Fed leaders agree: Economics has a race problem

Top Federal Reserve policymakers underscored their concern that Black and Hispanic people are sharply underrepresented in the economics field, which lessens the perspectives that economists can bring to key policy issues. (April 13)

Video Transcript

RAPHAEL BOSTIC: If you don't see the range of people who are in the room reflecting the range of people in the population, there may be issues that just are not raised in our policy rooms as we're thinking about it.

A second reaction or reflection is really around, how should we think about policy and who it impacts? And this has a real present implication for us, as you saw last summer. So we just changed our long run framework for monetary policy and in our statement, and one of the changes is a real acknowledgment that people feel economic recoveries at different stages of the recovery. And so if you cut off the recovery because of fears of inflation, even when you haven't seen it, you're preventing groups of people from really fully participating in the economy.