Group of lawmakers says Fed fails to diversify leadership

WASHINGTON (AP) — A group of Democratic senators and House members complained Thursday that the Federal Reserve has failed to meet its obligation to build a diverse leadership that includes enough women and minorities, and it wants Chair Janet Yellen to remedy the issue.

The lawmakers said a more inclusive leadership that properly reflects gender, race, ethnicity, occupation and economic background is needed to ensure fairness in Fed policy.

In its search for directors who oversee the Fed's 12 regional banks for terms next year, the Fed's board of governors should cast a wider net for African American, Latino and female candidates, as well as qualified people from labor, consumer and community organizations, the lawmakers told Yellen.

A Fed spokesman, David Skidmore, responded that the central bank is "committed to fostering diversity — by race, ethnicity, gender and professional background — within its leadership ranks."

The senators signing the letter include Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, who is challenging front-runner Hillary Clinton for the Democratic presidential nomination.