- The Federal Reserve remains a deeply white-male and bank-centric institution despite ex-Fed Chair Janet Yellen's efforts to boost diversity; she was the central bank's first female leader in over 100 years.
- A new report from Fed Up finds the board of directors of the Fed's 12 regional district banks "remains disproportionately white, male, and from corporate and financial backgrounds."
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A 'striking lack of diversity' at the Fed distorts economic policy in ways most people don’t consider
Of 107 current directors, 78% come from banking or business backgrounds, 77% are white and 67% are male, the report found.
The Federal Reserve, despite some strides under the leadership of its former chair Janet Yellen, remains a white-male dominated and bank-centric institution.
Yellen became the Fed’s first female chair in 2014, after 100 years of male leadership, and President Donald Trump decided to replace her with Fed governor and former private equity executive Jerome Powell.
Last year, Raphael Bostic became the first black president of one of the Fed’s 12 regional district banks when he took the helm of the Atlanta Fed.
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In a new report from the liberal-leaning Fed Up, a coalition of community groups advocating for continued low interest rates from the Fed with a view to helping the country’s poorer families enjoy some of the benefits of the recovery, the group says a lot of work remains to be done despite recent progress on diversity under Yellen’s tenure.
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- Build on recent progress and continue to appoint new directors who improve the gender and racial diversity of the Board of Directors at the twelve regional Reserve Banks.
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