The Federal Reserve Bank of Boston is welcoming 10 new members to its external advisory councils, the New England Advisory Council, the Community Depository Institutions Advisory Council, and the New England Community Development Advisory Council.

Council members come from private business, community organizations, and nonprofits and share real-time observations from their sectors and regions in the six New England states. This gives the Boston Fed on-the-ground perspectives on emerging economic conditions, challenges, and opportunities in communities and industries across the First District. The councils help strengthen the Bank’s understanding of the local business climate and inform its work to support a healthy and resilient economy.

“External advisory councils are vital because they give us direct access to the experiences of people and organizations throughout New England,” said Carlos Rincon, senior community development analyst at the Boston Fed. “Their perspectives help us spot trends early, understand challenges more deeply, and ensure our work reflects what communities are actually facing – not just what the data shows.”

The following is an overview of the councils and an introduction to each new member.

New England Advisory Council

The New England Advisory Council (or NEAC) consists of leaders from small and mid-sized businesses throughout the First District. The council provides policymakers with insights into the region's economic landscape, offering perspectives on important business factors such as employment trends, labor market activity, wages, pricing, and capital investment.

Community Depository Institutions Advisory Council

The Community Depository Institutions Advisory Council (or CDIAC) offers perspectives on economic issues, lending practices, and other banking activities. The council consists of 12 members and includes representatives from banks, thrifts, and credit unions with assets under $10 billion.

New England Community Development Advisory Council

The New England Community Development Advisory Council (or CDAC) includes members of the private, public, and nonprofit sectors who advise the president of the Boston Fed on community development matters, including its challenges and barriers. The council also shares its perspectives with the wider Federal Reserve System and recommends ways the Bank can enhance its support for communities across New England.