Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), the highest-ranking Latino in Congress and a senior member of the Senate Banking Committee, and Representative Raul Ruiz, M.D. (D-Calif.-36), Chairman of the Congressional Hispanic Caucus (CHC), today issued the following statement in response to the Federal Reserve’s decision to not appoint a Latino as president of the Federal Reserve Bank of Dallas:
“With today’s decision, the Federal Reserve Board and the Board of Directors of the Federal Reserve Bank of Dallas chose to perpetuate a legacy that has largely excluded Latino voices at all levels of the institution. In its 108-year history, not a single one of the now 138 regional Federal Reserve presidents is or has been a Hispanic or Latino person. Not a single one. While the Federal Reserve has made some recent progress in addressing its diversity issues, it missed an opportunity to achieve a critical and easily attainable milestone by appointing a Latino as the next president of the Dallas Federal Reserve Bank.
“The Federal Reserve had an opportunity to ensure that the growing Latino population in the region and across the country would finally see themselves more clearly reflected in an institution that makes far-reaching economic decisions, especially at this present moment as the Federal Reserve works to reduce inflationary pressures that are being disproportionately shouldered by low-income and minority communities.
“The more than 62 million Hispanics or Latinos living and working in the United States are an integral part of our American story and they deserve to have a strong voice at the Federal Reserve’s decision-making table. We are deeply disappointed by today’s decision and will work to find solutions to address the Federal Reserve’s ongoing diversity problem.”
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