Every Fed Member Is a Millionaire

Although Ben Bernanke appears to just barely qualify
By John Johnson,  Newser Staff
Posted Aug 28, 2013 12:56 PM CDT
Every Fed Member Is a Millionaire
This photo combo shows Fed Vice Chair Janet Yellen, left, and former Treasury Secretary Lawrence Summers. They're the leading candidates to replace Ben Bernanke.   (AP Photo/Eugene Hoshiko, J. Scott Applewhite)

It's a safe bet that whoever replaces Ben Bernanke as Fed chief will be personally familiar with large sums of money. Janet Yellen has assets worth between $4.8 million and $13.2 million—including a stamp collection worth up to $50,000—while fellow frontrunner Larry Summers clocks in between $7.9 million and $31.7 million, reports the Wall Street Journal. Newly released disclosure forms also show that all seven people on the Federal Reserve Board of Governors qualify as millionaires, notes CNNMoney. (Summers isn't on the board, but he had to issue a disclosure form when he worked in the White House.)

  • Bernanke, maybe surprisingly, falls on the lower end of the scale, with assets worth between $1.1 million and $2.3 million. He got somewhere between $150,000 and $1.1 million in royalties from two economic textbooks in 2012.
  • The richest board member is Jerome Powell, at somewhere between $17.1 million and $47.4 million. He's a former private-equity exec.
  • For civics lessons purposes, the other members are Elizabeth Duke, Sarah Bloom Raskin, Jeremy Stein, and Daniel Tarullo. Each had at least $1 million but less than $12 million.
(More Ben Bernanke stories.)

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