How does the Fed foster diversity and inclusion in the workplace?
Diversity and inclusion is of the highest priority for the Federal Reserve Board. We have made considerable progress and we are committed to building on those gains. The Board believes that diverse perspectives inspire the best ideas, decisionmaking, and—ultimately—service to the public and are integral to our mission and core institutional values. We continue to work to increase diversity and inclusion at all levels of the organization by broadening our effort to identify pools of qualified, diverse candidates, and instituting strong processes that reflect widely accepted best practices. The Federal Reserve Board’s annual report to the Congress on the Office of Minority and Women Inclusion outlines our activities, successes, and challenges toward meeting our goals.
The Board also works to promote fair inclusion and utilization of minority- and women-owned businesses in our procurement process, and promotes transparency and awareness of diversity policies and practices at regulated institutions.
The Federal Reserve System focuses considerable time and attention on increasing racial and ethnic, gender, and sectoral diversity among Reserve Bank and Branch directors because these boards function most effectively when they are constituted in a manner that encourages a variety of perspectives and viewpoints. The Board works in close partnership with each Reserve Bank’s senior leaders to ensure that the composition of Reserve Bank and Branch boards reflects the communities in which they serve. Information on racial and ethnic, gender, and sectoral characteristics of the Boards of directors are updated annually and posted on our website.
Diversity is critical to our organization, and we are firmly committed to fostering a diverse and inclusive culture throughout the Federal Reserve System.