Kamala Harris and Joyce Beatty Intro Bill Pushing for a More Diverse Fed
Senator Kamala Harris (D-CA) last week reintroduced legislation to ensure that at least one person of color and one female candidate are interviewed for each vacancy for the presidency of a reserve bank at each of the 12 reserve banks in the Fed (San Francisco, Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas). Of the more than 130 individuals who have served as Presidents of the twelve reserve banks, only three have been non-white. Just last week, as regular Beatreaders will recall, former Fed economist Nellie Liang withdrew her nomination for a seat on the Fed’s Board of Governors. She would have been the first Asian American to serve on the Fed’s board, and just the 10th woman. In 2017, Raphael Bostic became the first African American Reserve Bank President when he became President of the Atlanta Fed. In addition to ensuring diverse candidates are interviewed for the position of president, the Diverse Leadership Act would also require that reserve banks submit a report to the Senate Banking Committee, the House Financial Services Committee, and the Office of the Inspector General of the Federal Reserve System within 60 days of filling a vacancy for a presidency detailing how many candidates were considered and providing demographic information on them. “Bringing greater diversity to the Federal Reserve will ensure that more perspectives are heard as major decisions are being made about our nation’s economic future and will produce better outcomes for the American people,” said Harris. “We must do more to ensure that this country’s leadership reflects the people they serve—not just at the Federal Reserve, but across all levels of government.” This bill is the Senate companion to the Ensuring Diverse Leadership Act introduced by Congresswoman Joyce Beatty (D-OH) in the House in 2016, reintroduced in 2017, and now, reintroduced on Wednesday. “To build a stronger economy, we need the talents, skills and expertise that diversity offers—and the Ensuring Diverse Leadership Act will do just that,” Beatty said. More here.