A record number of women and minorities hold seats this year on the boards of the Federal Reserve's 12 regional banks, providing perhaps the most diverse range of input ever as those banks' presidents - alongside Fed governors in Washington - wrestle with how to slow inflation without tanking the economy.
To find it, they'll be advised by a small army of PhD economists across the Fed system.
Years of efforts by Fed leadership, as well as pressure from lawmakers and community groups, have changed the picture. now has a Black woman among the ranks of its commercial banker directors, long the least diverse of the three director classes comprising the boards. After what Daly and her colleagues now acknowledge was a late start to battling high inflation, the Fed began raising rates last March and ramped up quickly. She and her colleagues worried about the impact of higher borrowing costs on minority communities, which tend to lose jobs faster in economic slowdowns than richer or white Americans.
“We have repeatedly seen through economic crises and recessions that the brunt of the impact falls on communities that were already struggling – those are minority communities," Menendez told Reuters, a point that Fed policymakers themselves frequently make as well.
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