The Federal Reserve announced Monday that it is conducting two virtual diversity and inclusiveness training sessions for its 23,000 employees early next month.
According to the press release, the organization’s training sessions will be ”focused on the experiences that underrepresented groups have as they participate in the economy, the economics profession, central banking, and finance.”
The Nov. 8 video conference will focus on gender influences on the economy and financial outcomes over a person’s lifetime and will also discuss strategies to make the economy ”more inclusive” during its recovery from the COVID-19 pandemic, the release said.
A second video conference the following day will include partners from the Bank of Canada, the Bank of England, and the European Central Bank, and focus on research dealing with diversity and inclusion on economics, finance and central banking, including a panel discussion between the various officials attending the conference virtually.
The Federal Reserve is the central bank of the United States and was established in 1913 to oversee and enact financial policies that promote employment and financial stability, according to the organization.
The training sessions for the bulk of the organization’s employees are not part of President Joe Biden’s June executive order mandating ”diversity and inclusiveness” training for all federal employees because the organization’s workers are not considered federal employees except for the seven-member board of governors, who are appointed by the president and confirmed by the Senate.
The organization press office did not respond to email and phone requests for comment, or clarification that these training sessions come because of that order, or if they will fulfill the order’s requirements for the board members.
Biden’s order, ”Advancing Racial Equity and Support for Underserved Communities Through the Federal Government,” reversed former President Donald Trump’s ban on such training sessions for federal workers and the military.
”As the Nation’s largest employer, the Federal Government must be a model for diversity, equity, inclusion, and accessibility, where all employees are treated with dignity and respect. Accordingly, the Federal Government must strengthen its ability to recruit, hire, develop, promote, and retain our Nation’s talent and remove barriers to equal opportunity,” the June 25 executive order said.
”It must also provide resources and opportunities to strengthen and advance diversity, equity, inclusion, and accessibility across the Federal Government. The Federal Government should have a workforce that reflects the diversity of the American people.
”A growing body of evidence demonstrates that diverse, equitable, inclusive, and accessible workplaces yield higher-performing organizations.”
According to the press release from the organization, the training sessions will include sections on the historical impact of gender and the economy, education and early career financial decisions, family, caregiving, and career progression, and wealth and retirement.
The conferences will be broadcast on YouTube and at the Federal Reserve’s website, www.federalreserve.com.
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