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 Committee on Banking, Housing, and Urban Affairs, today joined MSNBC’s José Díaz-Balart Reports live where he called on President Joe Biden to seize this historic moment to nominate a highly-qualified Latino American to the Federal Reserve’s Board of Governors. The Senator pointed out the fact that in the Fed’s 109-year history there has never been a Latino American who has served on the Board of Governors, despite being the fasted-growing demographic group with a $2.8 trillion economic output.
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“Well, in the 109 plus year history of the Federal Reserve, we have never had a Hispanic on the Federal Reserve. And why is it important? Because this is the largest minority in the country. [$2.8] trillion domestic marketplace impact. Younger by a decade than the overall population. Having the knowledge of the impact of the Federal Reserve, whether it is rate hikes, monetary policy or their dual obligation for full employment, having that voice be there is incredibly important. We have other voices there, but we have not had our voice. As a growing part of the marketplace and as a growing part of the American population, I think it is essential. There is no reason why the Administration cannot put forward somebody who is qualified. I know several people who have, you know, the economist background, who have the financial service backgrounds, the requisite backgrounds. We are sending some of those names to the White House. I am sure they could deduce others. They have to have the will to ultimately nominate somebody of Hispanic descent to the Federal Reserve who is qualified to help us lead on monetary policy and employment policy,” said Senator Menendez.
Sen. Menendez has been a champion in the fight to address diversity issues in the financial services industry and amongst financial regulators and, in particular, at the Federal Reserve. Last December, the Senator led a bicameral effort urging the Federal Reserve Bank of Kansas City to appoint a Latino President. When the Federal Reserve Board of Governors failed to appoint a Latino as President of the Chicago Fed, the Senator criticized the Board of Governors for yet again forgoing an opportunity to give the Latino community a voice in an institution that makes far-reaching decisions about the economy.
Sen. Menendez has led multiple efforts on this subject, including when the Fed was in the process of appointing a new president for the Boston and Dallas Federal Reserve Banks, and has asked about it at multiple committee hearings with Federal Reserve Chair Jerome Powell and Fed Vice Chair for Supervision Michael Barr. In addition, the Senator has suggested reforms to improve the transparency of the Federal Reserve Bank President and director selection processes.
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