Why are there so few black economists in the FED

 Talulah May  

Mr. Roddy

IHSS

4 February 2021

“Why are there so few black economists in the FED”

The federal reserve system is known to research black communities economic status and pays attention to racial economic outcomes, and their goal is to improve the economic status of the impoverished and the Black community, yet they don't employ these rules when they hire people. In the FED board of Washington, only 0.5% of the people are black. As you see the FED already lacks diversity, but most of it is concentrated in the economist’s group, and it was found that 5 out of 12 banks had no black economists. This number drops even more with people identifying as bi-racial, or more than one race. No one encouraged the FED to hire a more diverse range of races until Monroe Gambler was hired. He was the first black person to be an assistant at his bank, and after learning this he was appalled. He even tried to quit, but his advisor, who had also struggled to get her position, encouraged him to stay, and that’s what he did. When it came his time to choose new people to consider hiring, he tried to cross the racial boundaries and make the workplace more diverse. Since his time working there he has spread the word about inclusivity in the FED and has inspired other black kids to apply to the FED, as he was inspired. When he was a student he read a book about the economy by a black author and this is what inspired him to become an economist, even if it was going to be hard. He fought hard for his position, but it will all be worth it in the end if there can finally be inclusivity.

This article is essential to economics because it will inspire others to either stand up for BIPOC people in the FED or will directly inspire others to join and make a difference. Already people speaking out for the BIPOC community has lead leaders such as President Biden to make changes. As of now, President Biden has pledged to make the FED more diverse and inclusive to other races. He also hired Cecilia Rouse, a Black economist, as chair of the Council of Economic Advisers. Right now none of the top seats in the FED have been filled but he said diversity will be a major factor when deciding who gets a seat. 

The numbers of black economists only rise when the FED is in a downturn, but as they recover the number of black economists diminishes to almost none again. The black community needs to be properly represented in the FED, and government in general, and with their numbers only rising in times of crisis, this will never happen. I hope this article inspired others to take charge because change will not happen overnight or by one person, it’s a collective action that will take time. 


Smialek, Jeanna. “Why Are There So Few Black Economists at the Fed?” The New York Times, 

The New York Times, 2 Feb. 2021, www.nytimes.com/2021/02/02/business/economy/federal-reserve-diversity.html . 

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