Our Framework for Change Goals
Our Framework for Change is our commitment to taking action that will result in greater racial and ethnic equity in our organization and the communities we serve across the Federal Reserve’s Twelfth District. We are transparent about our goals, and will publish our progress annually so we are accountable to ourselves and to the public we serve.
Build an extensive body of research—based on both quantitative and qualitative data—that informs Americans on the economic impacts of racial equity and inequity.
- Break down data by race to go below the surface of aggregate indicators and provide a more holistic understanding of economic health.
- Support SF Fed and external researchers in examining the implications of racial equity for the economy and disseminating related ideas.
- Examine challenges and solutions promoting an inclusive financial system that enables equitable access to capital for all communities, including low-income communities and communities of color.
Expand the dialogue on the economic impact of racial equity and inequity, using our networks to deepen understanding and spark meaningful conversations while ensuring we engage with people who reflect the diverse communities of the Twelfth District.
- Escalate the frequency of our connections with community, business, and government representatives—from roundtable discussions and speaking engagements to one-on-one conversations—by 50% in 2022.
- Increase the number of collective and collaborative community events we host by 50% in 2022.
- Engage our employees to ensure they understand how equity is connected to our mission and stay aware of the actions the Bank is taking to promote equity in our organization and the communities we serve.
Broaden awareness around the economic impact of racial equity issues to inspire bold actions and ideas that drive a strong and healthy economy.
- Use our voice, platforms, and convening power to shine a light on the root causes of racial inequity in the United States.
- Broaden the external audiences we reach with an initial focus on Latinx communities across the Twelfth District.
- Build recognition of our organization as a model for the equity and inclusion necessary for our economy to thrive.
Evolve and implement policies and processes that advance our institutional equity goals, guard against the influence of potential individual biases, and help us fully reflect the communities we serve. We are doing this by:
- Taking multiple actions to enhance how we hire, develop, and reward our talent with the aim of fully reflecting the demographics of the Twelfth District.
- Targeting an annual spend to minority- and women-owned suppliers of $30 million by 2026 (a 36% increase over our diverse supplier spend in 2020).
- Improving the diversity of our Twelfth District Boards of Directors and Advisory Councils so that by 2025, they will reflect the diversity of the communities we serve.
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