Sending Office: Honorable Joyce Beatty
Sent By:
Scott.Farnin@mail.house.gov

        Request for Cosponsor(s)

Become an Original Co-sponsor of the Ensuring Diverse Leadership Act

***Deadline: Tuesday @ 12pm***

115th Co-Sponsors: WatersConyers, Scott (GA-13), Ellison, Meeks, Fudge, Grijalva, Richmond, Moore, Clay, Velazquez, Clarke, Jayapal

115th Senate Sponsor: Sen. Kamala Harris; Co-sponsors: Feinstein, Booker, Gillibrand, Warren

Dear Colleague: 

Throughout the century-long history of the Federal Reserve System, there have been more than 130 different presidents of the 12 Federal Reserve Banks. Shockingly, no African-American or Latino has ever served as a president of a Federal Reserve Bank up until
last year, with the historic selection of Raphael Bostic to lead the Federal Reserve Bank of Atlanta, while only 6 women have ever served in that capacity. In fact, until 2009 there had never been a non-White Federal Reserve Bank president. Given the important
role the 12 Federal Reserve Bank presidents play in banking regulation and determining our nation’s monetary policy, it is critical that gender, racially and ethnically diverse candidates are seriously considered for these positions. 

The Ensuring Diverse Leadership Act of 2019 would require at least one individual reflective of gender diversity and one individual reflective of racial or ethnic diversity are interviewed for each Federal Reserve Bank president vacancy. This bill
is modeled after the National Football League’s “Rooney Rule,” which was instituted to increase diversity among head coaches in the league. Under the “Rooney Rule,” at least one minority candidate must be considered for every head coaching vacancy. In the
12 seasons before the rule was instituted in 2003, the NFL had only six non-white head coaches. In the proceeding 12 seasons since the rule was implemented, the league  added 14 head coaches of color. The Federal government should utilize the private sector’s
best practices, such as the “Rooney Rule” to increase diversity in the federal workforce, especially among the financial regulators.

Essentially, the “Beatty Rule” would take a proven tool for increasing diversity at senior leadership positions within an organization and apply it to the Federal Reserve System. Please join me in ensuring serious consideration of gender, racially, and ethnically
diverse candidates for president vacancies at the 12 Federal Reserve Banks by becoming a co-sponsor of the Ensuring Diverse Leadership Act of 2019. To co-sponsor, or for more information, please contact me, or my staff Scott.Farnin@mail.house.gov or
at 202-225-4324. 

Sincerely,

 

Joyce Beatty

Member of Congress, OH-03

Related Legislative Issues

Selected legislative information: Civil Rights, Economy, Finance

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