Federal Reserve To Conduct Diversity And Inclusiveness Training

The Federal Reserve announced Monday that it will be holding two virtual diversity and inclusiveness training sessions for its 23,000 employees early next month.

According to the press release, the organization’s training sessions will be “focused on the experiences that underrepresented groups have as they participate in the economy, the economics profession, central banking, and finance.”

The Nov. 8 video conference will focus on the way gender influences the economy and financial outcomes over an individual’s lifetime and will also strategize about how to make the economy “more inclusive” while recovering from the COVID-19 pandemic.

A second video conference the following day will include partners from the Bank of Canada, the Bank of England, and the European Central Bank, and will focus on research concerning diversity and inclusion on economics, finance, and central banking.

The Federal Reserve is the central bank for the United States and was established in 1913 to oversee and enact financial policies that promote employment and financial stability.

The training sessions for the majority of the organization’s employees are not part of President Joe Biden’s June mandate for “diversity and inclusiveness” training for all federal employees as the organization’s employees are not considered federal employees.

Biden’s order, “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government,” reversed former President Donald Trump’s ban on such training sessions for federal workers and the military.

“As the Nation’s largest employer, the Federal Government must be a model for diversity, equity, inclusion, and accessibility, where all employees are treated with dignity and respect. Accordingly, the Federal Government must strengthen its ability to recruit, hire, develop, promote, and retain our Nation’s talent and remove barriers to equal opportunity,” the June 25 executive order said. “It must also provide resources and opportunities to strengthen and advance diversity, equity, inclusion, and accessibility across the Federal Government. The Federal Government should have a workforce that reflects the diversity of the American people. A growing body of evidence demonstrates that diverse, equitable, inclusive, and accessible workplaces yield higher-performing organizations.”

According to the press release from the organization, the training sessions will include sections on the historical impact of gender and the economy, education and early career financial decisions, family, caregiving, and career progression, and wealth and retirement.

The conferences will be broadcast on YouTube and at the Federal Reserve’s website, www.federalreserve.com

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