The Federal Reserve’s regional banks are coming under scrutiny with the promotion of John Williams, the former president at the Federal Reserve of San Francisco.  With the new opening at one of the 12 regional banks responsible for implementing monetary policy, some top legislators are calling for action to include more diverse candidates.  A new bill titled the Diverse Leadership Act is being put forth by Democratic Senator Kamala Harris with co-sponsoring from New York’s Kirsten Gillibrand and New Jersey’s Cory Booker.  The bill would require ” the Federal Reserve’s 12 regional banks to interview at least one woman and one minority candidate when they search for a new chief.”

The bill would also “require regional Fed banks to report to the Senate Banking Committee, the House Financial Services Committee and the Fed’s Office of the Inspector General within 60 days of appointing a new president, providing demographic details on the pool of candidates they considered for the vacancy.”

The new legislation would mean alot for a position that, according to research by Klein at Brookings, reveals that “of the 137 people who have served as regional Fed presidents since 1913, just six have been women and none were Latino.”  In addition it also showed that the one African American hired happened last year in 2017 at the Atlanta Fed.
With a Republican led Congress, this is unlikely to happen any time soon however, as diversity is being accepted more and more, this may change.