The Minneapolis Fed, through the Office of Minority and Women Inclusion
(OMWI), released its 2017 Annual Report to Congress
detailing the Bank’s workforce representation and supplier diversity data. The Bank reports that its employee demographics reflect the region’s, with 52 percent being female and 23 percent people of color.
The Bank has worked to foster a diverse and inclusive workplace through recruitment efforts, training for staff and bankwide cultural awareness events, among other activities. These efforts, supported by Human Resources, are complemented by OMWI, which is charged with developing standards and procedures to ensure inclusion of minorities, women, and minority-owned and women-owned businesses in all activities of the Bank.
The report gives senior management and policymakers metrics to consider as the Bank continues to advance an inclusive workplace and support outreach to diverse communities. “We strive to be thought leaders in everything we do, and having a diverse set of perspectives is paramount to achieving our goals,” said Michael Garrett, senior vice president of Human Resources and Inclusion. “We’ve made progress that we’re proud to share, and we are working to do even better.”
The Minneapolis Fed is headquartered in the Twin Cities, and the Bank recruits within a commutable distance for most positions. Metro area demographics provide a key metric for comparison. Bank minority staffing figures mirrored the Minneapolis-St. Paul area population by ethnicity, and external hires were even more diverse than the region’s residents in 2017.
For more on the Minneapolis Fed’s efforts to promote diversity and inclusion, read the full 2017 report.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.