The Federal Reserve, long criticized for being too white and male, crossed a substantial milestone last year: for the first time in its 107-year history, white men held fewer than half of board seats at the Fed's 12 regional outposts.
They matter because the boards, or more precisely the two-thirds of directors who are not bankers, hire Fed bank presidents. Among the remaining three directors, who represent banks and are by law barred from taking part in choosing Fed presidents, the majority remains white and male, and none are non-white women.
"Once you realize that people at high levels in an organization can be perfectly good board members for you, that does increase the pool of candidates," said Cleveland Fed President Loretta Mester, whose bank has made some of the biggest strides in diversity in the past five years.It also took leadership at the board level.
Yellen and other senior Fed officials also point out that academic research shows that mixed-gender and mixed-race groups make better decisions. "Public trust in the Fed is critical, and we need to look like the people we work for," Kashkari said.
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