STATEMENT: Rep. Khanna on the Selection of John Williams for New York Federal Reserve Bank, Lack of Transparency in NY Fed Bank Search Process

Washington, DC– Today, Rep. Ro Khanna issued the below statement following the selection of John Williams for New York Federal Reserve Bank, noting the lack of transparency in NY Fed Bank search process.

"I am deeply concerned about the opaque process and disappointing outcome in the selection of the next President of the New York Federal Reserve Bank, one of our country's foremost economic policymakers. The public deserved input and information about this important selection, but six individuals are responsible for choosing this person behind closed doors because the New York Fed remains a private institution. Several senators and advocacy organizations have called on the Senate to hold a hearing with Mr. Williams and the search committee co-chairs. I support their call. Decisions made in this position affect millions of Americans' ability to find jobs, earn higher wages to provide for their families and develop bargaining power necessary to receive good benefits. The public, therefore, must be provided with critical insights into how and why the candidate was selected.

While progress has been made, occupational diversity continues to lag. In fact, 79 percent of incoming directors are from the business or banking sectors. Additionally, the Fed has missed opportunities by renewing the terms of current directors, which were nearly 90 percent white; around 75 percent were men from banking or business.

I have deep reservations about this choice and believe that, at the very least, Mr. Williams must testify in front of the Senate. If there are concerns about him, or the process by which he was selected, the search should be renewed to provide for real transparency."

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About the Office

Congressman Khanna represents the 17th District of California, which covers communities in Silicon Valley. Visit his website at khanna.house.gov. Follow him on Facebook and Twitter @RepRoKhanna.

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