The first vice president and chief operating officer works closely with the president and chief executive officer to establish strategic direction for the Bank and ensure coordination with other Reserve Banks and Federal Reserve System-wide efforts. He or she is charged with overseeing the operations and activities of many functional areas of the Bank and other national responsibilities on behalf of the Federal Reserve System. The first vice president works directly with the Board of Directors, as well as business, civic, community, and other public constituencies. In the absence of the Bank's president, the first vice president serves as chief executive officer.

The first vice president of a Federal Reserve Bank is appointed for a term of five years. The terms of all 12 Reserve Bank presidents and first vice presidents run concurrently, ending on the last day of February of years numbered 6 and 1 (for example, 2021 and 2026). Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term.

The process for selecting a Federal Reserve Bank first vice president is set forth in Section 4 of the Federal Reserve Act. The first vice president is appointed by the Reserve Bank's Class B and C directors (those directors who are not affiliated with a supervised entity), subject to the approval of the Federal Reserve Board of Governors.

To conduct the search, the Reserve Bank's Board of Directors forms a search committee, which hires a search firm to help identify a broad, diverse, highly qualified candidate pool. The committee will make its selection from a large, nationwide pool of candidates, from both within and outside the Federal Reserve System, who meet the position's qualifications.

The search committee will ensure that potential candidates are informed, prior to being interviewed, of restrictions concerning financial holdings, compensation, outside activities, and other matters that may influence their interest in the position. The Boston Fed's Code of Conduct outlines its principles and standards for employee conduct, including rules for avoiding actual and apparent conflicts of interest. The Federal Reserve System is committed to upholding the highest ethical principles to strengthen public confidence in the impartiality of its decision-making processes.

As described in the position description: The search committee seeks candidates who have extensive experience in leading and managing large teams and budgets in a complex matrix organization; the attributes, skills, and vision to assist the Bank in executing and enhancing the Bank's role as an innovative thought leader, policymaker, payments services provider, and community leader; and demonstrated people management, collaboration, and communication skills, among other attributes.

There is no predetermined timeline. The search committee plans to choose the right person from a deep pool of candidates with diverse experiences and backgrounds.