The Federal Reserve system’s leadership does not reflect the country’s diversity at any level. Progress towards changing this has been unacceptably slow.
● The Federal Reserve Board of Governors is 100% White. A Black woman has never
served on the board.
● There has only ever been one Black Federal Reserve Bank President — Raphael Bostic, appointed in 2017. To date, there have been zero Latinx Reserve Bank Presidents.
● 83% of Federal Reserve Bank Presidents are white and 75% are men.
● Recent rounds of Fed leadership have passed up opportunities to make bigger strides towards diversifying the ranks of regional bank presidents, including by reappointing all of the presidents in 2021, despite their shocking lack of diversity.
● 77% of senior Federal Reserve employees are white.
It is crucial that you nominate Fed Governors with a deep commitment to ending systemic racial inequalities in the American economy. As Congresswoman Ayanna Pressley and African American Studies scholar David Stein wrote last year, there is “very little evidence” that the Fed in recent years has heeded its obligation under the Humphrey-Hawkins Act to reduce disparities in unemployment between marginalized groups and the broader population.
Coalition of Supporters
The following groups signed onto Open Letter (link) in support of a more representative Federal Reserve.
2021 Analysis of Diversity in Federal Reserve Leadership (The Center for Popular Democracy)
Diversity within the Federal Reserve System (Brookings Institution)