There wasn't a Black member of the Fed's board of governors until 1966. Part of the problem: too much emphasis on Ivy League economists.
Brainard will be nominated for vice chair. The two officials typically agree on monetary policy but sometimes diverge on regulation.
It seems that Shelton's chances at joining the Federal Reserve’s Board of Governors are narrowing.
The economy has been "pretty healthy," she says, but the shutdown is one of the downside risks the Fed is watching.