African Americans have been missing from financial regulation for generations. 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.
On September 2, Georgetown Law’s Institute of International Economic Law and the Brookings Institution hosted an event exploring the absence of African Americans in financial regulation and the drivers behind it. This event featured remarks from Rep. Maxine Waters, chairwoman of the House Financial Services Committee. Following her remarks was a presentation by Chris Brummer, Georgetown Law professor, of his new study—to be released the morning of the event and recently featured in the Wall Street Journal—providing empirical data on Black regulators. A panel of experts including Neel Kashkari, Harold A. Black, Sharon Y. Bowen, and Paul Thornell then responded to the research. U.S. Senator Sherrod Brown (D-Ohio) delivered closing remarks.
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Read the working paper here.