Congressional Hispanic Caucus members call for diversity within the Fed

Top members of the Congressional Hispanic Caucus are raising concerns over the levels of staff diversity within the Federal Reserve System, arguing there should be more minorities in leadership roles to better reflect the makeup of the United States.  

In a letter spearheaded by Congressional Hispanic Caucus Chairman Joaquin Castro (D-Texas) and sent to Federal Reserve Chairman Jerome Powell, the group of lawmakers cited the number of people of color in significant roles and said they believe diversity efforts in hiring need to be increased. 

{mosads}“As of the date of this letter, the websites of the regional Federal Reserve Banks indicate that there were only four Hispanics among the 107 filled seats on the Regional Banks Boards of Directors. Just two Hispanics serve as Class C Directors and you have direct authority over these appointments,” they wrote. 

“There has never been a Hispanic President of a Federal Reserve Bank. In 2019, this is not acceptable. Placing Hispanics in trusted public roles is vital and sets a meaningful precedent at a time when the political and civil rights environment for Latinos has deteriorated so dramatically.”

Reps. Ruben Gallego (D-Ariz.), Nanette Diaz Barragán (D-Calif.), Adriano Espaillat (D-N.Y.), Veronica Escobar (D-Texas) and Tony Cárdenas (D-Calif.) and Sen. Bob Menendez (D-N.J.) signed the letter.

The group said they are willing and ready to provide “advice and support” on how the Fed can create a more inclusive environment better represent Hispanic voices. 

“We encourage you to take a stronger leadership role promoting diversity within the Fed, specifically at the governance level,” they said. 

The lawmakers went on to request information on what steps the Fed is taking to ensure greater diversity; how officials are “encouraging regional Federal Reserve banks to include one or more community advisors to participate closely in the interviews and vetting of candidate”; whether they are ensuring they interview diverse candidates “for the position of President when they become open”; and what training and retention programs are in place to promote the growth of diverse junior staffers.