Janet Yellen
Bio |
Yellen is the newly-appointed Secretary of the Treasury under the Biden Administration. She has previously served as the first woman to be the chair of the Federal Reserve (2014-2018), the President of the Federal Reserve Bank of San Francisco (2004-2010), and the chair of the Council of Economic Advisors under the Clinton Administration. Source: |
Status and Position |
Current Secretary of the Treasury of White House Staff |
Political Party and Jurisdiction |
Democrat, White House Staff |
Elections |
Election Jurisdiction |
Started Campaign |
Campaign Status |
Poll Rankings (of the vote) |
Campaign Financing |
Not much is publicized about Yellen's campaign financing, however it is alleged that she has earned over $7 million in fees from speaking to major financial firms. Source: https://www.usatoday.com/story/news/politics/2021/01/01/janet-yellen-bidens-treasury-pick-made-over-7-m-speaking-fees/4108800001/, https://www.politico.com/news/2021/01/01/yellen-made-millions-in-wall-street-speeches-453223, https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/C22B882BBDC40AC78525864F008106AB/$FILE/Yellen,%20Janet%20L.%20final%20278.pdf |
Voting Rights |
No clear stance on issue. |
Opinions on Issues
Issues |
Stance |
Summary |
| Universal Healthcare | Nuance | Although Yellen has not said much on the subject of healthcare, from a fiscal perspective, she advocates that increased access to healthcare can be beneficial for the economy while decreased access may affect the economy in many areas beyond the healthcare sector. Source: https://www.businessinsider.com/fed-chair-janet-yellen-on-obamacare-repeal-economic-impact-2017-2, https://www.menendez.senate.gov/newsroom/video/view/menendez-questions-janet-yellen-on-healthcare-consumer-financial-protection-and-diversity Yellen notes that increased access to healthcare under the Affordable Care Act has allowed individuals to have more upward mobility and decreased reliance on their employers for health insurance, which has allowed them to divert more of their money to other sectors of the economy. By repealing the ACA, this healthcare security is threatened and the economy may see a loss of consumer dollars going to other sectors of the economy and diverted back towards healthcare. Thus, she advocates that policymakers look at the consequences of repealing Obamacare on the economy at large. Source: https://www.businessinsider.com/fed-chair-janet-yellen-on-obamacare-repeal-economic-impact-2017-2, https://www.menendez.senate.gov/newsroom/video/view/menendez-questions-janet-yellen-on-healthcare-consumer-financial-protection-and-diversity |
| Socialized Healthcare | Nuance | Yellen has claimed that there are many benefits to more accessible healthcare such as increased economic freedom and decreased reliance on employers for health insurance, and advocates that policymakers take a cost-benefit analysis approach to choosing the best healthcare system, also taking care to note how the economy as a whole will be effected. Source: https://www.businessinsider.com/fed-chair-janet-yellen-on-obamacare-repeal-economic-impact-2017-2, https://www.menendez.senate.gov/newsroom/video/view/menendez-questions-janet-yellen-on-healthcare-consumer-financial-protection-and-diversity |
| Private Healthcare | Nuance | As for her stance on universal and socialized healthcare, she believes that policymakers need to assess the pros and cons of all healthcare systems in order to determine which one is the most socially and fiscally responsible. She has lent some merit to the Affordable Care Act by acknowledging how it has allowed beneficiaries more economic freedom to spend their money in other areas of the economy, suggesting that she supports a healthcare system not solely limited to private insurers. Source: https://www.businessinsider.com/fed-chair-janet-yellen-on-obamacare-repeal-economic-impact-2017-2, https://www.menendez.senate.gov/newsroom/video/view/menendez-questions-janet-yellen-on-healthcare-consumer-financial-protection-and-diversity |
| LGBT Rights | For | Yellen has said relatively little on the issue of LGBTQ+ rights, however she has expressed support for LGBTQ+ equality through her support of fellow economists' work on the nexus between economics and LGBTQ+ equality. Source: https://www.umass.edu/spp/news/badgett-makes-economic-case-lgbt-equality-new-book Yellen has supported the idea that discrimination against the LGBTQ+ community is not only a human rights issue, but an economic issue resulting in "immense economic losses." Source: https://www.umass.edu/spp/news/badgett-makes-economic-case-lgbt-equality-new-book |
| Taxes | For | Yellen opposes tax cuts due to the state of the national debt and proposes a carbon tax to incentivize the reduction of carbon emissions. Source: https://qz.com/1937992/janet-yellen-supports-a-carbon-tax-but-what-does-that-mean/#:~:text=It's%20not%20politically%20impossible%2C%E2%80%9D%20Yellen,emissions%20in%20half%20by%202035., https://www.taxpolicycenter.org/taxvox/treasury-pick-yellen-likes-carbon-taxes-and-more-pandemic-relief-not-tcja Yellen believes that the national debt is not a product solely of government spending but also of a lack of money going to the government, thus she opposes the Tax Cuts and Jobs Act. She also advocates for a tax on carbon to address industrial carbon emissions and incentivize these industries to reduce their emissions and/or find alternative energy sources. Source: https://qz.com/1937992/janet-yellen-supports-a-carbon-tax-but-what-does-that-mean/#:~:text=It's%20not%20politically%20impossible%2C%E2%80%9D%20Yellen,emissions%20in%20half%20by%202035., https://www.taxpolicycenter.org/taxvox/treasury-pick-yellen-likes-carbon-taxes-and-more-pandemic-relief-not-tcja |
