The prospective U.S. Treasury Secretary paid for Goldman Sachs, Barclays and other activities.
According to newly published records, incoming U.S. Treasury Secretary Janet Yellen has earned at least $7 million (£5.1 million) over the past two years for speaking engagements at government-regulated banks, consulting firms and hedge funds.
The former chairman of the Federal Reserve released a list of more than 50 paid speeches to financial companies, including $67,500 from Goldman Sachs, $54,000 for a Barclays case, and $292,500 for a single Citadel hedge fund speech.
The records were addressed to the U.S. Office of Government Ethics to secure the highest spot in the United States as part of Yellen’s efforts. Department of Treasury. While President-elect Joe Biden has already chosen her for the post, she has yet to obtain formal approval from the U.S. From the Senate.
The records show that for a single speech at UBS, Yellen also received $112,500, $225,000 for a speech at PwC and $270,000 for an event at Standard Chartered, a London-based bank.
After they retire, it’s normal for high-ranking government officials like Yellen to take on compensated speaking positions.
After leaving the central bank, where he made $199,700 a year, Ben Bernanke, who chaired the Federal Reserve before Yellen, reportedly received around $250,000 for a single speech.
However, when she headed the Fed between 2014 and 2018, Yellen – who received a little more than $200,000 a year – said she would request official approval before engaging in decisions affecting businesses that paid her fees until she was officially assigned to the Treasury Department.
Yellen also promised to resign from Magellan Financial Company, an Australian investment firm, from which she received $125,000 as a consultant and around $225,000 in fees for speaking.
To prevent conflicts of interest, she vowed to give up investments in 13 firms, including telecommunications giant AT&T, pharmaceutical company Pfizer and chemical firm Dupont.
Before his 2017 nomination, identical disclosures by current Treasury Secretary Steven Mnuchin, a former Goldman Sachs executive and Hollywood movie financier, did not report substantial speaking fees.
However, after he was named to Donald Trump’s cabinet, Mnuchin vowed to divest assets in 43 firms worth at least $94 million. He was later blamed for not reporting correctly that he owned real estate worth nearly $100 million and holding a directorship in a tax haven, an offshore business vehicle located in the Cayman Islands.