Janet Yellen: Celebrating Women's History Month
Highlighting Janet Yellen: The First Woman U.S. Treasury Secretary and Federal Reserve Chair
March is Women’s History Month, a time to celebrate the contributions and achievements of women throughout U.S. history. Its origins trace back to 1981, when Congress passed a resolution designating the week of March 7, 1982, as Women’s History Week. President Reagan was asked to issue a proclamation encouraging Americans to observe the week with appropriate ceremonies and activities.
For the next five years, Congress passed annual resolutions, each designating one week in March as Women’s History Week. In 1987, Congress expanded the celebration to the entire month of March, officially declaring it Women’s History Month. These proclamations recognized the efforts, achievements, and impact of women in shaping the United States.
Janet Yellen: A Woman of Firsts
On January 26, 2021, Janet Yellen was sworn in as the 78th Secretary of the Treasury of the United States. With nearly five decades of experience in academia and public service, Yellen made history as the first woman to lead the Treasury Department. Remarkably, she is also the first person ever to have led the White House Council of Economic Advisers, the Federal Reserve, and the Treasury Department.
Academic Background
Janet Yellen graduated from Brown University in 1967 with a degree in economics. She earned her Ph.D. in economics from Yale University, becoming one of the few women in her field at that time. Yellen’s academic career began at Harvard University, where she served as an assistant professor until 1976. She then joined the Federal Reserve Board as an economist.
By 1980, Yellen returned to academia as a faculty member at the University of California, Berkeley, where she became the Eugene E. and Catherine M. Trefethen Professor of Business and Economics. Today, she holds the title of Professor Emeritus at UC Berkeley.
Her research has focused on labor markets, unemployment, and macroeconomic policy. In collaboration with her husband, economist George Akerlof, Yellen explored the concept of efficiency wages—why businesses often pay workers above-market wages. Their work demonstrated that better pay can lead to improved morale, reduced turnover, and higher productivity.
Leadership in Government
Yellen’s distinguished public service began in 1994, when President Bill Clinton appointed her to the Federal Reserve Board of Governors. Three years later, she became Chair of the White House Council of Economic Advisers.
In 2004, she returned to the Fed as President of the Federal Reserve Bank of San Francisco. During this time, Yellen raised concerns about a housing market bubble, a prediction that proved accurate as the 2008 financial crisis unfolded. She played a key role in navigating the Federal Reserve’s response to the crisis and the recession that followed.
In 2010, President Barack Obama appointed Yellen as Vice Chair of the Federal Reserve. Four years later, she succeeded Ben Bernanke as Chair of the Federal Reserve, becoming the first woman to hold the position. She served in this role from 2014 to 2018, focusing on promoting employment and ensuring financial stability.
In December 2020, President-elect Joe Biden nominated Yellen to serve as Secretary of the Treasury. At her nomination, President Biden praised her dedication, stating,
“She has spent her career focused on unemployment and the dignity of work... she understands what it means to people and their communities when they have good, decent jobs.”
Other Accomplishments and Honors
Before her appointment as Treasury Secretary, Yellen was a Distinguished Fellow in Residence at the Brookings Institution’s Economic Studies Program. She also served as President of the American Economic Association from 2020 to 2021.
Yellen is a member of the American Academy of Arts and Sciences and the Council on Foreign Relations. She is also a founding member of the Climate Leadership Council.
In addition, she has served on several advisory boards, including:
The Committee for a Responsible Federal Budget
The Bloomberg New Economy Forum
The Washington Center for Equitable Growth Steering Committee
From 2000 to 2006, Yellen served as an alumni fellow for the Yale Corporation. She has been awarded honorary doctorates from:
Bard College
Brown University
London School of Economics
New York University
University of Baltimore
University of Michigan
University of Warwick
Yale University
A Legacy of Leadership
Janet Yellen’s trailblazing career and groundbreaking achievements represent significant milestones in American history. She has shaped economic policy for decades, promoting employment, financial stability, and equitable growth.
As we celebrate Women’s History Month, Yellen’s story serves as an inspiration to future generations of women in leadership.
Source: www.treasury.gov
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