Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Biden team defends Yellen making millions in speaking fees from big corporations

Biden team defends Yellen making millions in speaking fees from big 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.

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."


Federal Reserve Chairman Janet Yellen waits for a hearing of the Joint Economic Committee on Capitol Hill, November 29, 2017, in Washington, DC.


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.



Yellen delivered a total of more than 50 speeches to the companies, The Wall Street Journal reported.

She plans to resign from a position with Magellan Financial Group of Australia if confirmed for the Treasury job, according to the Wall Street Journal.

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.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
×