by Fed officials to attract more women and minorities to serve on boards in order to better mirror the nation as a whole, build credibility in communities particularly vulnerable in economic downturns, and both promote better decisionmaking on policy and attract more diverse talent to senior Fed roles.
The Fed Board led by Powell, with five members currently, is all white with only two women, and the normally seven-seat panel has never had more than three female members serve at one time and just three Black members ever. While nominations expected by U.S. President Joe Biden as early as this week are seen changing the face of the Fed Board in Washington, the ranks of the regional bank presidents - half of whom are white and male - remain beyond the direct reach of presidential appointments.
At the regional level, the boards of the San Francisco Fed and the Philadelphia Fed are the least diverse: each of their boards is one-third women and one-third minority. Boston - whose presidential search is underway - Chicago - whose search is expected to begin later this year - and Cleveland have boards that are majority women. The Dallas Fed, which is also seeking a new chief, is the only bank with a majority of board members who are people of color.
With regard to the Fed in particular, a study published in early January suggested diverse Fed bank boards strongly correlated withAnd Fed leaders hope that having more diverse boards of directors at the regional Fed banks is a step towards getting a more diverse group of Fed presidents.
The Fed recruiting the best and brightest to manage the decline of our financial system.
At least they're focusing on the real issues while inflation hit's 40 year peaks
ApartmentBoss
The exclusion of 'white people' doesn't help race relations, it worsens them. It shouldn't matter what color anyone's skin is if they can do a job well. More importantly now, we need solutions for rising inflation and broken supply chains.
Neat.
O thank god we saved the economy
yo no wonder that inflation bullsheeit so bad 😂🤣😅✊🏿
Even though STATISTICALLY white men average more in this country than any other demo, we're going to push that EVERY DOMAIN sees m out represented even though it's impossible bc of the general pop%age. You people pushing this are just numerically challenged.
I dont care about race. Can we get some Marxists, Communists and Anarchists on those boards? That would be real diversity.
Still severely lacking diversity in critical leadership roles.
How about hiring people based on talent and skills in the first place so you don’t have to say this after 400 years of functioning institutions. Us want third world nations to achieve his 50 years of their independence from colonialism. Fix American first.
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