The Federal Reserve Bank of Chicago touted its efforts to support diversity and inclusion (D&I) under the Dodd-Frank Act. Section 342 of Dodd-Frank requires each Federal Reserve Bank to establish an Office of Minority and Women inclusion. In a recent report to Congress, the Chicago Fed noted that it established the office under the name of “Office of Diversity and Inclusion”
“The broader scope reflected in the office's name demonstrates the bank's comprehensive approach which, while focusing on women and ethnic and racial minorities, devotes considerable efforts to promoting the inclusion of the LGBT [lesbian, gay, bisexual and transgender] community, veterans and other minority groups.”
The office was tasked with helping the Chicago Fed develop and execute a strategic plan and initiatives intended to promote D&I initiatives. The report listed three D&I objectives the bank sought to meet in 2011:
- When conducting a formal or informal bid for products or services, the bank seeks to include (when available) one or more minority business enterprises, and one or more women business enterprises in the list of vendors solicited to participate in the bid. The bank said was able to achieve this objective in 100 percent of bids in 2011.
- The bank seeks to “establish and/or enhance key external relationships to increase our community presence related to supplier diversity.” The report indicated that the bank established fifteen new relationships and enhanced ten existing relationships in 2011.
- The Chicago Fed attempts to ensure that in-person interview pools for Tier 2 and Tier 3 positions include both minority and female applicants. Tiers 2 and 3 combined include the vast majority of bank staff. Tier 2 positions include intermediate professionals and upper-level office and clerical positions. Tier 3 positions include high-level professionals, managers and supervisors. The report noted that 80 percent of Tier 2 and 3 interview pools had one or more female and minority candidates.
In addition to the bank-wide D&I objectives, individual departments also established their own, which were periodically monitored by the office.
The report noted that senior bank leaders played a key role in promoting, internally and externally, the role and reputation of the Chicago Fed as an organization committed to advancing diversity and inclusion. Bank staff members participated in a variety of national and local diversity recruitment efforts.
“The bank also saw record numbers in its 2011 internship program, which attracted 75 interns, of which 53 percent were women and 37 percent were ethnic or racial minorities,” the report noted. “Professional development opportunities continued to be provided to all staff, with special programs targeting women and minorities, such as mentoring initiatives, efficacy training and leadership development opportunities.”
The report also highlighted efforts to promote financial literacy in the Chicago Fed district. The bank said free classes and other events offered as part of its Money Smart Week drew more than 23,000 people in the Chicago metropolitan area alone. According to surveys collected at the events, approximately 63 percent of participants were women and 37 percent were minorities.
Bank leaders said the report provides a baseline by which to measure its future diversity and inclusion efforts.
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