A step towards diversifying the ranks of Federal Reserve leadership was taken when the Federal Reserve Bank of San Francisco’s Federal Reserve Board of Governors named David P. White the chair of San Frans’ Federal Reserve Bank.
In January, a step toward diversifying the ranks of Federal Reserve leadership was taken when San Francisco’s Federal Reserve Board of Governors named David P. White the chair of that city’s Federal Reserve Bank.
As Variety reported, White was one of the key players in the merger of the Screen Actors Guild and the American Federation of Television and Radio Artists. He also was instrumental in reorganizing the entity by creating local and national boards to better address issues the union needed to take on.
According to a press release from 3CG Ventures, White’s leadership development firm, he will be working directly with San Francisco Bank President Mary Daly as well as members of the bank’s board on monetary policy.
In addition to those duties, White will represent the bank during the Conference of Chairs of the Federal Reserve Banks, which is responsible for addressing issues with senior leaders from the Board of Governors as well as the Federal Reserve System.
Powell’s comments may also have been spurred by a public letter from economist Claudia Sahm emphasizing the poor track record of the economics field regarding diversity in general and the Fed specifically.
Time will tell if White’s appointment will lead to more diversity in the Fed, including bringing more women into its leadership, which Daly strongly advocates.
“Fortunately, there is great hope that the past will, in this case, remain in the past. Directors in each class essentially all serve for a limit of six years. In relatively short order, then, each of the twelve Reserve Bank boards of directors can be remade. This means progress can be made quickly if prioritized.”
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Source: Black Enterprise
