WASHINGTON (MarketWatch) — The U.S. central bank remains a bastion of white privilege and Fed Chairwoman Janet Yellen should promptly take steps to “remedy” the issue, 115 Congressional Democrats said Thursday.

In a letter to Yellen, the House and Senate Democrats urged her to “fulfill its statutory and moral obligation to ensure that is leadership reflects the composition of our diverse nation” and include representatives outside of the banking industry. Bernie Sanders, the independent senator from Vermont and a presidential candidate, also signed the letter.

The letter noted that Congress in 1977 passed a law mandating more diversity at the Fed.

“Nearly 40 years later, the leadership across the Federal Reserve system remains overwhelmingly and disproportionately white and male, while major financial institutions and corporations are overrepresented in senior roles,” the letter said.

Leading Democrats including Sen. Elizabeth Warren of Massachusetts and Rep. John Conyers of Michigan signed the letter. Rep. Maxine Waters, the ranking member on the House Financial Services panel, was also a signatory.

At the moment, 11 of the 12 Fed regional presidents are white and ten are men.The five members of the Fed board of governors are all white, while two are women.

“Is the Fed Board of Governors embarks on its search for regional president vacancies, we urge you to engage in an inclusive process to consider candidates from a diverse set of background, including a greater number of African-Americans, Latinos, Asian Pacific Americans, women and individuals from labor, consumer, and community organizations,” the letter said.

In response, a Fed spokesperson said the central bank has “focused considerable attention in recent years” on recruiting directors of regional Fed banks with diverse backgrounds and experiences.

As a result, minority representation at the 12 district banks and their branches has increased to 24% this year from 16% in 2010, the spokesperson said.

By Greg Robb

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