Congresswoman Beatty, Ranking Member Waters Urge Federal Reserve Bank of Cleveland to Prioritize Diversity in Search for President, CEO

Washington, DC — Congresswoman Joyce Beatty (D-OH), Ranking Member of the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter to the Chairman of the Federal Reserve System and Chair of the Federal Reserve Bank of Cleveland’s search committee urging them to prioritize diversity in their search for the Bank’s next president and CEO. 

In the letter, the Congresswomen emphasize the scale of critical decisions the incoming president will weigh in on, including interest rates, small businesses, and more making it essential that the leadership of the Bank represents the diversity of its constituents, including women, people of color, the LGBTQ community, and experts across backgrounds.

As former Chairwoman, Rep. Waters established Congress’ first-ever Diversity and Inclusion Subcommittee in 2019, chaired by Congresswoman Beatty. Through 18 hearings and various reports, this historic subcommittee led the way to diversify our nation’s financial services industry and undertook groundbreaking work to expose inequities in this space.

“I have long been an advocate for diverse leadership at Federal Reserve Banks, championing initiatives such as the Ensuring Diverse Leadership Act, also known as the Beatty Rule,” said Congresswoman Joyce Beatty. “Those with a seat at the table to shape U.S. economic policy must reflect the rich diversity of households in America, helping us build a stronger economy that works for everyone. I join Ranking Member Waters in urging the Federal Reserve Bank of Cleveland to capitalize on the opportunity to broaden the perspectives among Reserve Bank presidents.”

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