🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Biden's Treasury nominee Yellen discloses paid speaking gigs for financial firms

Published 12/31/2020, 09:17 PM
Updated 12/31/2020, 09:20 PM
© Reuters. FILE PHOTO: U.S. President-elect Joe Biden announces members of his economic policy team in Wilmington, Delaware
GS
-
BARC
-

(Reuters) - President-elect Joe Biden's pick for Treasury secretary, Janet Yellen, earned at least $7 million from speaking engagements over the past two years, according to disclosures posted on Thursday.

Yellen, the former Federal Reserve chair, disclosed the more than 50 speaking gigs, including to government-regulated Goldman Sachs Group Inc (NYSE:GS), Barclays (LON:BARC) Plc and hedge fund Citadel LLC, as part of a set of documents that move her candidacy closer to consideration by the U.S. Senate.

In another filing to the U.S. Office of Government Ethics, Yellen said she would seek written authorizations to participate in substantive issues involving such firms.

Yellen agreed to resign from her position as a consultant for Australian investment firm Magellan Financial Group Ltd if she is confirmed by the Senate. She also outlined several divestments in public company stock that she would implement if she is confirmed.

The Treasury Department has broad regulatory powers over financial companies. High-profile former government officials like Yellen, who was appointed as Fed chair by Democratic President Barack Obama and served in the role until 2018, often take paid speaking jobs after their retirement from public service.

President Donald Trump's Treasury secretary, Steven Mnuchin, a former Goldman Sachs executive and Hollywood film financier, pledged to divest at least $94 million worth of investments in 43 entities to avoid conflicts of interest when he was appointed to Trump's Cabinet. In his confirmation hearings, Mnuchin was attacked for failing to promptly disclose that he was a director of an offshore business vehicle domiciled in the Cayman Islands and owned more than $100 million in real estate.

Senator Ron Wyden, the senior Democrat on the committee that will evaluate Yellen, said she has shared views in a range of forums, from media interviews to speaking engagements, and has been fully transparent.

© Reuters. FILE PHOTO: U.S. President-elect Joe Biden announces members of his economic policy team in Wilmington, Delaware

“Secretary-designate Yellen is one of the world’s top economic minds, and her perspective on economic matters has been widely sought after since she left the Federal Reserve," Wyden said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.