Seven Millionaires in the Federal Reserve
On Tuesday, financial disclosures reported that seven members of the Federal Reserve have assets that total over $1 million dollars.
The financial disclosure released on Tuesday reported that all seven of the current Federal Reserve Board of Governors holds over $1 million in assets each. The disclosure form posted by Wall Street Journal is based on calculations that use broad monetary values to generate accounting information, a more accurate way of gathering asset worth.
The largest reported assets come from Jerome Powell, former Carlyle Group Partner and currently on the Federal Reserve Board of Governors with a total of $50 million. Current chairman Ben Bernanke has the lowest reported assets reported around $1.2 million. Reports show that the chairman holds a mortgage that could total close to $1 million and has an additional income from textbooks collecting over $100,000 in royalties from McGraw-Hill.
Findings from the reports show that Deputy Janet Yellen who is speculated to be the future federal chairman, holds a total of up to $13.2 million in assets currently stemming from not only her federal salary but other ventures as well. The most unique of these assets is her husbands stamp collection valued between $15,000 and $50,000. Much of Yellen’s reported assets are items held jointly with husband George Akerlof, a Nobel pricing winning economist.
Yellen’s portfolio includes such items as retirement accounts and funds from the University of California where she formally was employed. The board member also holds some nominal shares in Pfizer and Office Max.
Additional board members such as Jeremy Stein, Elizabeth Duke, Sarah Bloom Raskin and Daniel Tarullo posted financial disclosures ranging from as low as $1 million up to $12 million, showing all seven current board members carry a minimum of $1 million in assets.
Former Treasury Secretary Larry Summers was not required to complete a disclosure after leaving the government but his most recent filing in 2009 indicated assets between $17 million and $39 million according to Bloomberg reports. The former White House Advisory is also speculation as a potential candidate to replace current chairman Ben Bernanke as his predecessor.
According to the financial disclosures most of the seven Federal Reserve Board of Governors assets stem from personal ventures including collections, retirement funds, investments and personal shares. In addition, the assets reported are in combination with spouse’s items for collective totals over $1 million.