Biden's pick to lead Treasury made over $7M in speaking fees
President-elect Joe Biden’s choice to be treasury secretary, Janet Yellen, collected more than $7 million in speaking fees in 2019 and 2020 from major financial firms and tech giants including Citi, Goldman Sachs and Google
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.President-elect Joe Biden’s choice to be treasury secretary, Janet Yellen collected more than $7 million in speaking fees in 2019 and 2020 from major financial firms and tech giants including Citi, Goldman Sachs and Google, according to disclosure forms filed as part of her nomination
Yellen’s was one of three financial disclosures filed by Biden transition officials that were made public on Thursday by the Office of Government Ethics. In a separate filing, Yellen listed firms and banks where she had received speaking fees and said she intended to “seek written authorization” from ethics officials to “participate personally and substantially” in matters involving them.
Yellen was the Federal Reserve chair from 2014 to 2018. Her term was not renewed by President Donald Trump.
Her selection by Biden to lead the Treasury Department has been cheered by progressive Democrats, who support Yellen’s work as a labor economist who has long prioritized combating economic inequality. Since her nomination was announced, Yellen has pledged to work to combat systemic racism and climate change.
But receiving steep payments from Wall Street bankers and other powerful corporations could become an issue as her nomination works its way through a closely divided and potentially contentious Senate. Hillary Clinton faced criticism from the left wing of the Democratic Party while running for president in 2016 for having received past, lucrative speaking fees at Wall Street firms.
Also released Thursday were disclosure forms from Biden’s choice to be secretary of state, Antony Blinken, who detailed advising clients including Bank of America and Facebook as part of a consulting firm he co-founded. Avril Haines, Biden’s choice to be national intelligence director, disclosed being a consultant at the same firm, WestExec Advisors.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.