Tags: federal reserve | janet yellen | assets | investing

Fed's Yellen Reports Assets Worth Between $4.9 Million and $13.3 Million

Tuesday, 03 March 2015 05:54 PM


Federal Reserve Chair Janet Yellen has said she is convinced the drop in oil prices will prove only a temporary disruption to the U.S. economy, and has put that belief to work as an investor.

Yellen held onto shares of ConocoPhillips and Phillips 66 last year despite steep slides in the companies' stock prices triggered by the oil price slump, according to her 2014 financial disclosure statement.

Yellen reported total assets estimated at between $4.9 million and $13.3 million, according to the report filed in January with the Office of Government Ethics. The agency released the report on Tuesday.

The range was slightly below last year's estimate of 2013 assets of between $5.2 million and $14.1 million. The 2014 totals include between $1.1 million and $2.3 million listed as held by her husband, economist George Akerlof.

In 2014, Yellen's ConocoPhillips shares were valued at $50,000 to $100,000 and her Phillips 66 shares at $15,000 to $50,000.

ConocoPhillips' stock price fell from around $87 a share in July to about $60 in early January, while Phillips 66 dropped from a 52-week high of almost $88 a share in September to a 52-week low of about $57 in mid-January.

The shares have since rebounded, and were valued the same on Yellen's disclosure as they were in 2013. The report did not say how many shares of each company she owned.

The Fed chair's investments changed little over the year and are concentrated in bond and stock mutual funds, and assets associated with the University of California retirement system.

She keeps plenty of cash available: between $200,000 and half a million dollars in two joint cash accounts held with her husband at Wells Fargo Bank.

Her biggest investments were a Vanguard Developed Markets Index Fund valued at between $500,000 and a million dollars, a Calvert Bond Fund through the University of California valued at the same amount, and a Vanguard Index fund valued at between $1 million and $5 million.

Office of Government Ethics disclosures require assets be reported in ranges, making a precise estimate of asset values and changes in value impossible.

Yellen's individual stock investments were modest. Aside from Phillips 66, she held a few thousand dollars worth of shares in a sectorally diverse set of companies, including DirectTV, E.I. Dupont, Office Depot and Raytheon Co.

She held onto her stamp collection, which retained a value of between $15,000 and $50,000.

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Federal Reserve Chair Janet Yellen has said she is convinced the drop in oil prices will prove only a temporary disruption to the U.S. economy, and has put that belief to work as an investor.
federal reserve, janet yellen, assets, investing
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2015-54-03
Tuesday, 03 March 2015 05:54 PM
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