| Flat Tax Rate | Nuance | Yellen has not taken the stance in support of redistributing income through tax code that many Democratic have taken. Instead she advocates for the expansion of economic opportunities for lower-income and underserved communities rather than decreasing the wealth of the top income-earners. Source: https://www.taxpolicycenter.org/taxvox/treasury-pick-yellen-likes-carbon-taxes-and-more-pandemic-relief-not-tcja Yellen believes that the national debt is not a product solely of government spending but also of a lack of money going to the government, thus she opposes the Tax Cuts and Jobs Act. She also advocates for a tax on carbon to address industrial carbon emissions and incentivize these industries to reduce their emissions and/or find alternative energy sources. Source: https://qz.com/1937992/janet-yellen-supports-a-carbon-tax-but-what-does-that-mean/#:~:text=It's%20not%20politically%20impossible%2C%E2%80%9D%20Yellen,emissions%20in%20half%20by%202035., https://www.taxpolicycenter.org/taxvox/treasury-pick-yellen-likes-carbon-taxes-and-more-pandemic-relief-not-tcja |
| Abortion | For | Yellen has supported the legalization of abortion, explaining that children born out of wedlock or raised in single-mother households contributes to increased poverty and reduces the well-being of women. Source: https://www.brookings.edu/articles/new-mothers-not-married-technology-shock-the-demise-of-shotgun-marriage-and-the-increase-in-out-of-wedlock-births/, https://ifstudies.org/blog/janet-yellens-surprisingly-traditional-views-about-family-breakdown Yellen links the rise in children born out of wedlock or raised in single-parent households to the "feminization of poverty," a phenomenon in which women are disproportionately lower-income earners. Thus, she explains that reducing access to abortion or contraception would aggravate the issue. Source: https://www.brookings.edu/articles/new-mothers-not-married-technology-shock-the-demise-of-shotgun-marriage-and-the-increase-in-out-of-wedlock-births/ |
| Gun Control | Unknown | No clear stance on issue. |
| Assisted Suicide | Unknown | No clear stance on issue. |
| Government Interference | For | Yellen's economic philosophy favors government regulation of the economy and more bank supervision to protect against economic disaster and address income inequality. Source: https://www.investopedia.com/articles/investing/101613/janet-yellen-background-and-philosophy.asp, https://www.wsj.com/articles/janet-yellen-is-bidens-pick-for-treasury-secretary-11606161637, https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home, https://www.dailymotion.com/video/x15pu32 |
| Planned Parenthood | Unknown | No clear stance on issue. |
| Welfare | For | Yellen seeks to address income inequality and supports welfare measures that expand economic opportunities to underserved communitites Source: https://www.federalreserve.gov/newsevents/speech/yellen20141017a.htm, https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home Yellen has called income inequality an "American tragedy," Rather than redistributing the wealth through the tax code, Yellen advocates for welfare programs and increased opportunities for underserved and low-income communities to advance economically. Source: https://www.federalreserve.gov/newsevents/speech/yellen20141017a.htm, https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home |
| Welfare | Unknown | No clear stance on issue. |
| Death Penalty | Unknown | No clear stance on issue. |
| Mandatory Prison Sentence | Unknown | No clear stance on issue. |
| Military Spending | Against | At the onset of the Iraqi War, Yellen warned policymakers about the huge fiscal impact the war would have and the negative toll it would take on the already huge national debt. Source: https://www.berkeley.edu/news/media/releases/2003/04/02_forum_yellen.shtml |
| War on Terrorism | Nuance | Yellen has acknowledged the threat that terrorism poses for the United States, however she has opposed the huge amount of spending going into the Iraqi War in conjunction with the tax cuts that took place under the Bush administration, digging the country deeper into debt. Source: https://www.berkeley.edu/news/media/releases/2003/04/02_forum_yellen.shtml |
| Foreign Policy International Interaction | For | In terms of foreign policy, Yellen has advocated for a restoration of "America's global leadership" and urges for free trade and international economic cooperation. Source: https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home, https://www.cnbc.com/2020/12/02/what-yellens-nomination-as-treasury-secretary-means-for-china-trade.html Yellen seeks to restore America's leadership by heading efforts to recover from the national debt and encourages international economic cooperation through free trade agreements. Source: https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home, https://www.cnbc.com/2020/12/02/what-yellens-nomination-as-treasury-secretary-means-for-china-trade.html |
