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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

Beatty Applauds Selection of Raphael Bostic as Next Atlanta Fed President

Mar 13, 2017
Press Release

Beatty Applauds Selection of Raphael Bostic as Next Atlanta Fed President
Led legislation to encourage diversity at Federal Reserve

WASHINGTON, D.C. Today, March 13, 2017, the Federal Reserve Bank of Atlanta named Raphael Bostic, former assistant secretary at the Department of Housing and Urban Development and professor at the University of Southern California’s Sol Price School of Public Policy, as the 15th president and chief executive officer of the Atlanta Federal Reserve effective June 5, 2017. After the announcement, U.S. Congresswoman Joyce Beatty (OH-03) issued the following statement:

“Professor Bostic’s historic selection is nearly 104 years in the making. As a member on the exclusive Financial Services Committee, I have consistently called for greater representation and diversity at all levels of the Federal Reserve—even introducing legislation to encourage the Fed, among the 12 Regional Banks, to do so. That is why I want to not only congratulate Professor Bostic, but also the Federal Reserve Bank of Atlanta for making this important, much-needed selection. However, more progress must be made, so I look forward to working with Professor Bostic and the entire Federal Reserve System to make sure our country’s economic policy works for all Americans.”

Earlier this year, Beatty reintroduced the Ensuring Diverse Leadership Act of 2017H.R. 485. The bill would ensure that at least one gender diverse candidate and racially or ethnically diverse candidate are interviewed when there is a vacancy among the Federal Reserve Regional Bank presidents. Prior to today’s announcement, in the Fed’s 104-year history, no African-American or Latino had ever served as a Regional Bank president.

H.R. 485 is cosponsored by Financial Services Committee Ranking Member Maxine Waters (CA-42), Dean of the House of Representatives Congressman John Conyers (MI-13), Congressman David Scott (GA-13) and Congressman Keith Ellison (MN-05). The bill is awaiting further consideration in the House Financial Services Committee.  

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