Janet Yellen GRD ’71, chair of the Federal Reserve Bank of the United States, is among those receiving honorary degrees Monday at Yale’s 314th Commencement.

Yellen was one of several guests at a reception at the Yale University Art Gallery on Sunday evening held to celebrate this year’s recipients. Guests were seen entering the gallery from its High St. entrance around 6:30 p.m. Sunday.

This will be Yellen’s second Yale degree — she currently holds a Ph.D. in Economics from the University.

Since the Commencement of 1702, the University has honored individuals who have distinguished themselves in their respective field in this way. Last year, the University awarded 12 honorary degrees to credit excellence in areas ranging from medical science to music. Among the 2014 honorees was University Chief Investment Officer David Swensen, who received a Doctor of Humane Letters.

Before serving as Fed chair, Yellen served from 2010 as the reserve’s vice-chair. When she replaced Ben Bernanke to become the 15th chair of the Federal Reserve in Feb. 2014, Yellen also became the first woman to lead the bank. In 2014, Forbes magazine ranked her as the sixth most powerful person in the world.

Sunday’s celebration at the University Art Gallery included a performance by Whim ‘n Rhythm, Yale’s all-female senior a capella group.

Correction, May 17: A previous version of this article stated that Yale awarded 14 honorary degrees at its 2014 Commencement. The University awarded 12 such prizes.