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APPENDIX

Board of Governors of the Federal Reserve System ......

Letter from Chairman Gonzalez to Chairman Greenspan, June 23, 1992 ....

Response from Chairman Greenspan to Chairman Gonzalez, July 31, 1992

1991 Staffing Statistics.

Equal Employment Opportunity Reporting Authority, Structure and

Staffing ...

Rules Regarding Equal Employment....

Equal Employment Opportunity System and How It Works..

Management Policy Statements ....

Sexual Harassment: Information on the Board Policy and Resolution

Process ....

Affirmative Employment Program Plan for Minorities and Women.....

Ultimate Goals by PATCO Category as of March 31, 1992...

1991 Annual Affirmative Employment Accomplishment Report...

Discrimination Complaints Filed-Informal and Formal in 1990 and

1991.........

Small and Disadvantaged Business Acquisition Procedures..

Minority Cooperative Education Program...

Recruitment Activity 4th Quarter 1991; Summary Report.

Recruitment Activity 1st Quarter 1992; Summary Report..

Training and Development Policy.

Training Curriculum.....

Planning for Development Handbook

Upward Mobility Program..

Training Analysis

Academic Assistance Management Policy Statement

Letter from Chairman Gonzalez to Chairman Greenspan, August 3, 1993 ..

Letter from Chairman Greenspan to Chairman Gonzalez, September 21,

1993

1992 Staffing Statistics ..

Equal Employment Opportunity Programs Office (EEOPO) Current

Structure

Management Policy Statement; Equal Employment Opportunity

Management Policy Statement; Sexual Harassment.

Management Policy Statement; Employment of Handicapped Individ-

uals

Rules Regarding Equal Opportunity, Interim Rule February 22, 1993.

1994 Goals ..

Description of Goal Setting Process.

Advisory Committee on Affirmative Action Summary.

Charter Advisory Committee on Affirmative Action, September 3,

1993..

Equal Employment Opportunity Policy and Goal Analysis

Travel Policy...

Cash Award and Incentive-Based Program Policy.

Educational Assistance Policy..

Membership in Associations Policy...

Cash/Special Achievement Award Data for 1992

Compensation and Benefits Expenses 1992-1993

Discrimination Complaints Filed-Informal and Formal 1992

Federal Reserve Bank of Boston .........

Letter from Chairman Gonzalez to President Syron, June 19, 1992 .....

[graphic]

Letter from President Syron to Chairman Gonzalez, June 30, 1992.

Responses to Questions...

1991 Staffing Stastistics...

Minority Vendor Purchases...

Executive Summary of the Acquisition Guidelines

Small and Disadvantaged Business Procurement Report..

Affirmative Action Plan 1991

Letter from Chairman Gonzalez to President Syron, August 3,1993

Letter from President Syron to Chairman Gonzalez, September 9, 1993....

Responses to Questions..

1992 Staffing Statistics.

Distribution of Cash Awards for 1992..

Grievance Procedure......

Employee Representative Program Policies and Practices

Anti-Harassment Policy.

Affirmative Action Plan 1993

Equal Employment Opportunity Grievance Procedure and Employee

Representative Program....

Federal Reserve Bank of New York ....

Letter from Chairman Gonzalez to President Corrigan, June 19, 1992.

Letter from President Corrigan to Chairman Gonzalez, July 28, 1992.

1991 Staffing Statistics ..

Current Policies and Procedures Regarding Equal Employment Op-

portunity......

1989 Affirmative Action Program

1989 Equal Employment Opportunity and Affirmative Action Pam-

phlet

Complaint Resolution Process.

Equal Employment Opportunity Complaints-Informal and Formal

1990-1991...

Small and Disadvantaged Business Program....

Annual Report on Small and Disadvantaged Business Procurement

for the Year Ending December 31, 1991..

Acquisition and Reporting Responsibilities for Certain Goods and

Services, and Authority to Contact Vendors ...

Small Business Act Contract Provisions.

