09.13.2016

Shawn Sebastian, Field Director of the Fed Up Campaign, released the following statement in response to the announcement that the President of the Atlanta Federal Reserve, Dennis Lockhart, would be retiring in February.

“When the Atlanta Federal Reserve chooses who will succeed Dennis Lockhart as the next president, both process and outcome will matter. The Federal Reserve’s process of appointing regional bank presidents has been characterized by a lack of transparency, conflicts of interest, and no engagement from the public, particularly the low-income people of color most affected by the Fed’s policies. We hope that the Fed’s recent history does not repeat itself in Atlanta, because we know the outcome of the typical opaque Fed presidential process is a troubling lack of diversity. Eleven out of twelve regional bank presidents today are white and there has never, in the over 100 year history of the Federal Reserve, been a Black or Latino Fed President. We think that it is past time for that to change and Atlanta is a perfect place to start.

“The Fed Up Campaign has outlined simple demands around the Federal Reserve presidential appointment process, including basic disclosure about the timeline of the search, required qualifications, who the candidates under considerations are, and opportunities for the public to be engaged in choosing potential candidates and engaging with candidates in public forums.

“The conflicts of interest present in the Dallas and Philadelphia search processes cannot be repeated, and we cannot afford to continue the trend of the last three regional presidential appointments where three of the most powerful positions in the country were handed to three different people with Goldman Sachs on their resumes. The Atlanta Federal Reserve needs to realize that there are people outside of Goldman Sachs who are qualified to make the most important decisions on the economy.

“We look forward to the Atlanta Federal Reserve living up to the recent promises Chair Janet Yellen made to Congress and improve the Fed’s processes and outcomes on diversity.”

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www.ThePeoplesFed.org

Fed Up is a coalition of community organizations and labor unions across the country, campaigning for the Federal Reserve to adopt pro-worker policies for the rest of us. The Fed can keep interest rates low, give the economy a fair chance to recover, and prioritize full employment and rising wages.

www.populardemocracy.org

The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.

Media Contact: 

Anita Jain, ajain@populardemocracy.org, 347-636-9761

Shawn Sebastian, ssebastian@populardemocracy.org, 515-451-8773