Yellen pledges to improve Fed's workplace diversity

Markets Associated Press

Chair Janet Yellen says she is committed to increasing diversity throughout the Federal Reserve system, including the ranks of senior leadership.

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Speaking by video conference to a conference of minority bankers in Kansas City, Yellen says that the Fed will benefit from greater diversity, and commercial banks will be better off with a more diverse workforce.

"I am committed to improving diversity throughout our organization," Yellen says. "Improving diversity requires effort and constant focus."

The Fed is coming under increased pressure from community activist groups to hire more minorities throughout the Fed system including its 12 regional banks.

She did not address the economy or interest rates in her prepared remarks.