Office of Minority and Women Inclusion
Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Reserve Bank of St. Louis' Office of Minority and Women Inclusion (OMWI) is responsible for developing standards and procedures to ensure the inclusion of minorities, women, and women-owned and minority-owned business in all activities of the Bank, including procurement and workforce diversity.
The Office of Minority and Women Inclusion is required to report annually to Congress on procurement activities, on recruiting and hiring practices as they relate to minorities and women, and on contracting with qualified minority-owned and women-owned businesses. Section 342 of the Dodd-Frank Act requires the St. Louis Fed to submit to Congress an annual report on its previous year's OMWI efforts.
The St. Louis Fed's report, released March 31, 2023, is the 12th such report since the creation of its OMWI in January 2011. The report details the St. Louis Fed's 2022 OMWI activities related to employment, procurement and financial literacy.
This information shows the racial/ethnic and gender makeup of Ph.D. economists and research assistants at the Federal Reserve Bank of St. Louis (as of Dec. 31, 2022). The Federal Reserve Board and Federal Reserve banks employ economists across a wide range of areas of expertise. Research assistants (RAs) are generally hired directly after undergraduate study and work alongside economists. RAs are usually in their positions for a few years and leave the role well suited to pursue a graduate degree—often in economics.
Learn how the St. Louis Fed Research Division is developing a more robust pipeline—from high school to graduate school—for students to enter and excel in the field of economics.
- 2021 OMWI report (PDF)
- 2020 OMWI report (PDF)
- 2019 OMWI report (PDF)
- 2018 OMWI report (PDF)
- 2017 OMWI report (PDF)
- 2016 OMWI report (PDF)
- 2015 OMWI report (PDF)
- 2014 OMWI report (PDF)
- 2013 OMWI report (PDF)
- 2012 OMWI report (PDF)
- 2011 OMWI report (PDF)
- 2021 Economist and Research Assistant Diversity Data (PDF)
- EEO-1 data now available for the Federal Reserve Bank of St. Louis: Each year, the St. Louis Fed makes the workforce data (EEO-1 data) it provides annually to the Equal Employment Opportunity Commission (EEOC) publicly available.
Federal Reserve Board Press Release: Federal Reserve Sets Up Diversity and Inclusion Offices
What is the Office of Minority and Women Inclusion?
The Office of Minority and Women Inclusion was established by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in order to ensure diversity in management, employment and business activities. The provision applies to several agencies, including each of the Federal Reserve banks and the Board of Governors of the Federal Reserve System. The office is responsible for all matters relating to diversity in management, employment and business activities at the Federal Reserve Bank of St. Louis.
What are the primary duties of the Office of Minority and Women Inclusion?
- Develop and/or implement diversity standards related to the Bank's programs and contracts.
- Advise the Bank's senior management regarding the impact of Bank policy on minority-owned and women-owned businesses.
- Implement recruiting efforts, internships and partnerships targeted toward minorities and women.
- Submit to Congress an annual report, including data on the percentage of contract expenditures to minority-owned and women-owned businesses, as well as information about the successes and challenges related to recruiting and hiring of minorities and women.
Does the St. Louis Fed have programs in place to foster diversity and inclusion in its hiring and recruiting efforts?
Yes. The St. Louis Fed views the Office of Minority and Women Inclusion's mission as a complement to its long-standing commitment to increasing diversity and inclusion in all of the Bank's activities, including recruiting and hiring.
How do OMWI requirements affect contracts with the Bank's suppliers?
The Office of Minority and Women Inclusion provision in the Dodd-Frank Act requires the Federal Reserve banks and others to include minority-owned and women-owned businesses to the maximum extent possible. The Federal Reserve Bank of St. Louis has a long-standing commitment to supplier diversity and views this office as an opportunity to advance these efforts.
The St. Louis Fed is a great place for you to begin a rewarding career that's filled with possibilities. We're committed to improving workforce diversity at all levels, because having a diverse staff strengthens both the St. Louis Fed and the communities we serve.
We seek to do business with a wide, diverse range of responsible suppliers for a variety of goods and services. We encourage the participation of small businesses and minority- and women-owned businesses to compete for procurement contracts.
For decades, the St. Louis Fed has been actively involved in developing and delivering economic and financial education programs to schools and educators throughout the Eighth District and nationwide. Because financial knowledge empowers consumers to make choices that will contribute to their well-being, we make a positive impact on inner-city, girls' and majority-minority schools.