Diversity, Fed, Janet Yellen

Diversity, Fed

Too white, too male: Fed takes on diversity one bank board member at a time

Too white, too male: Fed takes on diversity one bank board member at a time

27.2.2020

Too white, too male: Fed takes on diversity one bank board member at a time

The Fed eral Reserve, long criticized for being too white and male, crossed a substantial milestone last year: for the first time in its 107-year ...

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File PhotoBoard members are not policymakers themselves. But they share their perspectives on the economy in regular meetings with each of the 12 bank presidents who, along with five Fed policymakers in Washington, set the nation's interest rates.

As of Jan. 1, 64 of the 108 directors at all 12 Federal Reserve banks were women, or men of African-American, Hispanic, Asian, or Native American descent. In 2015, 70 of the 108 were white men.Even so, the Fed's boards overall are more diverse than corporate America. Women constitute 26per cent of directors at S&P 500 Index companies, according to a May 2019 report from Spencer Stuart. At the top 200 companies, minorities accounted for 19per cent of directors. Boards at big U.S. banks are 30per cent female and 20per cent minority, a report published this month by House Financial Services Committee Democrats showed.

Fed banks have long sought directors from a range of industries and places. But in 2011, an audit by the Government Accountability Office found"limited" representation of women and minorities on Fed bank boards."You're a central bank. You should be representing the public," she told Reuters.

"I thought it was important, and we hadn't done enough," said Yellen, who decided to improve the pipeline that feeds into the board of director appointments."My work has been much crisper, more precise and less speculative because of the presence of diversity," Atlanta Fed President Raphael Bostic said.

By 2016, Congress was paying attention: 127 U.S. lawmakers sent a letter to Yellen urging the Fed to better"reflect and represent the interests of our diverse country.""Public trust in the Fed is critical, and we need to look like the people we work for," Kashkari said.

In recent years, the Fed has also revamped its recruiting system for economists to attract more women and minorities, with a particular focus on bringing them in as research assistants to kick-start their careers. They remain well outnumbered by white, male peers, reflecting the economics profession as a whole.



Read more: CNA

CapitaLand senior management, board members to take pay cut amid coronavirus outbreakSINGAPORE (THE BUSINESS TIMES) - Property giant CapitaLand on Wednesday (Feb 26) announced a pay cut for board members and senior management, as 'a show of togetherness and solidarity' with stakeholders amid the virus outbreak.. Read more at straitstimes.com. stbusinessdesk aside from all the usual on declining profits, which is getting tiresome, somebody needs to also focus on +tive externalities eg drop in carbon emissions from increased telecommuting & less flying during this time. Good time for the earth to heal a little Stop measuring this in just short-term monetary terms, consider the longer term benefits ($ & otherwise) if someone of our current lifestyle changes can be made more sustainable in the long run Do a study, present your views and take the lead on presenting a diff POV. Am sure your readers will applaud u

Trump, Modi hope talks lead to phase one of US-India trade deal: White HouseU.S. President Donald Trump and Indian Prime Minister Narendra Modi have agreed to 'promptly' conclude ongoing trade talks that they hope can lead ...

IKEA reduces climate footprint for the first timeCarbon emissions throughout the full value chain of IKEA furniture fell for the first time last year, brand owner Inter IKEA said on Thursday ...

Retailer 3 Stars apologises, reduces face mask prices after MTI inspectionsSINGAPORE: No further action will be taken against retailer 3 Stars at this time after it apologised and reduced its prices for face masks, said ... 3 greedy stars 😏

Memes uncover lighter side of Malaysia's political crisis​A change of prime minister takes a lot of hard work and is a worrying time for any country.. Read more at straitstimes.com.

Lloyds, Virgin Money cut jobs as UK bank customers shift onlineLloyds Banking Group and Virgin Money pressed ahead with hundreds of job cuts in the face of union opposition, as British banks try to keep up ...



2 teens arrested for allegedly placing juice they drank back on FairPrice supermarket shelf in Covid-19 video ‘joke’

What happens if Hong Kong court upholds mask ban amid coronavirus pandemic?

Singapore sees record daily spike of 142 new COVID-19 cases

Two teens charged after one allegedly placed juice he drank back on FairPrice supermarket shelf

Singapore reports 106 new cases of COVID-19, with 52 linked to existing clusters

Record 142 new coronavirus cases in S'pore; Indian national later confirmed to have Covid-19 died while awaiting test result

106 new Covid-19 cases in Singapore, 39 linked to known clusters at foreign worker dormitories

Write Comment

Thank you for your comment.
Please try again later.

Latest News

News

27 February 2020, Thursday News

Previous news

Sarri says he is struggling to impose his style on Juventus

Next news

Risk of power abuse, dictatorship tendencies: Pundits caution against Mahathir's unity govt idea