WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), the highest-ranking Latino in Congress and a senior member of the Senate Banking Committee, and Representative Raul Ruiz, M.D. (D-Calif.-36), Chairman of the Congressional Hispanic Caucus (CHC), led 20 of their CHC colleagues in urging the Federal Reserve Board and the Board of Directors of the Federal Reserve Bank of Dallas to prioritize the appointment of a Latino candidate as president of the Federal Reserve Bank of Dallas given the growing Latino population nationwide and particularly in the region.

“As you know, increasing diversity and Latino representation throughout the Federal Reserve System and the federal government as a whole is critical to ensuring our public sector reflects our communities and the general population. We write to urge you to select one of the many highly qualified Latino candidates to fill the Dallas vacancy,” wrote the lawmakers to Federal Reserve Chair Jerome Powell, Dallas Federal Reserve Bank Interim President Meredith Black, and Chair of the Board of Directors of the Dallas Federal Reserve Bank Thomas Falk.

The lawmakers noted the well-documented diversity problem at the Federal Reserve, citing a recent report to Congress that found that only five percent of the Federal Reserve’s 2021 overall workforce identifies as Hispanic or Latino and of the 274 directors at the Federal Reserve, only 29 identify as Hispanic or Latino. In its 108 years, the Federal Reserve has yet appoint a Latino Federal Reserve Bank president.

“The U.S. Hispanic and Latino population, which grew 23% since 2010, accounts for 18.7% of the general population and is 62.1 million strong,” added the lawmakers. “As these trends are expected to continue, it is even more important that individuals in leadership level positions at the Federal Reserve reflect the racial and ethnic diversity of our nation and understand how working families experience the U.S. economy. The Federal Reserve has a key opportunity to help accomplish this in District 11, the Federal Reserve Bank of Dallas’ area of responsibility, which serves a population that is 40% Latino.”

Joining Sen. Menendez and Rep. Ruiz in signing the letter are Sens. Alex Padilla (D-Calif.), Ben Ray Luján (D-N.M.), and Catherine Cortez Masto (D-Nev.), as well as Reps. Tony Cárdenas (D-Calif.-29), Nanette Barragán (D-Calif.-44), Adriano Espaillat (D-N.Y.-13), Nydia Velázquez (D-N.Y.-07), Ritchie Torres (D-N.Y.-15), Albio Sires (D-N.J.-08), Ruben Gallego (D-Ariz.-07), Lucille Roybal-Allard (D-Calif.-40), Sylvia Garcia (D-Texas-29), Veronica Escobar (D-Texas-16), Vicente González (D-Texas-15), Darren Soto (D-Fla.-09), Linda Sánchez (D-Calif.-38), Juan Vargas (D-Calif.-51), Jesús “Chuy” García (D-Ill.-04), Pete Aguilar (D-Calif.-31), and Norma Torres (D-Calif.-35).

The full text of the letter can be found HERE and below.

Dear Chair Powell, Interim President Black and Chair Falk,

We write to you regarding the presidential vacancy at the Federal Reserve Bank of Dallas. As you know, increasing diversity and Latino representation throughout the Federal Reserve System and the federal government as a whole is critical to ensuring our public sector reflects our communities and the general population. We write to urge you to select one of the many highly qualified Latino candidates to fill the Dallas vacancy. 

The Federal Reserve has a well-documented diversity problem. In the most recent report to the Congress on the Office of Minority and Women Inclusion, only five percent of the Federal Reserve’s 2021 overall workforce identifies as Hispanic or Latino. Of the 274 directors at the Federal Reserve, only 29 identify as Hispanic or Latino. Finally, of the current ten presidents of the regional Federal Reserve Banks, there are only three women and two people of color. We recognize the significant progress the Federal Reserve has made in diversifying its leadership and workforce in recent years; however, there remains significant work ahead to ensure it reflects our nation’s communities. In its 108 years, the Federal Reserve has yet to appoint a Latino Federal Reserve Bank president.

There is no doubt that the country is growing increasingly diverse. Overall, racial and ethnic diversity is growing, particularly in the Hispanic or Latino population. The U.S. Hispanic and Latino population, which grew 23% since 2010, accounts for 18.7% of the general population and is 62.1 million strong. As these trends are expected to continue, it is even more important that individuals in leadership level positions at the Federal Reserve reflect the racial and ethnic diversity of our nation and understand how working families experience the U.S. economy. The Federal Reserve has a key opportunity to help accomplish this in District 11, the Federal Reserve Bank of Dallas’ area of responsibility, which serves a population that is 40% Latino.

In October 2021, we wrote to you urging the prioritization of identifying and selecting diverse candidates, particularly Latinos, for the presidential openings at the Boston and Dallas Federal Reserve Banks. We were glad to see that just two months ago, Susan Collins was selected to lead the Boston Federal Reserve Bank. She is now making history as the first Black woman to lead a Reserve Bank—a long-overdue milestone for the Federal Reserve System. The CHC celebrates this historic milestone.

However, given the growing Latino population nationwide and in District 11 in particular, we urge you to strongly prioritize the appointment of a Latino candidate for the Dallas Federal Reserve Bank.

Respectfully,

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