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Atlanta Fed Head: Diversity in the Workplace Will Boost U.S. Economy

The director of the Federal Reserve Bank in Atlanta said that diversity in the workplace is not just a moral issue, but it will boost the US economy.

Raphael Bostic addressed the Atlanta Journal-Constitution in an article published on Saturday. He was named 2022 president of the Metro Atlanta Chamber of Commerce.

Bostic became four years ago the first black and the first openly homosexual person to run a regional bank. The Federal Reserve District of Atlanta is made up of Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee.

His role there is to talk to local business leaders, and Bostic – a Stanford University-trained economist – said he had found that not all executives see diversity as a priority. . Some also find it difficult to measure or improve their performance in this area.

But Bostic said he believes diversity will improve the economy.

“In my role, I focus on the economy, the health of the US economy, and bring us to a place where we can discover each other’s full potential,” he told AJC. participation of everyone in the US economy, the economy will actually grow faster. It will be stronger. It will be more resistant.

The value of diversity was evident to him as a research economist at the Federal Reserve in Washington – his first job after graduation. His team was very diverse, and that helped flush out any hidden biases, so “the end product was actually stronger and more objectively articulated and characterized than it would have been if two of us, or no. ‘Anyone of us, had been on the team, “he said.

He said the country was making progress towards equity, but was concerned about staying focused on the issue.

“We didn’t get to this place in just a few days, so it will take some time and a longer term commitment to see changes in these dimensions,” he said. “It’s going to take persistence and patience, and these are things that are more difficult to maintain and maintain. I hope we can find ways to not get distracted as we try to build a better United States and a better economy, one that works for everyone.