Reuters logo
UPDATE 1-From stock-pickers to pensioners, Fed board filings show millionaires
August 28, 2014 / 9:57 PM / 3 years ago

UPDATE 1-From stock-pickers to pensioners, Fed board filings show millionaires

(Adds figures from regional Fed bank presidents, details on Fischer divestments)

WASHINGTON, Aug 28 (Reuters) - 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 funds.

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below