The Federal Reserve Bank in Boston has named its new leader.
Dr. Susan M. Collins, Ph.D., currently provost at the University of Michigan, will take over on July 1. Collins will be president and CEO.
“As president, she will oversee the Bank’s responsibilities in monitoring local economic conditions to aid in the formulation of monetary policy, engaging in outreach to promote economic growth and community revitalization, supervising banks and bank holding companies, and providing financial services to facilitate banking operations,” according to a statement from the Federal Reserve Bank.
“After an intensive search, we are thrilled to appoint this exceptionally well-qualified person to be the Bank’s president and a key leader in the Federal Reserve System,” said Dr. Christina Paxson, president of Brown University and chair of the Bank’s Board of Directors, who also led the Presidential Search Committee.
Collins is familiar with Boston.
She earned her undergraduate degree at Harvard University and earned her Ph.D. at the Massachusetts Institute of Technology, while serving as an assistant and then associate professor of economics at Harvard.
“Dr. Collins brings the technical expertise and insight to contribute to policymaking and the leadership ability to head the organization,” Paxson said. “She is deeply committed to serving the public, engaging with constituents, and advancing economic stability, opportunity, and prosperity for the region and nation through the work of the central bank. Susan has also advanced diversity, equity, and inclusion through her work with the American Economic Association, the Ford School, and the University of Michigan.”
Collins will fulfill the remainder of the current five-year term that commenced on March 1, 2021, and ends on February 28, 2026.
“We are very pleased that Dr. Collins will be leading our organization,” said Kenneth Montgomery, interim president and CEO of the Boston Fed and the Bank’s first vice president. “She is a leader with exceptional background and perspective. She also has a deep understanding of the Federal Reserve System’s inner workings, having served for nine years as a director at the Chicago Reserve Bank.”
“Given the established rotation of Reserve Banks, in 2022 Collins will be a voting member of the Federal Open Market Committee after taking office,” according to a statement from the Federal Reserve Bank.
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