Out: ‘Audit the Fed!’ In: ‘The Fed’s not diverse enough!’

Out: ‘Audit the Fed!’ In: ‘The Fed’s not diverse enough!’
Federal Reserve Bank of New York. Wikipedia: By Michael from New York City - Federal Reserve Bank of New York Building, CC BY 2.0, Link

[Ed. – At least “Audit the Fed” made some sense.  Auditing financial instruments from time to time has a worthwhile — and relevant — purpose.]

The Federal Reserve has a “staggering” lack of diversity among its directors who are charged with running the central bank’s 12 districts, according to a report Tuesday from a leading Washington think tank.

“The Federal Reserve System … has a diversity problem,” said the Brookings Institution report, authored by economists Peter Conti-Brown and Kaleb Nygaard. “This has long been obvious at the top of the organization, among the members of the Fed’s Board of Governors and the presidents of the Federal Reserve Banks.”

While those top Fed officials are “overwhelmingly white, overwhelmingly male,” the report said, the problem also extends into the boards of directors at the local operations, where “we find a staggering homogeneity among them, with only recent signs of diversification.”

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