|Federal Reserve Chair Janet Yellen|
The letter noted that the Federal Reserve bank leadership is "overwhelmingly and disproportionately white and male." The Financial Times noted that "[e]leven of the 12 regional Federal Reserve Bank presidents are white and 10 of the 12 are men. All of the 10 current voting members of the Federal Open Market Committee, which sets monetary policy, are white, while four of them are women. Members of the Fed’s Board of Governors, who rank among the top rate-setters, are selected by the president and confirmed by the Senate, but the Board of Governors has a key role in selecting the Fed’s regional bank presidents."
Of course, this story begs the question, does diversity in the boardroom and diversity at the heights of fiscal policymaking make a difference? Would the Fed set different policies if board members were women or persons of color? Certainly 11 Senators and 116 Congresspersons believe so.
hat tip: T.J. Williams, Indiana Tech Law School