- On October 25, the search committee and search firm held meetings with three of the Boston Fed’s advisory councils (the New England Advisory Council, the Community Development Advisory Council, and the External Diversity Advisory Council) to gather input and perspective on the attributes and skillsets that advisory group members see as important in the next Boston Fed president.
- Between October 12 and 18, to complement the public announcement of the search and the work of the search firm, the search committee sent outreach messages to approximately 500 parties – seeking input on desired characteristics in candidates; inviting referrals, nominations, and applications; and encouraging sharing of the opening within networks. The outreach extended to representatives of a wide variety of entities including: business groups and networks; nonprofit and advocacy organizations; banking and finance organizations and associations; labor unions; higher education institutions (including Historically Black Colleges and Universities, state universities in New England, and programs in economics and public policy); think tanks and other research organizations; philanthropic entities; individuals and organizations engaged in economic development; Federal Reserve System leaders; Boston Fed staff; former board of directors members and former Reserve Bank presidents; and current and former members of Boston Fed non-banker advisory councils.
- The board chair and deputy chair discuss the search goals and priorities in the short video “Selecting the next president of the Federal Reserve Bank of Boston,” posted October 12.
- On October 12, the search was formally launched with extensive outreach notifying subscribers, constituents, elected officials, media, and the public. All outreach registered the search committee’s interest in input, feedback, nominations, referrals, and applications.
Eric Rosengren announced his retirement as Federal Reserve Bank of Boston President, effective September 30, 2021.
The Boston Fed’s board of directors formed a search committee, consisting of directors who are not members of the banking industry, in keeping with U.S. law and the Bank’s bylaws. The committee is conducting a rigorous nationwide search to identify a broad and diverse pool of highly qualified candidates, with support from the executive-search consultancy Spencer Stuart.
The search involves extensive outreach aiming to gather stakeholder feedback and input, as well as nominations and applications. After interviewing top candidates, the Bank's Class B and C directors will appoint the new president, subject to approval by the Board of Governors of the Federal Reserve System.
Christina Hull Paxson, president of Brown University and chair of the Bank’s Board of Directors, will also chair the search committee, which includes all six non-banker directors.
Learn more about how Federal Reserve Bank presidents are selected, and the roles and responsibilities of the Banks and their leaders, in this short video:
Frequently Asked Questions
What role does the public play in the selection of a Reserve Bank president?
The Bank and the Search Committee welcome and encourage public input, nominations, and feedback during the search, as part of the commitment to fostering a transparent and accessible process. We’ll be as open and transparent about the search as we can, while of course affording the ability for applicants to apply confidentially.
- Input, comments, and questions: Those wishing to provide input to the Search Committee (for instance, on desired attributes in the Bank’s next president) are invited to write in using the following mailbox, BostonFedPresidentialSearch@bos.frb.org. Also, questions not addressed in the FAQs can be directed to that mailbox.
- Applications, nominations, or referrals: Separately, anyone who wishes to be considered for the position or formally nominate someone should communicate directly with Spencer Stuart via email@example.com
What is the role of the president of the Federal Reserve Bank of Boston?
The president of a Federal Reserve Bank is its chief executive officer. The president is responsible for all Bank activities, including monetary policy, bank supervision and regulation, community outreach and development, and payments services and technologies. In addition, the president serves on the Federal Reserve System's monetary policymaking body, the Federal Open Market Committee.
Who is leading the Federal Reserve Bank of Boston now that Eric Rosengren has retired?
In accordance with the Federal Reserve Act, Boston Fed’s First Vice President and Chief Operating Officer Kenneth C. Montgomery assumed the duties of the president on an interim basis beginning October 1, 2021.
Ken represents the Boston Reserve Bank at the Federal Open Market Committee and ensures that all of the vital functions and responsibilities of the Boston Fed continue to be carried out until a new bank president is appointed.
How is a Federal Reserve Bank president selected?
The process for selecting a Federal Reserve Bank president is detailed in the Federal Reserve Act.
To conduct the search, the Reserve Bank's board of directors forms a search committee composed of Class B and C directors (those directors who are not bankers). That committee usually hires a search firm to help identify a broad, diverse, highly qualified candidate pool. The committee considers a nationwide pool of qualified candidates, inside and outside the Federal Reserve System. The president is then appointed by the Reserve Bank's Class B and C directors, subject to the approval of the Federal Reserve Board of Governors, who generally interview the final candidate.
(For more details, see federalreserve.gov/faqs/how-is-a-federal-reserve-bank-president-selected.htm.)
What is the timeline for selecting a Federal Reserve Bank president?
The search committee is now focused on identifying a highly qualified pool of candidates. The search committee’s priority is to identify the most highly qualified candidates and follow the process through to appointing the next president and CEO, in consultation with the Board of Governors. Finding the right leader is the priority, not meeting a specific date.
What are the responsibilities of a Federal Reserve Bank president, and what attributes should they possess?
The job description posted on this website covers the responsibilities and attributes the Search Committee is seeking for the next president of the Bank. In addition, the Board of Governors website describes the responsibilities of Reserve Bank presidents, and notes the characteristics of ideal candidates. These include:
- Guiding the Bank's economic research and gathering economic intelligence
- Providing insights to Federal Open Market Committee policy discussions
- Communicating clearly about monetary policy
- Being a strong chief executive officer of the Bank
- Ensuring the Bank maintains an effective system of bank supervision by faithfully carrying out its delegated authority from the Board of Governors
- Making strong personal contributions to matters requiring collective System action or direction.
What is the length of term of a Federal Reserve Bank president?
The president of a Federal Reserve Bank is appointed for a five-year term. The terms of all the presidents of the 12 District Banks run concurrently and end on the last day of February of years numbered 1 and 6 (for example, 2021 and 2026). The appointment of a president who takes office after a term has begun ends upon the completion of that term. A president of a Reserve Bank may be reappointed after serving a full term or an incomplete term.
Reserve Bank presidents are subject to mandatory retirement at age 65. However, presidents initially appointed after age 55 can, at the option of the board of directors, be permitted to serve until attaining 10 years of service in the office or until age 75, whichever comes first.
What does the Boston Fed do?
Mission and Values
At the Boston Fed, our mission is to promote a strong, resilient, and inclusive economy and financial system for New England. We strive to do the right things in the right ways and take appropriate risks to achieve our goals.
Here’s what we value:
We always put the public interest first, and partnering with our Bank colleagues, do the right things in the right
We make leadership contributions that advance the Federal Reserve’s mission and significantly impact the System and our communities. We value leadership skills and behaviors across the organization.
Diversity, Equity, and Inclusion
We strive to create a culture of equity and inclusion that values and maximizes the benefits of our diversity of background and perspectives. We believe this encourages the best contributions from all employees and improves our effectiveness.
We invite different perspectives, embrace change, explore and experiment with new ideas, and continually pursue creative ways to accomplish our goals.