In this Nov. 25, 2019 file photo Eric Rosengren speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn. Top Federal Reserve policymakers underscored Tuesday, April 13, 2021 their concern that Black and Hispanic people are sharply underrepresented in the economics field, which reduces the perspectives that economists can bring to major policy issues.
The viral pandemic and last summer's racial justice protests have thrown a national spotlight on longstanding racial and gender disparities within the U.S. economy, with unemployment rates chronically higher for African Americans and Hispanics and levels of wealth, income and homeownership sharply lower. Yet even in that context, economics trails other fields in measures of diversity, the officials said, and the profession has been slow to address racism as a source of economic inequality.
This new framework, Bostic suggested, reflects the Fed's broadening recognition of the consequences of its policymaking.“If you cut off the recovery because of fears of inflation, even when you haven’t seen it, you’re preventing groups of people from really fully participating in the economy,” Bostic said. “And when you look at those groups, they tend to be lower-income people, and they tend to be minorities that are the last ones to benefit.
“It’s not about solely changing the student to fit into the flawed profession, but let’s change the flawed profession," Washington said. Young students who participate in the program often say, “This is the first time I've ever had ... a black woman as a professor in an economics class,” Cook said. “We’re not developing, promoting, or tenuring black women ... and that’s true for underrepresented minorities more generally.”
Spriggs and Cook have been mentioned as potential Biden administration choices for the Fed’s Board of Governors, which has one vacancy. If either were nominated and confirmed by the Senate, he or she would become just the fourth Black person to serve as a Fed governor.
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