London Daily

Focus on the big picture.
Wednesday, Jul 08, 2026

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
Federal Financial Framework Shifts as Treasury Launches Universal Savings Program for Minors
French Court Allows Le Pen to Run for Presidency, but with an Electronic Tag: "I Will Appeal, and I Will Run"
$1.4 Trillion: The Lawsuit That Could Crush Meta
Europe's Growing Struggle with Extreme Heat and Air Conditioning
UK Daily Briefing: Legal Developments and Social Issues
Political Turmoil and Rising Costs
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
UK Parliament Pushes for Greater Domestic Control Over Critical Technologies
UK Parliament Warns Trade Fair and Exhibition Industry Is Losing Global Competitiveness
Police Launch Murder Investigation After Mother and Two Children Found Dead Near Bedford
British Chambers of Commerce Survey Shows Business Confidence Falls to Post-Pandemic Low
UK Parliament Report Warns Britain Risks Falling Behind in Artificial Intelligence Sovereignty
Office for Budget Responsibility Warns United Kingdom Faces Long-Term Fiscal Pressures
Nigel Farage Resigns as Member of Parliament Amid Financial Scrutiny and Triggers By-Election
Deep Purple Has Released Its Best Album in Decades
UK MPs Criticise Student Loan System as Potentially Mis-Sold to Millions of Borrowers
Policy Groups Propose Bank of England-Backed Solar Loan Scheme for Millions of Homes
UK Health Agency Issues Amber Heat Alerts Across Six Regions as Temperatures Rise
Royal Air Force F-35 Jets Conduct First High North Air Policing Missions From Aircraft Carrier
Major UK Companies Join Government Cybersecurity Pledge Amid Rising Digital Threats
UK Sanctions Russian Operatives Linked to Chemical Weapons Programmes and Poisoning Cases
UK Government Expands Free Breakfast Clubs and Limits School Uniform Costs
UK Water Companies Face Tougher Penalties Under New Environmental Enforcement Rules
UK Universities Warn Funding Cuts Could Damage Skills Pipeline and Economic Growth
NHS Expands Artificial Intelligence Tools to Help Reduce Patient Waiting Lists
NHS Ombudsman Criticises Failures in End-of-Life Communication and Patient Care
NHS Launches Nationwide Vaccination Drive After Rise in Measles Cases
UK Government Introduces New Limits on Foreign-Linked Political Donations
Thames Water Creditors Advance £10 Billion Rescue Plan to Prevent Potential Public Ownership
Andy Burnham Prepares Labour Leadership Platform as Party Faces Post-Starmer Transition
UK Met Office Issues Heatwave Alerts for London and Southern England
Keir Starmer Blocks Earlier World Cup Kick-Off Time for England Match Against Mexico
NHS Digital Transformation and Media Consolidation Highlight UK Policy Priorities
UK Government Pushes Digital Trade Rules to Cut Export Costs for Businesses
Bank of England Plans Leverage Rule Changes to Support Government Bond Market
UK Police Operation Targets Organised Immigration Crime Networks With Hundreds of Arrests
Yvette Cooper Calls for Global AI Rules to Prevent Security Risks
NHS Begins Major AI Expansion Through £10 Billion Digital Investment Programme
UK Government Tightens Rules on Political Donations to Limit Foreign Influence
Keir Starmer Defends UK Defence Spending Plan at NATO Summit in Turkey
Comcast’s Sky Agrees £1.6 Billion Deal to Acquire ITV Media and Entertainment Division
Senior NHS Doctors Vote in Favour of Renewed Strike Action Over Pay Dispute
Andy Burnham Set to Succeed Keir Starmer as Labour Leadership Nominations Open
Microsoft Lays Off 4,800 Employees and Xbox Suffers the Hardest Blow
Office for National Statistics Updates Historical Investment Data Review to Improve Accuracy
Department for Science, Innovation and Technology Highlights Economic Gains From Digital Inclusion
Debate Intensifies Over UK Defence Strategy and Domestic Security Priorities
×