The Fed’s Ongoing Diversity Problem


The Fed’s Ongoing Diversity Problem

Well before the Federal Reserve Bank of Atlanta named Raphael Bostic as its new president last week, pressure had been mounting for the Fed to use the vacated spot as an opportunity to diversify its ranks. And for good reason: Until then, in the Fed’s 103-year history, there had never been a black or Latino president at any of its 12 regional banks. In fact, until 2009, when Narayana Kocherlakota took the helm at the Federal Reserve Bank of Minneapolis, all of the Fed’s regional-bank presidents had been white.
The lack of diversity isn’t just in the top offices …

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