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Janet Yellen, Fed chair and Treasury Secretary
Fed 2014–18; Treasury 2021–25· Economist or figure
Fact, law or dataA rule, statute, definition or measured number.
Labor economist who was the first woman to chair the Fed (2014–18) and later the first woman Treasury Secretary (2021–25).
See it on the Money & Finance map →How it works
Yellen led the Fed from 2014 to 2018 after serving as vice chair. She ended QE purchases in 2014, made the first rate hike since 2006 in December 2015, and began shrinking the balance sheet in 2017. As Treasury Secretary from 2021 to 2025 she managed pandemic aid, the 2023 debt-ceiling standoff and the guarantee of all Silicon Valley Bank deposits, and helped negotiate a 15% global minimum corporate tax.
Why it matters
She is the only person to have led the Fed, the Treasury and the White House Council of Economic Advisers, so her career spans where monetary and fiscal policy meet.
Legacy
FOMC transcripts, Treasury records and speeches; she called 2021 inflation 'transitory' and in 2022 said publicly she had been wrong about its path.
Debates and risks
Whether her slow, gradual exit from zero rates in 2015–18 was wise caution or kept money too cheap for too long is still debated.
Connections (2)
▸Janet Yellen, Fed chair and Treasury Secretary later led US Department of the TreasuryFact, law or data
The connection
After chairing the Fed, Yellen became the first person to have led the Fed, the Treasury and the White House Council of Economic Advisers. At Treasury she oversaw pandemic relief payments, federal borrowing, sanctions on Russia and the 2023 debt-ceiling standoff.
When and why
Sworn in as the 78th Treasury Secretary, and the first woman in the job, on January 26, 2021; served until January 2025.
How we know
Senate confirmation records and Treasury's official list of secretaries.
Debates and risks
Critics said her Treasury leaned on short-term bills to hold down long rates before the 2024 election; she rejected that, and the effect is debated.
▸Janet Yellen, Fed chair and Treasury Secretary as Treasury Secretary backstopped depositors in Silicon Valley Bank collapse (2023)Fact, law or data
The connection
Two days after SVB closed, Yellen approved a 'systemic risk exception' on the FDIC's and Fed's recommendation, letting the FDIC protect all deposits at SVB and Signature Bank, including amounts over $250,000. That stopped the run from spreading to other regional banks. The cost was charged to banks through a special FDIC fee, not taxpayers.
When and why
Washington, Sunday, March 12, 2023, after consulting President Biden; announced jointly by Treasury, the Fed and the FDIC.
How we know
The joint statement of March 12, 2023, and the FDIC's special-assessment rule of November 2023.
Debates and risks
Days later Yellen told senators she was not considering a blanket guarantee of all US deposits, and regional bank stocks fell; which banks would get SVB's treatment remains unclear.