The National Urban League has long fought to diversify the Federal Reserve System. In 2014, the National Urban League submitted public comments related to the implementation of Section 342 of Dodd-Frank, which created the Offices of Minority and Women Inclusion (OMWIs). The OMWIs were established to increase diversity and inclusion in the financial services industry, including the Federal Reserve, which has a poor track record for hiring and contracting with women and people of color.
In 2016, National Urban League President and CEO Marc H. Morial, along with a group of economists, met with Federal Reserve Chair Janet Yellen and three Federal Reserve Board Governors to specifically discuss the importance of diversity. Morial also recently met with a Governor at the Federal Reserve Board to discuss the vacancy in Atlanta and encourage diversity in their hiring process.
On March 14, 2017, Morial congratulated Raphael Bostic for being selected as the President of the Atlanta Federal Reserve, making him the first African American and person of color to assume this important role.
“Bias still exists, both overtly and covertly, particularly when it comes to high-level positions in finance. I think what Mr. Bostic’s appointment underscores is the great reservoir of talent in …read more