CONYERS, WATERS, SCOTT & WARREN Applaud Appointment Of Raphael Bostic To Atlanta Federal Reserve Bank

Bostic to Become First African-American Fed President

Washington, DC - United States Representatives John Conyers, Jr. (D-MI), Ranking Member on the Judiciary Committee; Maxine Waters (D-CA), Ranking Member on the Financial Services Committee; and David Scott (D-GA), a senior member of the Financial Services Committee; and Senator Elizabeth Warren (D-MA), today released the following statements to recognize the historic appointment of Raphael Bostic to be the President of the Atlanta Federal Reserve Bank. Bostic will become the first African-American President of a Federal Reserve Bank in the Fed's 100 year history. The Members of Congress applauded today's announcement and encouraged the Fed to continue to diversify the leadership of banks across the country.

Dean of the U.S. House
of Representatives
John Conyers, Jr.

In May of 2016, Rep. Conyers and Sen. Warren led a letter to Fed Chair Janet Yellen calling for more diversity in the Federal Reserve’s leadership; the letter was signed by 116 members of the House and 11 senators. In October 2016, Reps. Conyers, Lewis, Waters and Scott sent a letter to the Fed specifically calling for the Atlanta Federal Reserve Bank position to be filled by a diverse candidate.

"The selection of Raphael Bostic to lead the Atlanta Reserve is a historic step on the long road to equality and justice for people of color in the United States," Congressman Conyers said. "I am pleased that Federal Reserve officials have taken this important step to fulfill Congress's call to diversify their leadership, both in terms of race and occupational background. Not only is he the first African-American regional bank president, but he is also a champion for families struggling in today's economy, and does not come from the corporate background that is already overrepresented at the Fed.  I greatly look forward to working with President Bostic to ensure that progress towards the full employment vision, laid out by Dr. King and Coretta Scott King, is fulfilled for all of America's people."

"Mr. Bostic is an outstanding choice," said Congresswoman Waters, Ranking Member of the House Committee on Financial Services. "His wealth of experience and research on wealth disparities and barriers to economic opportunity will play a critical role in shaping the economic policy decisions that affect all American families. Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table. I congratulate Mr. Bostic on his appointment and encourage the Federal Reserve Bank of Richmond, working with the Board of Governors, to build on today's announcement by conducting the genuine and intentional efforts needed to build diversity at the Fed and ensure its senior leaders reflect the interests of America as a whole."

"I could not be more thrilled about today's announcement regarding Raphael Bostic being named the next Atlanta Regional Bank President," said Congressman Scott.  "This marks an historic event for our Federal Reserve System.  In over 100 years of its existence, never has there once been an African American as a Regional President. That all ends today."

"Raphael Bostic is an excellent choice to head the Atlanta Fed. He has extensive experience researching how economic policy affects working families," Senator Warren said. "I am glad to see Raphael's appointment, and I encourage the Fed to further strengthen its leadership by bringing on additional people with diverse backgrounds to serve in key roles."
Congressman Conyers launched the 32-member Congressional Full Employment Caucus in February 2014. Full employment is defined as the lowest possible unemployment rate that the economy can reach. Congressman Conyers has introduced several pieces of legislation to further that goal:  H.R. 1000,the Humphrey-Hawkins 21st Century Full Employment and Training Act of 2015, which would tax Wall Street speculation to guarantee a job or training to every American who wants to work; H.R. 3531, The Full Employment Federal Reserve Act, which instructs the Federal Reserve bank to target a four percent national unemployment rate – the rate reached in the late 1990s; and H.R.3674, The Labor Statistics Improvement Act, which would create a commission to ensure that unemployment statistics accurately reflect the reality on the ground for job seekers. The Congressional Full Employment Caucus serves as a platform and working group for Members of Congress who are dedicated to identifying solutions and advocating for legislative action to reduce unemployment. 

Atlanta Federal Reserve Bank picks Raphael Bostic to succeed Dennis Lockhart as new president and CEO

Raphael Bostic, Federal Reserve Bank of Atlanta, President

The Federal Reserve Bank of Atlanta said Monday that Raphael Bostic will succeed Dennis Lockhart as president and CEO.

Bostic, 50, will take on the role after Lockhart retired from the Atlanta Fed on Feb. 28.

