Regulation and Compliance

Sen. Harris Offers Bill Mandating Diversity for Fed Candidates

May 15, 2018
Sen. Kamala Harris (D-CA) has introduced the Diverse Leadership Act

Sen. Kamala Harris (D-CA) has introduced the Diverse Leadership Act, which would require the Federal Reserve to include at least one female and one non-White candidate in their executive search to fill vacancies in the central bank’s regional leadership roles.
 
According to a Bloomberg report, the bill would 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 regional bank chief executive with demographic details on the pool considered for the vacancy. Harris’ bill was co-sponsored by New York’s Kirsten Gillibrand and New Jersey’s Cory Booker, and all three are widely seen as potential candidates for the Democratic Party’s 2020 presidential nomination.
 
“It’s long past time the Federal Reserve do more to guarantee that their heads of the table reflect those they serve,” said Harris.
 
The new bill is the latest volley from Democratic senators charging the Fed with a lack of diversity in its leadership. In March, Sen. Elizabeth Warren (D-MA) took to Twitter to demand a new president and chief executive of the Federal Reserve Bank of New York who is neither white, male nor a financial services industry leader. John Williams, President of the San Francisco Fed, was appointed to fill that vacancy.
 
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Phil Hall
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May 15, 2018
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