Federal Reserve Chairman Jerome Powell is facing pressure from both Senate Democrats and Republicans over how the heads of 12 regional Fed banks and their board members are selected.
On Tuesday, Senate Democrats, including Ohio Sen. Sherrod Brown, chairman of the Senate Committee on Banking, Housing and Urban Affairs, and New Jersey Sen. Robert Menendez, a senior member of that panel, wrote to Mr. Powell, asking the Fed to move more into the leadership ranks of its regional banks. Diversity is needed.