This is a great victory for the Fed Up Campaign: after over 100 years, across 12 different regional Federal Reserve Banks, there has NEVER been a Black Fed President. Until today.
Dr. Raphael Bostic is a brilliant housing expert who has devoted his life to fighting against economic discrimination against people of color and LBGTQ people. And he’s Black. for over 100 years, across 12 different banks, the Fed has never chosen someone like Bostic before, so what changed?
The Fed Up Coalition released a research report revealing that the Fed is overwhelming white, male, and dominated by corporations and financial institutions. We occupied hearings, we got our representatives to grill Janet Yellen, we pounded the point in private and public meetings with Fed officials, we got public concessions from officials that there was a problem, we protested, and protested and protested.
Coretta Scott King led 10,000 people to march on the Atlanta Federal Reserve for full employment on MLK’s birthday in 1975. Now, 41 years later, Dr. Raphael Bostic is the first Black president of that same bank and today he is one of the handful of people with the most power to withhold or achieve the full employment that Coretta Scott King worked for.
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