House Passes Harris Legislation Promoting Diversity and Inclusion at Federal Reserve

Style Magazine Newswire | 9/10/2019, 2:53 p.m.

U.S. Senator Kamala D. Harris (D-CA) on Tuesday praised the House of Representatives’ passage of the Ensuring Diverse Leadership Act, which Harris first introduced in the Senate in May 2018. The legislation, which is led in the House by Rep. Joyce Beatty (D-OH-03), would ensure that at least one minority and one female candidate are interviewed for each vacancy for the presidency of a reserve bank at each of the twelve reserve banks in the Federal Reserve System.

“When our country’s leadership reflects the people they serve, all Americans benefit,” said Sen. Harris. “Building an economy that works for every American requires ensuring that everybody has a seat at the table to make decisions about the direction of our economic policy. I’m particularly grateful for Congresswoman Beatty’s longtime commitment to diversity and inclusion at the Federal Reserve and throughout the federal government.”

“Numerous studies show that diversity and inclusion are good for our economy. So, it is imperative that the people who help protect and grow our economy reflect the voice of every American,” Rep. Beatty said. “Greater diversity at the Federal Reserve will help our nation create better jobs, more affordable housing options, and build stronger communities that can benefit all of our constituents.” Rep. Beatty concluded, “I thank my colleagues for their support and look forward to continue working with Senator Harris to get this all-too important bill signed into law.”

Of the more than 130 individuals who have served as presidents of the twelve reserve banks, only 3 have been non-white. In 2017, Raphael Bostic became the first African American reserve bank president when he became president of the Atlanta Fed. Additionally, there have been only seven women to ever serve as a reserve bank president.