Mar 14, 2017 06:05 AM EDT
Former policymaker in the Department of Housing and Urban Development, Raphael Bostic, was named the 15th president and chief executive officer of the Atlanta Federal Reserve on March 13. The move marks as progress for Atlanta Fed in regards to diversity as Bostic becomes the first African-American regional president in the central bank's history.
Bostic is set to take his seat as president of Atlanta Fed's 12 regional banks on June 5. Part of his responsibilities as president of the central bank includes determining interest rates and voting on the Fed's rotating committee in 2018. The appointment comes after Fed Chairman Janet Yellen was heavily criticized by congressional leaders last year for the lack of diversity in the central bank.
Members of the congress and advocacy groups pushed for a diverse choice to lead the Atlanta Fed region due to its large African American population. Bostic acknowledges the Fed's decision and in part says his appointment to the office is a very big deal. The USC professor claims the move to be daunting, overwhelming but at the same time a tremendous privilege and hopes it to be a stepping stone for many others to have the opportunity.
"Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table," Rep. Maxine Waters said, one of the African-American members that pushed for diversity in the Atlanta Fed. Thomas Fanning, chairman of the Atlanta Fed's board, further affirms Bostic's appointment due to his experience in the academe, government and research.
About 82 percent of the Fed's most senior employees in Washington D.C. are white, specifically 231 of them, while only 17 are high-level black employees as reported by CNN Money. Yellen has long promised to make the Atlanta Fed more diverse and Bostic becoming regional president already proved efforts.
Like Us on Facebook
While Theresa May told MPs that Brexit doubters should look forward with optimism, forecasters warn that divorce from the EU will be costly and that it could weigh heavily on UK's economic prospects in the next years.
US bank Wells Fargo has agreed to pay $110 million as settlement for the 11 class-action lawsuits brought by customers who had accounts opened without their permission.
Large supermarket group Tesco is set to pay £129 million in settlement for overstating the company's profits in 2014.
The idea of Elon Musk in creating Neuralink is to improve memory or give humans added artificial intelligence. This could be achieved by developing neural lace technology that would implant tiny electrodes into the brain.
Amazon executives did not disclose the value of the deal to which Goldman Sachs refer to as the "the biggest-ever technology M&A transaction in the Arab world."
The new 12-sided £1 coin comes into circulation on Tuesday with a hidden security feature that would stamp out fraud and counterfeiting.
Qatar claims that Brexit will have no impact on its investment efforts as the country is looking into the long-term view.
The deal ties American Airlines, one of the three big carriers in the US, with one of China's big three state-run airlines.
Bank of England prepares new stress test scenarios to be given to UK's biggest banks in preparation for any sudden slowdown in foreign interests in UK assets. The Brexit vote last year has triggered a sharp drop in the value of the pound.