The Woman Who Broke Every Glass Ceiling in the World of Money
Photo courtesy of the Federal Reserve

The Woman Who Broke Every Glass Ceiling in the World of Money

Welcome back to a special edition about Janet Yellen, possibly the most powerful woman in American economic history.

My colleague Jon Hilsenrath has a new biography out about Ms. Yellen, a woman who’s been at the center of some of the most challenging economic decisions of our era, including the pandemic-era stimulus packages now blamed for helping to push up inflation. In the book, he examines how she broke through successive glass ceilings in the male-dominated field of economics to become the first woman to serve as Fed chair—and then the first to serve as U.S. Treasury secretary.

How did she do it? Jon told me he draws four lessons from her life story:

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Do your homework.

Drilled by her mother as a child not only to get her homework done, but to get it done right every night, Ms. Yellen rarely enters a meeting less prepared than anyone else in the room. It mattered in a field built around debate and argumentation. Her colleagues say she’s almost compulsive about it. She still brings home 200+ page briefing books from Treasury staff on weekends and returns on Monday asking follow-up questions.


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Choose supportive partners.

Ms. Yellen has had a lifelong partnership with her husband, George Akerlof, a Nobel Prize winner in economics himself. From the beginning, he insisted that her career was as important as his, and that he take on duties at home such as picking up their son, Robby, from school as a boy. When she got job offers in Washington, he followed.

“His attitude has been, ‘You want to do that? Absolutely, we’re going to make that work,’” Ms. Yellen said. When the job stressed her, he had her back. When she was at the White House, Mr. Akerlof described his role as “providing psychological support in the daily political storms.”


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Lean in … when it counts.

Ms. Yellen has pounded tables during debates, but only when she believed she had a point grounded in fact that had to be heard. That included fiery exchanges at the Federal Reserve after the 2007-2009 financial crisis when she was pushing for low-interest-rate policies to bring down stubbornly high unemployment. 

In less intense moments, White House colleagues like economist Alicia Munnell describe Ms. Yellen as easygoing, with an infectious laugh, and happy to belt down a cocktail after a hard day of work. “She also knows how to unwind,” she says in the book.


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Have a purpose.

Ms. Yellen and Mr. Akerlof have likened their careers to that of lighthouse keepers, fashioning their daily work, family life and friendships around a larger cause, in their case understanding the economy and how it affects human lives. When she recently returned to her hometown Brooklyn to deliver a commencement address at alma mater, Fort Hamilton High School, she said: “There’s really no accounting for what assignment life will hand you next,” adding, “it is important to find the joy in what you do.”

Who is your inspiration and where do you draw purpose in life? Write to us at careers@wsj.com. We’d love to hear from you.

—Lynn—

This is a condensed version of WSJ’s Careers & Leadership newsletter. Sign up here to get the WSJ’s comprehensive work coverage in your inbox each week. This newsletter was curated by Lynn Cook, the WSJ’s careers and leadership bureau chief. 

Photo credits: Courtesy of Barbara Schwartz; Courtesy of Janet Yellen; Bloomberg via Getty Images; Getty Images North America



Larry Cruise

Private Investor, Deal Advisor, former Partner Ernst & Young

10mo

I thought this inflation was transitory.

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Charlie Domingo, P.Eng.

President and CEO at Allianz Technical Solutions Inc.

1y

“There’s really no accounting for what assignment life will hand you next,” “it is important to find the joy in what you do.” - Janet Yellen

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Indraneel Bose

Customer Success Advocate | Digital Culture Enthusiast | Partner Enablement | Staff Augmentation | Resource Management | PMO | Empowered and Evolving Leader | Strategic Thinker | Progress-Focused Trailblazer

1y

▶️ ++

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Abdul Mazed

Author And LinkedIn Reviewer

1y

Great

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