(Adds figures from regional Fed bank presidents, details on
WASHINGTON Aug 28 The five members of the
Federal Reserve board that oversee U.S. monetary policy have
plenty of money of their own, according to government filings
released on Thursday.
The U.S. Office of Government Ethics released the annual
financial disclosure reports for three of the Fed board's five
members, showing personal assets ranging in worth from $1.1
million to $43.0 million in 2013.
Fed Chair Janet Yellen and her husband had financial assets
that ranged in value from $5.2 million to $14.1 million, up a
bit from the prior year, with much of her wealth tied up in a
University of California pension fund and other related
investments dating to her time as an academic.
Officials at the U.S. central bank are only required to
report the value of their assets in broad ranges.
Fed Governor Jerome Powell reported household financial
assets ranging from $16.8 million to $43.0 million, the most of
any member of the board. From 1997-2005, Powell was a partner at
the Carlyle Group, one of the world's largest private equity
Daniel Tarullo, who taught law at Georgetown University
before joining the Fed, and his spouse reported assets ranging
in value from $1.9 million to $4.4 million.
The financial disclosure reports for Fed Vice Chairman
Stanley Fischer and Governor Lael Brainard, who arrived at the
Fed in June, were released earlier in the year in conjunction
with their nominations.
In a filing dated Dec. 17, 2013, Fischer said his assets
ranged in value from $14.6 million to $56.4 million, with dozens
of individual stocks listed among his holdings, including
Coca-Cola, Philip Morris, Exxon Mobile Corp
and American Express. He pledged to divest his
holdings in financial shares before taking the job.
Brainard and her husband are paupers by Fed board standards,
holding assets worth only $1.1 million to $2.7 million.
Looking at the Federal Reserve as a whole, though, Brainard
is not faring so poorly.
Half of the regional Fed bank presidents had assets worth
less, according to financial disclosure forms made public
Thursday by 11 of the 12 regional Fed banks. Forms were not
immediately available from the St. Louis Fed.
The dovish head of the Boston Fed, Eric Rosengren, and his
wife were at the bottom of the pile with assets valued at just
$54,000 to $450,000; the hawkish chief of the Richmond Fed,
Jeffrey Lacker, had just a tad more, reporting assets of
$101,000 to $550,000.
On the other end of the wealth spectrum, the assets of
Dallas Fed President Richard Fisher and his wife were worth at
least $25.4 million, including a couple of Texas ranches worth
more than $1 million each, as well as stock in Google
also worth more than $1 million. Before his stint as
policymaker, Fisher was a money manager.
(Reporting by Michael Flahety and Howard Schneider in
Washington; Editing by Bernard Orr)