Economics
Senators Ask Powell to Alter Fed-Pick Process to Boost Diversity
- Makeup of Fed banks doesn’t reflect districts, they say
- New Dallas Fed leader isn’t Hispanic; about 40% of district is
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Democratic senators led by Bob Menendez urged the Federal Reserve to take a more active role in the selection process of the heads of its regional banks so that more diverse candidates would be considered.
In a letter to Fed Chair Jerome Powell, who will appear before Congress Wednesday and Thursday as part of legally mandated semi-annual testimony, the lawmakers asked the Fed’s Washington-based Board of Governors to work with the 12 reserve banks to establish a standardized process for appointing its presidents and directors that “promotes meaningful transparency and public input.”