Why Are There So Few Black Economists at the Fed?
But Mr. Gamble left college with a plan. He had discovered his interest in the economics part through university, when he found an old textbook in a public library and covered it for cover, to wallow in descriptive reasoning – only to realize a black man Wrote the text for This inspired him.
He devoted his graduation to work on research projects with college professors and participated in programs to help students from less privileged backgrounds. Get on track for a doctorate, which is recommending a list of educational economists as one.
Still, it was not enough to get him a job at the Federal Reserve Board, the Federal Reserve Bank of Chicago, or the Federal Reserve Bank of San Francisco, all of which he applied when he graduated. This earned him a position as an economic research scholar at Harvard University. And when he reapplied to the Fed the following year, on his resume with Harvard, San Francisco hired him.
He felt out of place at the central bank branch and struggled to find meaningful work. He began to ask around and found out that he was the first black person to get the job of a research assistant. Within months, he was looking to leave.
Then Mary C. Daly, who was the recently promoted President of the Reserve Bank, had lunch with him.
She too, had a Dalit background. She had dropped out of high school and passed the equivalent examination of high school, and attended a branch of the University of Missouri. She did not persuade Mr. Gamble to leave her at work, urging her to give her six months and promised to help her find something new if she still wanted to leave at that point. He ruled it out – for six months, then for a year.
Eventually, she was promoted as Ms. Daly’s personal research assistant.
Even as his own experience improved, Mr. Gamble became upset with the bank’s hiring practices. Research assistants helped RAS hire the next classes. He suspected that it might be the case that screeners simply did not find Black candidates trustworthy and ruled them quickly.
“They are going to choose people who are like them,” he said.
He pushed for changes, and San Francisco listened. Application readers began talking about what a good candidate would be before the hiring process began, and discussed why they assigned the job candidates the scores they did.