Press Release:
Boston Fed Announces 2012 Board of Directors

January 26, 2012
Contact: Thomas L. Lavelle, Vice President and Public Information Officer, 617-973-3647, or Joel Werkema, Assistant Vice President, 617-973-3510

The Federal Reserve Bank of Boston announced the election of three new members to its Board of Directors and the reelection of a current member.

New Members

Peter L. Judkins has been elected a Class A Director of the Federal Reserve Bank of Boston. Mr. Judkins is President and Chief Executive Officer of Franklin Savings Bank. Mr. Judkins is currently the Chairman of the Maine Bankers Association and most recently was a member of the Federal Reserve Bank of Boston's Community Depository Institutions Advisory Council. He is a member of the boards of the Franklin Community Health Network and Ski Museum of Maine, and Treasurer of The Greater Franklin Economic Development Corporation.

Roger S. Berkowitz has been elected a Class B Director of the Federal Reserve Bank of Boston. Mr. Berkowitz is President and Chief Executive Officer of Legal Sea Foods, LLC. Mr. Berkowitz is a member and past president of the Massachusetts Restaurant Association and serves on the leadership council at the Harvard School of Public Health, the Regional Selection Panel for the President's Commission on White House Fellowships, and on the boards of Dana-Farber Cancer Institute, Boston's Children's Hospital, UNICEF, Boston Children's Museum, Environmental League of Massachusetts, and the Blue Frontier Campaign. He is a member of the Board of Overseers of the Brandeis International Business School and is a Trustee of Salem State College. Most recently he was a member of the Federal Reserve Bank of Boston's New England Advisory Council.

Gary L. Gottlieb, M.D., M.B.A., has been elected a Class B Director of the Federal Reserve Bank of Boston. Dr. Gottlieb is President and Chief Executive Officer of Partners HealthCare System Inc. in Boston. Dr. Gottlieb is a Professor of Psychiatry at Harvard Medical School and a Robert Wood Johnson Foundation Clinical Scholar.

Re-elected Member

Kathryn G. Underwood has been reelected a Class A Director of the Federal Reserve Bank of Boston. She is President and Chief Executive Officer of Ledyard National Bank. Ms. Underwood has been a director of the Federal Reserve Bank of Boston since 2009 and is currently the Chair of the Audit Committee. She is also a member of the Boards of Kendal at Hanover, the Independent Community Bankers of America, and the Hanover Chamber of Commerce. Additionally she is Chair of the New Hampshire Bankers Association and a member of the Upper Valley Corporate Council.

The remainder of the Board of Directors includes

Kirk A. Sykes, Chairman and Class C Director, is President of the Urban Strategy America Fund, L.P. Mr. Sykes is a Commissioner on the City of Boston's Civic Design Commission. He also serves as Vice Chairman of the Real Estate Executive Council; as Advisory Board Member of the Northeastern University School of Public Policy and Urban Affairs; and on the Board of the Suffolk University Law School Rappaport Center for Law and Public Service.

William D. Nordhaus, Deputy Chairman and Class C Director, is Sterling Professor of Economics at Yale University. Mr. Nordhaus who has been on the Yale faculty since 1967, also teaches in Yale's School of Forestry and Environmental Studies. He is on the research staff of the National Bureau of Economic Research, the Cowles Foundation for Research, and is a senior advisor of the Brookings Panel on Economic Activity. He serves on the Congressional Budget Office Panel of Economic Experts and was the first Chairman of the Advisory Committee for the Bureau of Economic Analysis. Mr. Nordhaus is a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences.

Catherine D'Amato, a Class C Director, is President and Chief Executive Officer of The Greater Boston Food Bank, New England's largest nonprofit hunger-relief organization and food distribution business. Before coming to the Boston agency in 1995, she had been the chief executive at food banks in Western Massachusetts and San Francisco. Ms. D'Amato currently serves on the Board of Directors of the Boston Foundation, the Massachusetts Food Association, and Basic Health International. She was named Vice Chair of the Boston Foundation's board of directors in 2009. She also serves on the Massachusetts Grocery Access Task Force and the Pinnacle Leadership & Team Development Advisory Board.

John F. Fish, a Class B Director, is Chief Executive Officer of Suffolk Construction Company, Inc., a privately held firm that provides preconstruction, construction management, design/build and general contracting services to healthcare, education, science/technology, government and commercial clients throughout the United States. Mr. Fish is founder and chairman of the Red and Blue Foundation, Suffolk Construction's non-profit initiative. He is a trustee of Beth Israel Deaconess Medical Center and serves on the executive committees of the Greater Boston Chamber of Commerce, Jobs for Mass, the Boston Plan for Excellence, and the Private Industry Council.

Richard E. Holbrook, a Class A Director, is Chairman and Chief Executive Officer of Eastern Bank Corporation and of Eastern Bank and its subsidiaries. Eastern is the largest and oldest mutual bank in the country. Mr. Holbrook serves on the executive committees of the Boston Chamber of Commerce and as a director of the Massachusetts Bankers Association and the American Bankers Association. He serves on the Massachusetts Governors Council of Economic Advisors, and is a director of Partners HealthCare, Inc., and chairman of the board of trustees of the North Shore Medical Center.

Federal Advisory Council Representative

Joseph L. Hooley, Chairman, President and Chief Executive Officer of State Street Corporation, has been appointed to a second one-year term by the Board of Directors as the Federal Advisory Council (FAC) representative for the First Federal Reserve District. The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts. The First Federal Reserve District comprises all of New England except Fairfield County, Connecticut.


The Federal Reserve Act requires that each Reserve Bank has nine directors. Three Class A directors represent member banks in the district; three Class B directors and three Class C directors are selected with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. The Member banks elect Class A and Class B directors. The Board of Governors of the Federal Reserve System in Washington, D.C. appoints Class C directors and from this group designates the Chair and Deputy Chair.

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Media Contacts

Tom Lavelle
617 973-3647
Thomas.L.Lavelle@ bos.frb.org

Joel Werkema
617 973-3510
Joel.Werkema@bos.frb.org

Lucy Warsh
617 973-2989
Lucy.Warsh@bos.frb.org