"We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer," said Thomas Fanning, chairman of the board of the Federal Reserve Bank of Atlanta.

"He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia. Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy," he said.

Bostic said in a statement, "The Reserve Banks are vital contributors to our nation's economic and financial success. I'm excited about the opportunity to work with the Bank's well-respected staff in advancing the excellent reputation this organization has built over many years."

Lockhart served in his role since March 1, 2007, and is beyond the 65-year age limit that the Fed sets for reappointment of regional bank presidents to a new 10-year term, Reuters reported. He plans on continuing to pursue his "interests in public policy, civic work and private business," the bank said.

Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, serving as an economist and then a senior economist in the monetary and financial studies section.

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REP. CONYERS & SEN. WARREN LEAD MORE THAN 125 MEMBERS OF CONGRESS IN CALLING FOR DIVERSITY AT FEDERAL RESERVE BANK

Letter Expresses Concern That Lack of Representation Could Harm Job Creation in Communities of Color

Washington, D.C. - Today, Congressman John Conyers, Jr. (MI-13), the Dean of the Congress and Senator Elizabeth Warren (D-MA) sent a letter signed by 127 Members of the U.S. House and U.S. Senate, urging the Federal Reserve to prioritize diversity in its leadership and to focus its attention on the high rates of unemployment in communities of color across the country.

Addressed to Federal Reserve Chair Janet Yellen, the letter calls attention to the lack of diversity across the Federal Reserve system. The letter is the latest effort by Rep. Conyers and his Full Employment Caucus to focus attention on the impact of the Federal Reserve’s policies on communities of color. Last September, Rep. Conyers and the Full Employment Caucus introduced H.R. 3541, the Full Employment Federal Reserve Act, which instructs the Federal Reserve to target a 4 percent unemployment rate nationally. 

Dean of the U.S. House
of Representatives
John Conyers, Jr.

“Far too often, the voices of minorities are silenced because they aren’t sitting at the table,” said Congressman Conyers. “The Federal Reserve needs leadership that models the diversity that exists in this Nation. Detroit and cities across the country with high minority populations have some of the highest unemployment rates and will be harmed if the Federal Reserve does not consider our needs when they make key policy decisions. Increasing diversity at the Federal Reserve will help ensure that the needs of people of color, women, labor, and consumers are part of the crucial conversations at our nation’s central bank.”

Currently, 11 of the 12 regional Federal Reserve Bank presidents are white and 10 of the 12 are men. Not a single regional Bank president is African American or Latino and no African-American has ever served as president of a regional Bank in the history of the Federal Reserve System. This year, all voting members of the interest rate-setting Federal Open Market Committee (FOMC) are white.

A recent study found that just 53 percent of Detroiters ages 16-64 are employed, well below the national average of 75 percent. When the Federal Reserve raises interest rates to slow inflation, it necessarily slows job creation and wage growth, which some argue is problematic for communities of color that have not yet fully received the benefits of the economic recovery.

In 2010, Federal Reserve meeting minutes show no discussion of the African-American unemployment rate, even as it reached 15.5 percent that year. In their letter, the Members wrote, “When the voices of women, African-Americans, Latinos, and representatives of consumers and labor are excluded from key discussions, their interests are too often neglected.”

Noting the current African-American unemployment rate of 8.8 percent, which is more than double the rate for Whites, the Members continued, “By fostering genuine full employment, the Federal Reserve can help combat discrimination and dramatically reduce the disproportionate unemployment faced by minority populations…employment discrimination against women and minorities decreases as our economy approaches full employment. The data is unambiguous: even when comparing workers with the same levels of education, African-American workers face higher unemployment rates and are paid less than their white counterparts, women make less than their male counterparts, and women of color are particularly disadvantaged.”

The letter is signed by 116 Members of the U.S. House, including Members of the Congressional Full Employment Caucus, which Rep. Conyers founded and jointly chairs with Rep. Marcy Kaptur (D-OH) and Frederica Wilson (D-FL); as well as nearly every member of the Congressional Black Caucus and Congressional Hispanic Caucus. The letter is also signed by 11 U.S. Senators.

U.S. Representative John Conyers and U.S. Senator Elizabeth Warren Letter To The Federal Reserve On Diversi... by Beverly Tran

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