Beatty Rule Bill Promotes Diverse Leadership at the Federal Reserve

Washington, DC — Yesterday, Congresswoman Beatty reintroduced the Ensuring Diverse Leadership Act to require consideration of at least one person of color and one gender-diverse candidate for each presidential vacancy at a Federal Reserve Bank.

Of the more than 140 individuals who have served as president of the 12 Federal Reserve Regional Banks, only three have been people of color, and just nine have been women. To address this lack of diversity, the legislation proposes two key measures: 1) it requires that diverse candidates be interviewed for the position of president, and 2) it mandates that Reserve Banks submit an annual report to the House Financial Services Committee, Senate Banking Committee, Office of the Inspector General of the Federal Reserve System and the Consumer Financial Protection Bureau providing applicant demographic information for the previous fiscal year.

“Federal Reserve Bank presidents play a critical role in banking regulation and monetary policy in the United States,” said Beatty. “Given their powerful influence, it is essential that we have a broad range of perspectives weighing in on decisions that will impact American households and the economy as a whole. The Beatty Rule will leverage this nation’s rich reservoir of diverse talent and expertise to build a stronger, better economy that works for everyone.”

The legislation is cosponsored by Reps. Alma Adams (NC-12), Sanford Bishop (GA-02), Andre Carson (IN-07), Emanuel Cleaver (MO-05), Dwight Evans (PA-03), Jahana Hayes (CT-05), Hank Johnson (GA-04), Robin Kelly (IL-02), Barbara Lee (CA-12), Gregory Meeks (NY-05), Gwen Moore (WI-04), Eleanor Holmes Norton (DC), Bennie Thompson (MS-02), Ritchie Torres (NY-15), Marc Veasey (TX-33), Nydia Velazquez (NY-07), and Nikema Williams (GA-05).

For inquiries, please contact Todd Valentine at Todd.Valentine@mail.house.gov.

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