Janet Yellen and the U.S. Department of the Treasury
Table of Contents
Janet Yellen currently serves as the 78th United states Secretary of the Treasury, a position she has held as January 26, 2021. She is the first woman to hold the office and a key figure in the Biden governance’s economic policies.
Yellen’s career spans decades in academia, economic research, and public service. Before becoming Secretary of the Treasury, she served as Chair of the Federal Reserve from 2014 to 2018, the first woman to hold that position as well. She previously served as Vice Chair of the Federal Reserve (2010-2014), President and CEO of the Federal Reserve Bank of San Francisco (2004-2010), and as a professor of economics at the University of California, Berkeley.
As Secretary of the Treasury, Yellen is responsible for overseeing the department’s diverse functions, including managing government finances, collecting taxes, and promoting economic growth. Her current priorities include addressing inflation,strengthening the U.S. economy, and promoting international financial stability. on January 17, 2024, she testified before the House Ways and Means Committee regarding the President’s budget request for fiscal year 2025.
Key Responsibilities of the Treasury Secretary
The Secretary of the Treasury is a central figure in U.S. economic policy.
- Fiscal Policy: Overseeing the government’s revenue collection through the internal Revenue Service (IRS) and managing the national debt.
- Financial Regulation: Working with other agencies to regulate financial institutions and markets, aiming to prevent financial crises. This includes oversight of the Office of the Comptroller of the Currency.
- International Finance: Representing the U.S. in international financial institutions like the International Monetary Fund (IMF) and the World Bank.
- Economic Growth: Developing and implementing policies to promote sustainable economic growth and job creation.
Yellen has been particularly focused on implementing provisions of the Inflation Reduction Act of 2022, which includes significant investments in clean energy and healthcare. The Treasury Department provides detailed data on the implementation of this act.
Janet Yellen’s Background and Education
janet Yellen’s academic background considerably informs her approach to economic policy.
She earned a Bachelor of Arts degree in economics from Brown University in 1967, graduating summa cum laude. She then received a Doctor of Ideology in economics from Yale University in 1971. her doctoral dissertation, “employment Fluctuations and the Phillips Curve,” explored the relationship between unemployment and inflation.
Prior to her government service, Yellen was a professor of economics at the University of California, Berkeley, from 1980 to 1994, and later at Harvard University. Her research has focused on labor economics, macroeconomic policy, and financial markets. She was elected to the American Academy of Arts and Sciences in 1999.
Recent Actions and Statements
Yellen has been actively involved in responding to recent economic challenges.
In December 2023, Yellen announced a new program to provide financial assistance to states and territories to help lower energy costs for families. This initiative, funded by the Inflation Reduction Act, aims to reduce energy burdens, particularly for low-income households. The program allocates $8.5 billion to states, with funds available through formula allocations and competitive grants.
On January 19, 2024, Yellen delivered remarks at the World Economic Forum in davos, Switzerland, emphasizing the importance of international cooperation to address global economic challenges, including climate change and geopolitical risks. She highlighted the U.S. commitment to supporting Ukraine and maintaining a strong global financial system.
