Federal Reserve Regional Banks Show Progress In Diversity

The boards of directors at the Federal Reserve’s 12 regional banks have shown signs of progress in diversity, according to data released by the U.S. central bank. While the representation of women and people of color has increased, leadership roles such as chairs and deputy chairs remain less diverse.

As of 2025, women occupy 10 of the 24 top leadership positions on the boards of the 12 Fed banks, maintaining the same number as last year. The number of Black, Hispanic, or non-white appointees to chair and deputy chair roles has decreased slightly, from 14 in 2024 to 11 this year.

On a broader scale, 43% of the total 108 positions on the 12 Fed bank boards are held by women, marking an increase from 39% last year. Meanwhile, the percentage of board members from racial and ethnic minority groups has grown from 37% to 39%.

The Federal Reserve Board in Washington, which has significant influence over the selection of regional bank chairs and deputy chairs, has been committed to improving diversity among its bank directors. This effort comes after the board was predominantly white and male as recently as 2018.

Although the directors do not directly set monetary policy, they play an essential advisory role by sharing their perspectives on the economy and credit conditions with Fed bank presidents. These diverse viewpoints are believed to contribute to more robust policymaking by ensuring that all sectors of the U.S. economy are considered.

However, a report from the Manhattan Institute last year suggested that the Fed may have overcompensated for its past lack of diversity, calling for a more balanced approach that includes greater attention to political representation across the partisan divide.

Despite these ongoing discussions, U.S. central bankers maintain that political considerations do not, and should not, influence their decisions in the monetary policy-making process.