Quote of the day:
“It sets the stage of putting more people at the top level,” says Beatty, who chairs the House Financial Services Diversity and Inclusion subcommittee. “If you have presidents who are sensitive to cultural needs, and race and ethnicity, and diversity of thought, it trickles down … and then it just becomes a way of doing business.”
Federal Reserve Banks could also extend their criteria to include those who have served in any sort of relevant leadership role, outside of the typical banking or business exec talent pool, as long as they can perform the president’s job functions. This reliance on recruiting from within and selecting presidents predominantly from the financial sector, says Corser, greatly limits the Fed’s ability to become more racially and gender-diverse and shows that banks are not casting a wide enough net when looking to fill the presidency role.
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