Boston Fed Presidential Search Committee releases summary of public outreach and input
Feedback emphasizes need for proven leadership qualities, economic expertise, inclusive style
The Federal Reserve Bank of Boston Presidential Search Committee on Tuesday released a report that summarized the public outreach, and input received, as it seeks a successor to former Boston Fed President and CEO Eric Rosengren, who retired this fall.
The report notes respondents want the new president to have – among other traits – strong economic expertise, an approachable and inclusive leadership style, a proven commitment to diversity, and an understanding of new technologies.
The Search Committee is led by Christina Paxson, president of Brown University and chair of the Bank’s board of directors. To gather input, the committee engaged external stakeholders (including more than 550 outreach contacts), members of the public, and the Boston Fed’s employees.
The Search Committee also collected public input through a dedicated email inbox, which will remain open as the search continues. Boston Fed staff and members of Spencer Stuart – a firm hired to assist in the presidential search – also played key roles in the outreach.
“Strong outreach reflects our commitment to a rigorous, broad, and inclusive search – which is vital for an influential position that serves the public,” the report reads.
“The Search Committee is committed to ensuring the Bank’s work continues to be characterized by excellence in nonpartisan service to the public,” the report says. “And we are carefully considering all input offered."
The document summarizes major themes given by respondents. Some excerpts follow:
- “Participants emphasized mission orientation; credibility at the Federal Open Market Committee (FOMC); a strategic and national mindset; strong managerial leadership; ability to influence (across complex stakeholder environment).”
- “A high degree of approachability, and knowing very well how to engage, interact, listen, and empathize; credibility and influence with policymakers and constituents; trustworthiness and integrity; and a keen focus on the New England region and economy.”
- “Some noted that the next president and CEO should have some comfort and technical knowledge related to cybersecurity and cryptocurrency, so he or she can be a voice for the future of the New England economy.”
- “Participants consistently noted the importance of the president being a champion for diversity and inclusion – and for diverse and inclusive thinking, perspective, background, and experience within the Federal Reserve Bank (and System)."
The Search Committee responded to the findings by updating the job description to include a somewhat sharpened emphasis on success championing diversity, connecting across constituencies (relationship-building), and showing proven leadership and credibility in policymaking.