Senate Banking Democrats are pushing President Joe Biden to consider diversity in filling an opening on the Federal Reserve Board, with some calling for the White House to nominate the first Latino for the post.
An effort by Sen. Bob Menendez, D-N.J., to pressure the White House to nominate a Latino to the board is picking up steam among his colleagues on the Senate Banking Committee and other Democrats. That push could put a damper on the consideration of Austan Goolsbee, president of the Chicago Fed, as a potential replacement for Lael Brainard as vice chair.
“I see no reason why the administration could not appoint a qualified Latino to the Federal Reserve,” Menendez said. “The second largest minority in the nation, $2 trillion domestic marketplace, younger by a decade than the American population, I think they have insights to share with the Fed.”
