No. 20: Adena Friedman and Janet Yellen: Finance powerhouses in government & private sector

Adena Friedman, CEO of Nasdaq, Inc. since 2017, believes in the power of capitalism but recognizes that the system isn’t easily accessible to all, she told Time Magazine.

According to the World Economic Forum, which cited Pitchbook data, women received less than 2% of venture capital funding in the US and Europe in 2023.

Black founders in the US raised 0.48% of all venture.

Stock market index Nasdaq should participate in making it so that “capitalism works for everyone,” Friedman told the magazine.

She envisions the index as not just a trading platform but also an “engine for capitalism.”

Representation at the forefront 

In this vein and under Friedman’s tenure, Nasdaq adopted a rule for the index that required all companies listed to publicly disclose diversity statistics on their board of directors.

The rule requires most Nasdaq-listed companies to have “at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority or LGBTQ+,” Nasdaq said. Companies that don’t meet these standards for diversity must explain why.

Not only would this ensure that outdated systems cannot create glass ceilings for women and people from minority groups. As Friedman told Time, it also makes good business sense.

Boards made up of diverse people perform better financially and with less fraud, she said, adding that it results in “a much more sustainable model for our economy.”

When appointed in 2017, Friedman became the first female CEO to lead a global stock exchange.

Janet Yellen

The Jerusalem Post’s list of most influential Jews of the year includes financial expert Janet Yellen for the second time; the first time was in 2016, when she served as chairwoman of the US Federal Reserve.

Yellen, who has been serving as US treasury secretary since January 2021, is committed to countering the financing of terrorism and preventing Iran-backed terrorist proxy groups from exploiting the US and international financing systems, according to her office.

The Department of the Treasury is working to increase pressure on Hamas and disrupt its international financial networks, “including closely monitoring the group’s efforts to seek other sources of revenue.”

Sanctioning Iran

In April, Yellen announced new sanctions against Iran after its unprecedented attack on Israel. “The treasury will not hesitate to work with our allies to use our sanctions authority to continue disrupting the Iranian regime’s malign and destabilizing activity,” she said.

Strengthening the Palestinian economy

Yellen has also advocated strengthening the economy for Palestinians in the West Bank. Earlier this year, she urged Israel to resume transferring tax revenue to the Palestinian Authority to fund basic services. It had been stopped due to the PA’s “pay-for-slay” policy, which encourages and funds terrorism.