood - and that blood is a woman who isn't afraid to stand up and speak out against the mind-control of Wall Street.    It might be a small difference, but it's a step in the right direction for our country.  

grape_crush
grape_crush

@Ivy_B  

Because someone is trying real hard to sell us another load of Summers.

jmac
jmac

@grape_crush @Ivy_B   "While president of the San Francisco Fed, she warned as early as 2005 about the housing bubble.  In the summer of 2007, she was one of the first at Federal Open Market Committee meetings to caution that the subprime mortgage crisis would lead to a recession, while others appeared more concerned about inflation.'