OAKLAND, CALIFORNIA – The Greenlining Institute today urged the New York Federal Reserve Board to rethink and restart its process for selecting a new president to replace William Dudley, set to retire this summer. Greenlining Institute President Orson Aguilar made the following statement:
“The New York Fed president is the second most important economic policymaker in the country, with a permanent seat on the Open Market Committee and the ability to affect the economic lives of every American. The current selection process hasn’t been transparent, and appears headed toward the selection of the tenth white male in a row to lead the New York Fed. We fear this could perpetuate the sort of out-of-touch policymaking that led to disaster in the past.
“Years before the 2008 crash, The Greenlining Institute warned an out-of-touch Fed about a crisis brewing in the subprime mortgage market, but we were brushed aside by policymakers who had no contact with the communities affected. In light of this nation’s unacceptably massive racial wealth and income gaps, and significant unemployment gap, we must do better.
“Because of their lived experiences, diverse thinkers are more likely to see, represent, and act on the issues that affect the communities that often get forgotten and left behind by our banks, regulators and overall financial system. We urge the New York Fed to bring diverse voices into the process and choose a president who understands the Fed’s impact on all American communities.”