Yellen raked in more than $7 million from Wall Street firms and other corporations
The Biden team responded this weekend to criticism of President-elect Joe Biden’s treasury secretary pick Janet Yellen after it was revealed she raked in more than $7 million as a speaker from Wall Street firms and other corporations after leaving the Federal Reserve in 2018.
“Janet Yellen is among the pre-eminent economic policymakers in the world today. Since leaving the Fed after several decades in public service, she has spoken at economic conferences, universities and to business groups and financial institutions about her experiences … Her experience and expertise are the reasons President-elect Biden wanted her on his team working for him and on behalf of the American people to help us build back better from this economic crisis,” a Biden transition team spokesperson said in a statement.
“Take a look at her record on enforcement – this is not someone who pulls punches when it comes to bad actors or bad behavior. You can expect she will bring the same high ethical standards and tough enforcement philosophy to Treasury,” the spokesperson continued. “In fact, she didn’t hesitate to tell some audiences that the rules governing their business should be tougher and more stringent – and it could create problems for the economy otherwise.”
Yellen received nearly $1 million from Citi alone after delivering nine speeches to the bank.
Other companies shelling out big bucks for Yellen’s speeches have included Goldman Sachs, Google, City National Bank, UBS, Citadel LLC, Barclays and Salesforce.