Economics
Biden Says He Wants to Diversify the Fed. He Has a Few Choices
- More diversity ‘much needed and long overdue,’ president says
- Bostic, Carpenter and Cook are among the likely candidates
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President Joe Biden has pledged that his nominations to the U.S. central bank will bring “new diversity” to the Federal Reserve, which he says “is much needed and long overdue.”
In the Fed’s 107-year history, just three Black Americans have served as a governor on the central bank’s board in Washington. After his naming Monday of Fed Chair Jerome Powell to a second term at the helm and Governor Lael Brainard to be vice chair, the president has three more seats to fill on the board, including a new vice chair for supervision.