London Daily

Focus on the big picture.
Monday, Dec 01, 2025

Janet Yellen made millions giving speeches to Wall Street banks she'll soon regulate

Janet Yellen made millions giving speeches to Wall Street banks she'll soon regulate

Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, made more than $7 million in recent years by giving speeches to Wall Street banks, major corporations and industry groups.

The former chair of the Federal Reserve hauled in nearly $1 million alone in multiple speeches to Citigroup (C), according to financial disclosure documents filed last week. Since stepping down from the Fed in early 2018, Yellen has also given paid speeches to other companies, including Google, Goldman Sachs, Bank of America and Salesforce.

It's common for former government officials, including Fed leaders, to make money by giving speeches that share their insights on the economy and policy. However, the disclosure of Yellen's lucrative speaking fees is awkward because she could soon be Biden's point person on the economy and finance.

If confirmed as Treasury secretary, Yellen will have enormous sway over everything from taxes and climate to tariffs and government spending. Yellen would also chair a team of US regulators that responds to emerging risks in the financial system.

"This disclosure dovetails with some broader Democratic concerns regarding the revolving door and the access certain financial services firms have to top policymakers," Isaac Boltansky, director of policy research at Compass Point Research & Trading, said in an email.

Big bank speeches


The fact that the majority of Yellen's speaking fees were from the financial industry could raise concerns that she is too cozy with Wall Street.

Yellen listed $952,200 in income from speeches to Citi, one of the nation's largest banks. She also disclosed speaking fees from PIMCO, Barclays (BCS),
Citadel, BNP Paribas, UBS (UBS), Credit Suisse (CS), ING, Standard Chartered Bank and City National Bank.

"The next Treasury Secretary making millions off of the biggest banks, PE firms, tech companies, etc. raises serious red flags," The Revolving Door Project, a progressive group that tracks conflicts of public officials, wrote on Twitter.

The group called on Yellen to publish "in full" all of her paid speeches -- a disclosure that would explain whether she was "merely opining on the markets, or offering lobbying/policy advice."

Former government officials have been criticized for their post-politics relationships with big banks and corporations.

During the 2016 campaign, then-candidate Donald Trump criticized his opponent, former Secretary of State Hillary Clinton, for making millions off speeches to banks, securities firms and trade associations. The transcripts of some of those speeches were released by WikiLeaks.

The Biden transition team downplayed concerns about Yellen's income from Wall Street and noted that some speeches were moderated or covered by journalists.

"Take a look at her record on enforcement — this is not someone who pulls punches when it comes to bad actors or bad behavior," a Biden transition official told CNN Business.

Yellen appealed to some progressives in part because of her crackdown on Wells Fargo (WFC). In February 2018, the Yellen-led Fed imposed unprecedented growth restrictions on Wells Fargo, penalties the scandal-ridden bank has yet to recover from.

"She didn't hesitate to tell some audience that the rules governing their business should be tougher and more stringent — and it could create problems for the economy otherwise," the Biden transition official said.

Avoiding conflicts of interest


However, transcripts of Yellen's speeches to Wall Street banks have not been made public. And the Biden transition official did not immediately provide specific examples of Yellen telling companies that rules may need to be toughened.

In a recent letter to ethics officials, Yellen pledged to take steps to "avoid any actual or apparent conflicts of interest" if she's confirmed to lead the Treasury Department.

Specifically, Yellen promised that no later than 90 days after confirmation she will sell her stakes in several major companies, including Pfizer (PFE), Raytheon (RTN), DuPont (DD), ConocoPhillips (COP) and CNN parent AT&T (T).

Additionally, Yellen plans to resign from the Washington Speakers Bureau, which has represented the former Fed chief in paid speeches.

Yellen also wrote that for a period of one year after her last speech she plans to recuse herself from matters related to several companies, including Salesforce (CRM), Principal Financial and Japanese investment bank Daiwa Securities. Yellen said she will "not participate personally or substantially in any particular matter" unless she is authorized to.

However, Yellen also signaled she will seek written authorization to participate in matters related to other companies she earned speaking fees from, including Barclays, Citi (C), Citadel, Credit Suisse and Goldman Sachs (GS).

Confirmation not in doubt


Analysts said the disclosures are unlikely to derail Yellen's confirmation by the US Senate.

"Yellen will face questions on these speeches during the confirmation process, but it's difficult to envision this disclosure impacting her odds of becoming Treasury Secretary," Boltansky said. "The fact is she did absolutely nothing wrong and she will still cruise to confirmation."

Yellen's forms ran 21 pages and included her stamp collection, which was estimated to be worth between $15,001 and $50,000.

Other former Fed officials have similarly hauled in lucrative speaking fees after leaving the US central bank. For example, Ben Bernanke, who led the Fed through the 2008 financial crisis, made as much as $250,000 per speech at one point. In 2015, Bernanke was hired as a senior adviser to Chicago-headquartered hedge fund firm Citadel — a role he still holds today.

Biden's nomination of Yellen has received widespread support, including from progressive leaders like Senator Elizabeth Warren. Even some Republicans such as Senator Chuck Grassley and Senator John Thune spoke positively about Yellen.

Greg Valliere, chief US policy strategist at AGF Investments, doubts the speaking fees will prevent Yellen from becoming the first woman to lead the US Treasury Department.

"She has such a reservoir of goodwill on Capitol Hill that she will easily win confirmation," Valliere said.

Newsletter

Related Articles

0:00
0:00
Close
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
UK Government Launches Consultation on Major Overhaul of Settlement Rules
Google Struggles to Meet AI Demand as Infrastructure, Energy and Supply-Chain Gaps Deepen
Car Parts Leader Warns Europe Faces Heavy Job Losses in ‘Darwinian’ Auto Shake-Out
Arsenal Move Six Points Clear After Eze’s Historic Hat-Trick in Derby Rout
Wealthy New Yorkers Weigh Second Homes as the ‘Mamdani Effect’ Ripples Through Luxury Markets
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
UK Unveils Critical-Minerals Strategy to Break China Supply-Chain Grip
Taylor Swift’s “The Fate of Ophelia” Extends U.K. No. 1 Run to Five Weeks
UK VPN Sign-Ups Surge by Over 1,400 % as Age-Verification Law Takes Effect
Former MEP Nathan Gill Jailed for Over Ten Years After Taking Pro-Russia Bribes
Majority of UK Entrepreneurs Regard Government as ‘Anti-Business’, Survey Shows
UK’s Starmer and US President Trump Align as Geneva Talks Probe Ukraine Peace Plan
UK Prime Minister Signals Former Prince Andrew Should Testify to US Epstein Inquiry
Royal Navy Deploys HMS Severn to Shadow Russian Corvette and Tanker Off UK Coast
China’s Wedding Boom: Nightclubs, Mountains and a Demographic Reset
Fugees Founding Member Pras Michel Sentenced to 14 Years in High-Profile US Foreign Influence Case
WhatsApp’s Unexpected Rise Reshapes American Messaging Habits
×