Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee who has long advocated for the appointment of a Latino as President of a regional Federal Reserve Bank, issued the following statement in response to today’s announcement about the selection of the new Chicago Federal Reserve Bank President:
“It is truly unacceptable that the Federal Reserve System continues to have an opaque, antiquated leadership selection process that lacks transparency and disadvantages diverse candidates. It is unacceptable, and quite honestly a slap in the face to the 65 million Latinos in the country, that the Federal Reserve Board of Governors has ignored calls from Congress for a more inclusive and transparent leadership selection process. The Board has chosen to yet again forgo the historic opportunity to give the Latino community a true voice in an institution that makes far-reaching decisions about our economy – perpetuating a legacy that has shut out Latinos from the upper echelons of leadership at the Fed.”
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