1992 Equal Employment Opportunity and Affirmative Action Pro-

gram

Letter from Chairman Gonzalez to President McDonough, August 3, 1993.

Letter from President McDonough to Chairman Gonzalez, September 8,

1993

1992 Staffing Statistics

Equal Employment Opportunity Reporting Structure..

Equal Employment Opportunity and Affirmative Action Program

1993....

Cash Awards Granted in 1992..

Compensation and Benefits Expenses 1992-1993

Complaint Resolution Process...

Equal Employment Opportunity Complaints—Informal and Formal

1992..

Federal Reserve Bank of Philadelphia

Letter from Chairman Gonzalez to President Boehne, June 19, 1992

Letter from President Boehne to Chairman Gonzalez, July 28, 1992

Equal Employment Opportunity Complaints—Informal and Formal

1990-1991..

1991 Staffing Statistics

Federal Reserve Bank of Philadelphia Contracts With Minority and

Women Contractors, 1991......

Equal Employment Opportunity and Affirmative Action Program

1992-1996.....

Letter from Chairman Gonzalez to President Boehne, August 3, 1993

Letter from President Boehne to Chairman Gonzalez, September 8, 1993...

1992 Staffing Statistics.

1992 Cash Award.

Compensation and Benefits 1992 and 1993..

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1307

Appendix material for the Federal Reserve Banks of Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco
can be found in Part 2 of this Report.

U.S. HOUSE OF REPRESENTATIVES
COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

ENRY GONZALEZ TOUS. CHALLAN
STEMMEN L NEAL. NORTH CAROUNA
OHN FALCE NEW YORK
GRUCE VENTO. MERNESOTA
CHARLES & SCHUMER NEW YORK
BARNEY FRANK, MASSACNUSETTS
PAUA E LAMJORSKI PENNSYLVANIA
JOSEFN. KENNEDY & MASSACHUSETTS
FLOYD K PLAKE, NEW YORK
ENES MPUME, MARYLAND
WASONE WATERS. CALIFORNIA
LARRY LAROCCO DAMO
RL ORTON, UTAN
IN BACCHUS. FLORIDA
HERBERT C. KLEIN NEW JERSEY
CAROLYN MALONEY. NOW YORK
PETER DEUTSCH FLORIDA
LES GUTIERREZ LLINOIS
BOBOYL RUSK, ILLINOIS
LUCLE DYBALALLARD, CALIFORNIA
THOMAS N SARRETT, WISCONSIN
EL CABETH FURSE, OREGON
WITOLAM VELAZQUEZ. NEW YORK
ALBERT A. WYNN MARYLAND
CLEO FELDS. LOUSAMA
WEIN WATT, NORTH CAROLINA
MAURICHEY. NEW YORK
CALVIN N. DOOLEY, CALIFORNIA
NON KUNK. PENNSYLVANIA
ERC FINGEAMUT, OMO

JAMES A LEACH, IOWA
BILL MCCOLLUM, FLORIDA
MANGE ROUKEMA, NEW JERSEY
DOUG DEREUTER NEBRASKA
THOMAS MIDGE PENNSYLVANIA
TODY MOTH, WISCONSIN
ALFRED A MCCANDLESS, CALIFORNIA
RICHARD M BAKER, LOUISIANA
JIM NUSSLE, ROWA
CRAIG THOMAS, WYOMING
SAM JOHNSON, TEXAS
DESORAM PRYCE, OHIO
JOHN UNDER. GEORGIA
JOE KNOLLENBERG, MICHIGAN
RICK LAZIO, NEW YORK
ROO GRAMS, MINNESOTA
SPENCER SACHUS W. ALABAMA
MIKE MUFFINGTON, CAUFORNIA
MICHAEL CASTLE DELAWARE
PETER KING, NEW YORK

ONE HUNDRED THIRD CONGRESS

2129 RAYBURN HOUSE OFFICE BUILDING

WASHINGTON, DC 20515-6050

[blocks in formation]

Members of the House of Representatives
Committee on Banking, Finance and Urban Affairs
Washington, D.C. 20515

Dear Colleagues

Transmitted herewith for consideration of the Committee on Banking, Finance and Urban
Affairs is a study entitled Status of Equal Employment Opportunity at the Federal Reserve:
Diversity Still Lacking. This report is a follow-up to the Committee's 1990 and 1992 studies.

