03/13/2017 | Press release | Distributed by Public on 03/20/2017 14:41
Menendez Celebrates the First African American Regional Federal Reserve President
Menendez Celebrates the First African American Regional Federal Reserve PresidentMonday, March 13, 2017
Newark, N.J. - U.S. Senator Bob Menendez, a senior member of the Senate Banking, Housing & Urban Development Committee, released this statement on the news that Dr. Raphael Bostic has been appointed President of the Federal Reserve Bank of Atlanta. Dr. Bostic will be the first African American Regional Federal Reserve President in U.S. history.
'I am overjoyed that after 104 years, we finally have the first African-American President of a Federal Reserve Regional Bank - and a son of New Jersey no less,' said Senator Menendez. 'Dr. Bostic is exceptionally well-qualified, and his experience at the highest levels of housing and economic policy will be an invaluable asset to the Atlanta Federal Reserve Bank. Across the nation, communities of color were disproportionately devastated by the financial crisis, and much of Dr. Bostic's career has been devoted to studying disparities and developing policies that create opportunities for all. Dr. Bostic's leadership is an important step toward ensuring that communities of color are not forgotten when critical economic policy decisions are made. I congratulate Raphael Bostic on this fantastic achievement and look forward to working with him.'
Diversity is an issue Senator Menendez has long-championed. In fact, just three weeks ago, Senator Menendez asked Federal Reserve Chair Janet Yellen about efforts to increase diversity since there has never been an African American or Latino President of a Federal Reserve Regional Bank.