Pressure on President Joe Biden is building among Senate Democrats to fill a vacancy at the Federal Reserve with a Latino, a move which would place the US central bank’s first Hispanic into a leadership role.
(Bloomberg) — Pressure on President Joe Biden is building among Senate Democrats to fill a vacancy at the Federal Reserve with a Latino, a move which would place the US central bank’s first Hispanic into a leadership role.
Senators Sherrod Brown, Jack Reed and Raphael Warnock on Tuesday joined Robert Menendez and Catherine Cortez Masto, who have previously asked the Biden administration to appoint a Latino to the Fed to improve diversity. The senators voiced their backing during Fed Chair Jerome Powell’s semi-annual testimony before the chamber’s banking committee.
“I support Senator Menendez and others who have called for a diverse nominee,” said Georgia’s Warnock. “The fact that we have never had a Latino person serve on the Federal Reserve board, I think is a huge oversight.”
In its 109-year history, the Fed has never had a Latino in a top leadership position. New Jersey’s Menendez and most of the Congressional Hispanic Caucus last month sent a letter to Biden urging him to fill the open spot with a Latino.
The vacancy was created by Fed Vice Chair Lael Brainard’s departure last month to lead Biden’s National Economic Council. The president will nominate her replacement, subject to Senate confirmation.
White House Press Secretary Karine Jean-Pierre Monday said filling the vacancy is a priority for Biden and that there will be an update “in the near future.” So far, none of the people that have emerged as top contenders are Latino.
Biden economic adviser Bharat Ramamurti told Bloomberg Television Tuesday that the White House was treating calls for more diversity very seriously, adding “what we’re aiming to do is find somebody who truly believes in the Fed’s dual mandate” for price stability and maximum sustainable employment.
–With assistance from Justin Sink.
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