Women now hold 10 of the 24 leadership positions at the bank boards, a Reuters review of the new appointments shows, down from 13 female chairs and vice chairs on last year's boards. Fewer than half of the chairs and vice chairs appointed this year identify as Black, Hispanic, or otherwise non-white.
In 2023, the bank board leadership group had been majority women and majority minorities.
More broadly of the 108 spots on the 12 Fed bank boards, 39% are filled by women, down from 44% last year, a review of the data shows. Some 37% are held by people of color, down from 41% last year.
Fed bank presidents, who together with the Washington-based Fed Board set U.S. short-term interest rates, meet frequently with their boards to get their insights on the state of the economy and credit conditions.
Their boards have in recent years become increasingly diverse, a change that Fed policymakers have said gives them a critical edge as seek to set monetary policy appropriately.
Even with the changes in 2024, the Fed's bank boards still have a much higher proportion of non-white and female directors than the boards of many companies, particularly of financial institutions.
Fed policymakers themselves are a much more diverse group than in years past.
The Washington-based Fed board picks three of each nine-member Fed bank board, including the chair and deputy chair. The other six directors are picked by member banks.
(Reporting by Ann Saphir; Editing by Chizu Nomiyama)
By Ann Saphir
