Did you know that in the Federal Reserve’s 100 year history, “there has never been a black or Hispanic president at any of its regional banks.” The Fed is looking to change that by recently announcing its commitment to improving diversity in its workforce. According to Chairwoman Janet Yellen, "Improving diversity requires effort and constant focus. We will continue working hard to achieve this goal.“
For the Federal Reserve, the larger issue stems from a lack of qualified candidates. Normally I don’t agree with the old "can’t find qualified applicants” excuse, but this one is very true. Yellen stated that “Each year, only a handful of minority students — fewer than 20 — graduate with a doctorate in economics," If this is true, there needs to be a major increase along the lines of economics for people of color. The crux of the issue is that many students do not fully understand opportunities associated with an economics degree (I know I didn’t).
The key for high ed institutions is to properly communicate the benefits. It is unwise to allow an 18 year old to make life changing decisions with partial information. Not only recruitment but also aid from colleges and professors is needed to properly explain and grow minorities in certain degrees.
