Is it not extraordinary that we currently have almost 50% women on the board and almost 1/3 black Americans? What are their qualifications for this job?
The central bank of a country is a very important institution affecting the economy, the currency, interest rates, and government finances. Thus, selecting board members is crucial! Mediocrity is not a good choice!
Where the board members selected based on meritocracy or on something more like nepotism and favoritism. Was a gender quota combined with diversity & inclusivity?
Or if these 7 members of the board don't really matter anymore, then it is probably high time the board should be reduced from 7 to perhaps 3 members and save some taxpayer money!
Ms. Cook appointed by the 46th President does not have a very impressive curriculum vitae other than she was appointed by President Obama to the Council of Economic Advisors. Is she is the first black woman on the board like Ketanji Brown Jackson is now the first black female Justice on the U.S. Supreme Court?
Ms. Bowman appears to be appointed by President Trump. Her expertise in economics and monetary policy is in doubt.
Mr. Jefferson appointed by the 46th President. A very thin curriculum vitae.
Mr. Waller appears to be appointed by President Trump. At least he is a professor of macroeconomics and monetary economics.
Ms. Brainard appointed by President Obama. She has a varied and relevant professional career.
It appears the 7th board member position is vacant.
"The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years."
Members of the Federal Reserve Board of Governors pose for a group photo on May 23, 2022, in Washington, DC. From left to right: Christopher Waller, Michelle Bowman, Chair Jerome Powell, Vice Chair Lael Brainard, Philip Jefferson, and Lisa Cook.
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