The Federal Reserve Bank of Boston announced Wednesday that University of Michigan economist Dr. Susan M. Collins will serve as its new president, CEO, and representative on the Federal Open Market Committee after what the bank called a "rigorous search."
Dr. Collins currently serves as the university's provost, executive vice president for academic affairs, and as a professor of public policy and economics. She is an international macroeconomist.
"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.
"Dr. Collins brings the technical expertise and insight to contribute to policymaking and the leadership ability to head the organization," continued Paxson, who led the presidential search committee. "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."
"It is an honor and an inspiration to serve as the Boston Fed’s next president," Collins said in a statement. "Throughout my career, I have been driven by a commitment to leveraging research, education, and public service to improve lives. I look forward to helping the Bank and System pursue the Fed’s dual mandate from Congress – achieving price stability and maximum employment."
The search for a new Boston Fed chief was launched following former president Eric Rosengren's announcement in September that he would be stepping down early for health reasons, after he and other high-level Fed officials drew the attention of critics for making stock trades that drew scrutiny.
Since Rosengren's departure, Kenneth Montgomery has served as interim president and CEO, a role he will remain in until Collins takes the helm on July 1.