A Vision for Regulating Financial Services
The vision of the BFRA is a financial services industry that is regulated by a diverse group of exceptional professionals with Black people proportionately represented at all levels of seniority.
According to a 2020 Brookings Institute report, “of the 327 regulators to have been appointed to posts requiring congressional confirmation, only 10 have been Black. There has never been a Black comptroller of the currency or Black chairman of the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, or the Federal Reserve. And today, the staffs of political appointees—whether Democrat or Republican—are, with few exceptions, almost devoid of Black staff members. As a result, African Americans are left out of the decision–making impacting how trillions of dollars in U.S. assets are regulated and how capital is allocated in society.”
Regulating the financial services industry is critical to the well-being of our financial system. Black voices, Black perspective, and Black leaders are critical to the well-being of our regulatory system.
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Jason Roberts
Founder & President - BFRA, Federal Reserve Bank of New York