Federal Reserve Chair Jerome Powell has said that there’s no room for racism at the central bank and that diversity and inclusion are a “very high priority.”
A close look at the Fed’s own makeup shows that this powerful institution, the foremost authority on the economy in the U.S., still has a lot of work to do on that front.
In its 106-year history, the Fed has never been led by a person of color and has only had one female chair. Up and down the ranks of staffers within the central bank you’ll see a more diverse mixture of people, but among its hundreds of economists—who directly influence monetary policy—less so. A similar picture emerges at its 12 regional banks around the country.
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The makeup of the central bank’s economic departments is important because these are often a direct pipeline to leadership. Right now, four of the 12 reserve bank presidencies are held by former heads of research.
“Go back into the stream and look at the barriers. Why is the pool so small? Well, the water isn’t flowing in some areas and that’s where you should be stepping up,” said Monica Garcia-Perez, president of the American Society of Hispanic Economists and professor of economics at St. Cloud State University in Minnesota.
Read more: Fed’s top ranks dominated by white men despite diversity push
