The US Federal Reserve has been trying to become more diverse. It’s not getting very far.
Out of the 23 directors appointed to the boards of Federal Reserve regional banks in 2020, 74% were white and 57% were men, according to a new study from the Center for Popular Democracy, a Brooklyn-based advocacy group.
The boards of directors at the Fed regional banks represent communities, industries, and banks in their jurisdictions. Their members provide insight of local economic trends to inform the Fed’s monetary policy decisions, including interest rate changes. Overall, more than 70% of the 108 regional bank board directors are white and nearly 60% are male. Women of color are particularly underrepresented—they make up only 10% of all the directors.
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