New York Fed president: Legacy admissions to colleges is hurting economic mobility


William Dudley, the president of the Federal Reserve Bank of New York, criticized legacy admissions in a speech Friday. Higher education is supposed to be a stepping stone to a better life — a fast track to achieving the American Dream. But the admissions policies of elite colleges are standing in the way of poor students’ ability to achieve that kind of economic mobility, according to one influential economist.

In a speech at a New York City event focused on financial literacy and economic education, William Dudley, the president of the Federal Reserve Bank of New York, decried elite […]