Published July 31, 2007
WASHINGTON – Federal Reserve Chairman Ben Bernanke has a complex job manning the world's largest economy, but when it comes to his own finances he keeps it pretty simple.
The chairman's financial disclosure form, released Tuesday, showed that Bernanke is a millionaire, with holdings last year in no-frills investments, including U.S. Treasury securities, mutual funds and annuities.
Bernanke, 53, took over the central bank in February 2006, succeeding longtime chairman Alan Greenspan, who also played it safe when it came to his own investments while at the Fed.
An economist who spent most of his career in academia, including teaching at Princeton, Bernanke also is receiving royalties on two textbooks he wrote. Royalty income was listed at between $50,001 and $100,000 for each textbook, the document showed.
The Fed chief's largest assets last year were two annuities — TIAA Traditional and CREF Stock Large Cap Blend, which were each valued at between $500,001 to $1,000,000.
The disclosure form asks only for broad ranges for the values of holdings.
The value of his assets last year totaled between $1.12 million and $2.41 million. The income from his investments, which includes checking and savings accounts, came to between $136,500 and $318,000. Both the asset and income figures are in line with those reported for 2005.
Bernanke listed no individual stocks or corporate bonds among his holdings last year.
The chairman and other Federal Reserve board members are not allowed to own stock in banking organizations or shares of mutual funds specializing in banking and finance. Other holdings generally are permitted.
The Fed sets interest rate policy in the United States and is responsible for overseeing the nation's banking system to ensure its soundness.
The only liability listed on the form was a 10-year student loan, taken out last year at an interest rate of 7.9 percent. Bernanke has two children — one son and one daughter.
The disclosure form stated that Bernanke's wife, Anna, collected a salary from the National Cathedral School as well as the Cesar Chavez School — both are in Washington, D.C. The salaries, however, were not listed.
Bernanke's salary last year was $183,500. This year it rises to $186,600.
The Fed chief did not have any gifts or travel expenses to report.