The Federal Reserve Bank of Minneapolis made significant progress in 2018 to ensure inclusion of minorities and women in its leadership and hiring practices and in the participation of minority- and women-owned businesses in procurement.
That’s according to the Bank’s Office of Minority and Women Inclusion (OMWI) Annual Report to Congress.
“We believe inclusion begins with empowering our people to reach their full potential,” said Michael Garrett, senior vice president of Human Resources and Inclusion and OMWI director. “The Bank’s ongoing commitment to diversity and inclusion is rooted in equal opportunity for all candidates to become employees and for all employees to advance within the organization.”
Overall, Bank staff nearly mirrors the makeup of Twin Cities residents. Of 1,033 employees at the Minneapolis Fed, 51 percent are women and 24 percent are people of color. The share of Bank employees self-identified as minorities is higher than the percentage of minorities in the Minneapolis-St. Paul area (23 percent).
Among other highlights of the OMWI report, which is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010:
- About two-thirds of the Bank’s employees report to a senior vice president who is a minority, a woman, or both.
- Women hold more than half of all positions in the Bank and, in 2018, 42 percent of external hires were women and 40 percent were minority.
- As the Bank refreshed its supplier diversity program, of its $21.7 million in total reportable spend in 2018, the Bank purchased 11 percent from minority- and women-owned businesses.
- Employee resource networks, employee-led groups formed around common backgrounds and experiences, remain an important avenue for promoting employee engagement and development at the Bank.
Garrett added that 2019 “will be an exciting year as our employee resource groups and supplier diversity efforts continue their growth and development.”
Learn more about the Minneapolis Fed’s commitment to diversity and inclusion here.
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.