| United Nations power | Unknown | No clear stance on issue. |
| Nationalism | Nuance | While Yellen is highly encouraging of free trade and international economic cooperation, she has also called for a restoration of "America's global leadership." Source: https://www.reuters.com/article/us-usa-fed-trump-conference/at-fed-conference-trumponomics-draws-a-not-so-subtle-rebuttal-idUSKCN1B52S7, https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home, https://www.cnbc.com/2020/12/02/what-yellens-nomination-as-treasury-secretary-means-for-china-trade.html |
| Free Markets | Nuance | While Yellen upholds the free-market and capitalist economic system, she does believe a degree of government intervention is needed in order to make things run smoothly and protect competitors and consumers. Source: https://www.dailymotion.com/video/x15pu32 Yellen believes that the free market must have some government intervention and regulation in order to make sure competition is fair, consumers are protected, and financial institutions and banks are running smoothly. She does not see the capitalist system as broken but rather flawed and in need of reform. Source: https://www.dailymotion.com/video/x15pu32, https://www.reuters.com/article/usa-climate-tax/u-s-could-adopt-carbon-tax-under-a-biden-presidency-ex-fed-chair-yellen-idUSL1N2GY2EI |
| Brexit | Against | Yellen has expressed concerns about Brexit's impact on the American economy, especially its effects on interest rates, tariffs, and exports. Source: https://www.politico.eu/article/janet-yellen-brexit-could-have-significant-economic-repercussions/, https://www.bbc.com/news/business-36463819, https://www.supplychaindive.com/news/yellen-talks-brexit-tariffs-at-ism/552394/ |
| Affirmative Action | For | Yellen has defended Harvard's admissions process, which takes race into account as an affirmative action measure to diversify its admissions. Source: https://www.thecrimson.com/article/2018/9/7/yellen-amicus-brief-admissions-lawsuit/ |
| Government Spending | For | Although Yellen has expressed concern for the national debt, she advocates for increased government spending and relief in light of the COVID-19 pandemic, believing it will boost the economy and prevent jobs from being cut. Source: https://www.marketplace.org/2020/11/24/janet-yellen-bidens-pick-for-treasury-secretary-more-pandemic-relief-spending-congress/, https://www.investmentnews.com/janet-yellen-as-treasury-secretary-signals-bidens-focus-on-boosting-economy-199681, https://apnews.com/article/janet-yellen-treasury-secretary-2019389a2de0d269588160862cfcc43f |
| Charter Schools | Unknown | No clear stance on issue. |
| Common Core | Unknown | No clear stance on issue. |
| Clean Energy | For | Yellen is a supporter of a transition away from fossil fuels and advocates for a tax on carbon emissions to encourage its reduction. Source: https://www.reuters.com/article/usa-climate-tax/u-s-could-adopt-carbon-tax-under-a-biden-presidency-ex-fed-chair-yellen-idUSL1N2GY2EI Yellen has been working with the Climate Leadership Council on a proposal for a carbon tax that would incentivize polluting industries to shift to clean energy sources. She has said that "climate change is a very serious concern and that action needs to occur." Source: climate change is a very serious concern and that action needs to occur |
| Religious Freedom | Unknown | No clear stance on issue. |
| Separation of Church and State | Unknown | No clear stance on issue. |
| Slavery Reparations | Nuance | While Yellen has not necessarily addressed financial compensation of BIPOC, she has been a long-standing advocate for racial justice and equality and has been outspoken against opposition to the Black Lives Matter movement. She advocates for increased diversity in economics and acknowledges lack of economic opportunity in marginalized communities as a huge issue. Source: https://www.cnbc.com/2020/06/11/yellen-joins-chorus-against-economist-who-criticized-black-lives-matter.html, https://www.ft.com/content/76622b92-0355-4d61-af0b-6e615f7a2906, https://www.bloomberg.com/news/articles/2020-12-01/yellen-signals-hope-of-peace-abroad-fix-inequalities-at-home |
| Border Control | Nuance | Yellen has not spoken on the topic of border control and immigration reform in detai, however she has acknowledged that restricting immigration can have negative consequences for the economy. Source: https://www.businessinsider.com/yellen-on-immigration-economic-growth-trump-policies-2017-2 Yellen has noted that immigrants can help to supplement the slow labor force growth and thus the growth of the economy, whereas restricting immigration will create a labor shortage and have adverse repercussions for the economy as a whole. Source: https://www.businessinsider.com/yellen-on-immigration-economic-growth-trump-policies-2017-2 |
| Passenger Profiling | Nuance | Yellen has not directly commented on the topic of racial profiling, however she has expressed support for the Black Lives Matter movement and sees racial inequality as a major issue. Source: https://www.cnbc.com/2020/06/11/yellen-joins-chorus-against-economist-who-criticized-black-lives-matter.html |
| DACA | Unknown | No clear stance on issue. |
| Sanctuary Cities | Unknown | No clear stance on issue. |
| Legalizing Marijuana | Unknown | No clear stance on issue. |