The groups representing minority financial firms and executives make a similar argument. And, they may be difficult to ignore, especially because Biden won the presidency with massive support from African Americans and other minority voters.
Though Biden has yet to announce any of his picks for cabinet posts, he has chosen a number of senior White House staffers. Among them are Representative Cedric Richmond, a Louisiana Democrat and member of the Congressional Black Caucus. Another African American, former KeyBank NA executive Don Graves, is leading the transition team that will review the Treasury Department.
In the letter signed by the heads of the National Bankers Association, the National Association of Securities Professionals, the Association of African American Financial Advisors and several other groups, the executives note that only White men have served as Treasury chief and director of the National Economic Council.
In addition, they pointed out that there has never been a Black leader of the Federal Reserve, the SEC, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency or the White House Council of Economic Advisers.
“A review of the people who have served in the top economic policy making positions in our country’s history shows a stunning and complete lack of racial and ethnic diversity,” the letter said.
The letter, which was also signed by civil rights groups that advocate on behalf of Latinx people and African Americans, called on Biden’s team to interview three or more candidates of color for those key roles.
Though still early in the process, Biden’s transition team is considering potential Black nominees for several economic jobs, people familiar with the matter have said. Still, only one prominent candidate with direct ties to the financial industry has emerged: retiring TIAA Chief Executive Officer Roger Ferguson, a potential Treasury secretary. Others who may get positions are from academia or the government, including Raphael Bostic, president of the Federal Reserve Bank of Atlanta, and Chris Brummer, a Georgetown University law professor.
—With assistance from Jennifer Epstein.
This article was provided by Bloomberg News.