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🥂Cheers to all of us for surviving the wait for the full suite of Fed nominees 🥂
I’ve written a lot about Fed diversity over the last few years. It’s time for a #FedThread 🎉 on the geographic diversity requirement for Governors.
1/13
I’ve written a lot about Fed diversity over the last few years. It’s time for a #FedThread 🎉 on the geographic diversity requirement for Governors.
1/13
The geographic diversity requirement for Governors is quite explicit. And it’s been there since the OG 1913 law.
“...not more than one [Governor] shall be selected from any one Federal Reserve district…”
2/13
“...not more than one [Governor] shall be selected from any one Federal Reserve district…”
2/13
The first few pages of this law article give a great history of how this line got in the 1913 act.
Without the requirement, some congressmen feared it would “represent the interests of East Coast bankers to the detriment of the entire country.” ylpr.yale.edu/sites/default/…
3/13
Without the requirement, some congressmen feared it would “represent the interests of East Coast bankers to the detriment of the entire country.” ylpr.yale.edu/sites/default/…
3/13
“The Fed could have done more and probably should have done more” - Chair Powell
Time for a #FedThread on Diversity @federalreserve
- Yellen on why diversity matters
- Bostic’s suggestions
- The first Black Director
- My new database
- Charts 🎉
- More resources
[1/34]
Time for a #FedThread on Diversity @federalreserve
- Yellen on why diversity matters
- Bostic’s suggestions
- The first Black Director
- My new database
- Charts 🎉
- More resources
[1/34]
So so much could be said about why diversity matters.
But for starters let’s turn to 4 points Janet Yellen, first woman Fed Chair (maybe first woman Treas. Sec.) made at a @BrookingsInst conference:
1) “Basic fairness” - first for a reason, and honestly should be enough
[2/34]
But for starters let’s turn to 4 points Janet Yellen, first woman Fed Chair (maybe first woman Treas. Sec.) made at a @BrookingsInst conference:
1) “Basic fairness” - first for a reason, and honestly should be enough
[2/34]
2) “Lack of diversity harms the field because it wastes talent”
3) “Diversity insures that research done within economics appropriately reflects society’s priorities”
[3/34]
3) “Diversity insures that research done within economics appropriately reflects society’s priorities”
[3/34]
