The streets of Richmond’s financial district echoed calls for accountability last week as activists gathered outside the Richmond Federal Reserve to call for better transparency and representation following a series of scandals among executives banks in the country.

Among the speeches and chants of those in attendance at the October 19 rally, which included members of SPACEs in Action and Action NC, was a demand that the Federal Reserve of Richmond establish a better process for selecting its board of directors and chairmen. that ensure greater public participation and more diverse leadership.

“There is an urgent need for board members to truly represent the public,” said Apryl Lewis of Action NC. “We are here to demand representation from our community. “

SPACEs in Action and Action NC are part of the Center for Popular Democracy’s national Fed Up campaign, which works to ensure that Federal Reserve actions are in the economic interest of everyone in the country, from full employment to working families to increase wages.

His recent response was prompted by the resignations of the Presidents of Federal Reserve Banks in Dallas and Boston after revelations that they were trading shares of companies for their own benefit. The public rally was just one part of the Fed Up campaign’s national action week for full employment advocates. Similar events took place in other regional federal reserve cities in Kansas City, Chicago and Boston.

The need for this process is clear to advocates, as Federal Reserve board members work every six weeks to determine the policies and adjustments needed for the economy. A lack of representation could leave critical community needs and issues unaddressed and amplify the racial, gender and class disparities already present.

According to Fed Up campaign reports, 56 percent of the 105 regional directors of the Federal Reserve are male, 66 percent are white, and 75 percent are from the business or financial sector. The disparity between presidents is even greater, with 83% white and 75% men.

“The job of the public members of the Fed’s board of directors is to represent the economic interests of the community. But each year, vacancies on the board are filled through a process that is kept out of the public eye, ”said Dr Blanche Penn of Action NC.

“Across the Fed’s regional banking system, we see boards of directors dominated by CEOs from the financial industry and big business, and unlike the community they are supposed to represent. “

A similar lack of diversity is present in the Richmond Federal Reserve, where 63 percent of board members are white and 38 percent are black, with no Latino or Asian representation. In addition, 63 percent of Richmond Bank’s board members come from banking or business, 25 percent are from non-profit organizations, and 13 percent are from academia with no union representation. .

The campaign’s demands for more equitable leadership and membership include an appointment process that solicits and accepts more public comment; publish the selection criteria and calendar, as well as the names of the candidates considered; and holding public forums and opportunities for the public to submit questions to candidates.

“Bring the people directly affected by these so-called apolitical economic decisions to the table and ask them how they really live,” said Aaron DeVaul of SPACEs in Action. “They might learn something.”

Beyond those rallies, campaign members also delivered a letter with their demands to Federal Reserve leaders in Richmond last week, with the campaign expecting a meeting with leaders to start conversations about the improvements. potential.


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