In 1990, the Committee conducted an extensive study on the racial, gender and
background profiles of the directors of the Federal Reserve Banks. This study found that
minorities and women as well as consumer and labor representatives, were systematically
excluded from directorships at the Federal Reserve Banks. In 1992, the Committee conducted a
study of Equal Employment Opportunity (EEO) and minority and women contracting at the
Federal banking agencies, which illustrated the disparity in hiring and contracting practices with
respect to minorities and women.

This study examines the staffing statistics of the Federal Reserve Board and twelve Federal Reserve Banks. It also examines their EEO and Affirmative Action programs, as well as the EEO reporting structure and the distribution of cash awards disbursed by the Federal Reserve to its employees. The report demonstrates that minorities and women are consistently underrepresented in the highest paid and most important decision-making positions at the Board and Reserve Banks, a condition that unfortunately also exists at other Federal banking regulatory agencies. At the Federal Reserve the underrepresentation of minorities and women in positions in the "pipeline" to the official level shows that this pattern of discrimination is unlikely to change in the near future.

There is no question that the Federal Reserve's actions and responsibilities in establishing monetary policy, supervising and regulating member banks and enforcing a number of important consumer banking laws affect every U.S. citizen. The failure of the Federal Reserve to include minorities and women in the policy-making process leaves an enormous segment of the population without a voice in these important decisions. This failure also reduces the confidence that can be placed in the commitment of Federal Reserve officials to eradicate redlining and other lending discrimination.

In addition, the Federal Reserve, which is our nation's central bank, serves as a role model for other banking institutions. This role model has had Federal Reserve presidents serving five-year terms at each of the twelve Federal Reserve Banks since the central bank was established by an act of Congress in December 1913. In all this time, there have been 110 Federal Reserve Bank presidents, yet there has never been a minority Federal Reserve Bank president and only once a woman. Each president of a Federal Reserve Bank is elected by a ninemember board of directors and then the appointment is subject to the approval of the Board of Governors in Washington. Six of the nine members on each board of directors are elected by private banks in the district, which are officially member banks of the Federal Reserve System. Thus, the presidents have a banker constituency. The result is not difficult to determine. The presidents of the Federal Reserve Banks since 1913 are primarily bankers and their friends. The dismal record in selecting women and minorities is a strong sign of the closed nature of this group.

President Clinton has made a commitment to diversity in the Federal government by appointing women and minorities to top positions within the Administration. On April 14, 1993, I wrote the President urging him to include the Federal banking agencies and the Federal Reserve in this effort. In addition, I provided the President the response from Chairman Greenspan regarding the Federal Reserve Board's salary compensation with respect to women and minority employees. Of the 34 staff members of the Board of Governors carning over $125,000 in 1993, only one is a woman and one is listed as "non-white." The Board of Goverors reported to me that twelve staff members earn $161,800 which exceeds the 1993 pay of cabinet officers ($148,400). None of these twelve is a woman or a minority person. The Federal Reserve Banks have 82 staff employees earning over $125,000 per year of whom only 14 are women and 3 are listed as "non-white." Unfortunately, I have yet to receive a response from the President.

It is my hope that the continuing efforts to monitor and evaluate the Federal Reserve's employment practices will highlight this Committee's commitment to ensuring equal employment opportunity. Discrimination in hiring and promotion of women and minorities at the Federal Reserve will not be tolerated.

mend this report to your attention. With warmest personal regards, I remain

Harry Suzales

Henry B. Gonzalez
Chairman

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