An open letter and video message to constituents in the six New England states from Susan M. Collins, President and CEO of the Federal Reserve Bank of Boston
Representing the First District of the Federal Reserve System
It is a pleasure to share this message in my first weeks since joining the Federal Reserve Bank of Boston as president and CEO. Taking on this role is a tremendous responsibility and privilege, especially at this critical time for our economy.
The Boston Fed’s public service mission is deeply ingrained in its people. The mission to serve the public by supporting economic and financial resilience is what drew me, like so many others, to the Bank. It aligns with my own values and my experience, both as an economist and as a leader at a public university.
We do many things at the Boston Fed, all of which support our mandate – stable prices and maximum employment – and the goal of a vibrant, inclusive economy with a resilient, reliable financial infrastructure that supports economic participation for all.
At the Boston Fed, we will continue working hard to understand and make a difference on the economic issues that matter most. In addition to contributing to monetary policy and economic analysis, we will continue to ensure safe and sound banks, support economic development and opportunity, advance financial stability, and provide effective and innovative payments – including building the FedNow ServiceSM, a national instant payments system.
The First Federal Reserve District is made up of the six New England states (excluding Fairfield County, Connecticut). I look forward to traveling throughout New England and getting to know better the communities and people that call this region home. I plan to listen and learn about the economic experiences of New Englanders, and plan to gather perspectives from a wide range of stakeholders on how we can build on the strengths of the Boston Fed – and how we can serve the public even better.
This is a challenging time for our nation’s economy. While employment has bounced back from the deep pandemic shock, inflation is too high -- and addressing that is an essential priority for my colleagues and I. As a macroeconomist committed to public policy, I am eager to contribute to efforts to promote a strong economy with opportunities for everyone to participate, contribute, and prosper, in New England and the nation. We will be closely monitoring economic conditions in the region, and preparing to contribute to the policy discussions and decisions that achieve the central bank’s dual mandate.
I look forward to pursuing this role with engagement, outreach, accountability, and transparency as key areas of focus. I hope you will consider following our work and progress, whether on social media or our website, or by subscribing to our email updates.
Susan M. Collins