Given that background, the appointment of Bostic marks a historic, if expected, moment: the first African American to become a regional Fed president in the history of the institution. Bostic, a professor of public policy at University of Southern California and former housing official in the Obama administration, was rumored to be the frontrunner for the job in early March. The process was closely watched by Congress as well as advocacy and labor groups, who cheered the appointment. Many have said that the appointment of Bostic to lead the Federal Reserve Bank of Atlanta, a city that’s 54 percent African American, is particularly notable.

The concern for diversity at the Fed is similar to the current focus on diversity at major companies and organizations in the U.S., with the idea that different perspectives are important when it comes to decision-making. But having differing points of view and adequate representation in the Fed is important for a number of reasons. First, the Fed’s regional bank presidents vote to determine America’s monetary policy, which has huge implications for everyone in the economy. And besides monetary policy, Fed presidents are also responsible for other extremely important tasks such as determining important bank regulations and directing publicly-funded economic research. The lack of diversity within the Fed’s system can mean that entire swaths of America aren’t adequately represented when those crucial decisions are made.

For those calling for more diversity at the Fed, Bostic’s appointment is a step in the right direction, but they still want to see more. The Fed Up campaign argues that the public should be part of the Fed selection process. And Joyce Beatty, a Democratic Ohio Congresswoman, proposed a bill on the issue that seeks to introduce the NFL’s “Rooney Rule” into the Fed’s selection process, which would require that one minority candidate is considered when filling vacancies in hopes of increasing diversity (though there’s some dispute about whether the rule is working for the NFL long-term). One thing’s for sure: Next time a Fed president retires, the discussion about diversity is sure to resurface.

We want to hear what you think about this article. Submit a letter to the editor or write to letters@theatlantic.com.