Christian Science Monitor, January 12, 2022, For the first time, men are the minority on Fed Reserve boards
Seven years ago white men made up the majority of directors on the boards of all but one of the 12 U.S. Federal Reserve banks. This year, white men are for the first time in the minority at every one.
Of the 105 directors on the newly named 2022 boards, 44% are women, and a record 40% are Black, Hispanic, or otherwise nonwhite, a Reuters review found. Board chairs and vice chairs were for the first time both majority female and majority people of color, and also for the first time included two labor leaders.
The changing face of the Fed’s directors comes at a critical juncture for the U.S. economy, with raging inflation and slowing jobs growth creating hardship for families particularly of lesser means.
Diversity at the Fed bank boards is important, Fed bank presidents say, noting that having directors with different backgrounds offers important insight into the economy and the real-world effects of their policies.
And Fed leaders hope that having more diverse boards of directors at the regional Fed banks is a step towards getting a more diverse group of Fed presidents.
