Boston Fed President Cathy Minehan Announces Retirement from the Bank Boston Fed President Cathy Minehan Announces Retirement from the Bank

January 11, 2007
Contact: Thomas L. Lavelle, Vice President and Public Information Officer, (617) 973-3647 or
Joel Werkema, Assistant Vice President, (617) 973-3510

BOSTON - Cathy E. Minehan, president and chief executive officer of the Federal Reserve Bank of Boston, announced today that she will retire from the Bank in 2007. Ms. Minehan has headed the Boston Fed since 1994, and joined the Federal Reserve Bank of New York in 1968.

"I am proud of my service at the Federal Reserve Bank of Boston, and earlier at the New York Fed," she said. "The Federal Reserve System plays a vital role in contributing to the health of the U.S. economy. I have been honored to be a part of its activities for virtually 40 years, and especially to have been the President of the Federal Reserve Bank of Boston. I deeply value the relationships I have developed within New England and at the Bank over the years. I also believe the Boston Fed is well positioned to continue its tradition of outstanding service to the region, the Federal Reserve System, and the nation."

"At this point in my life, however, I have decided that the time is right to move on in the interests of broadening and diversifying my career. I have no specific future plans beyond continuing my involvement in non-profit activities, and will not consider any opportunities until my successor is in place. I look forward to actively leading the excellent staff of the Bank and serving on the Federal Open Market Committee until the selection process is complete."

Federal Reserve Chairman Ben Bernanke said "In nearly forty years of service - first at the Federal Reserve Bank of New York and then in Boston - Cathy Minehan demonstrated exemplary leadership and keen insight across a broad range of the Fed's work, including monetary policymaking, banking supervision, and payments policy. We will miss her."

Lisa M. Lynch, chairman of the Bank's board of directors and the William L. Clayton Professor of International Economic Affairs at Tufts University's Fletcher School of Law and Diplomacy, will form and chair a search committee made up of Bank directors. Professor Lynch said, "Cathy has made numerous contributions to the Federal Reserve System. Over her remarkable career she has overseen significant transitions in the Bank, especially as it incorporated new technology into its payments operations; she guided the development of System-wide consolidated service agreements across the regional Reserve Banks; and has been a leader in civic and community affairs in New England." President Minehan's civic involvements range from her support for the Boston public schools and the work of the Private Industry Council, to her leadership at the United Way of Massachusetts Bay, and her many areas of engagement with business and civic leaders in addressing the economic challenges facing the region. Lynch added, "We wish her well as she pursues new career opportunities and will work hard to ensure that we find an equally qualified successor."

Dr. Samuel Thier, M.D., a director on the Bank's board, its former chairman, and Professor of Medicine and Health Care Policy at Harvard Medical School, noted that Cathy led the Bank during a challenging period characterized by dramatic changes in world events, the economy and technology. "As a leader, she could call on her in-depth knowledge of the Federal Reserve's functions and their interrelationships with the financial system and economy. In addition to serving as the Bank's president, Cathy led key System groups such as the Financial Services Policy Committee and the Conference of Presidents."

The Federal Reserve Bank of Boston is one of the twelve regional Banks in the Federal Reserve System, and serves the First District, which encompasses all six New England states with the exception of Fairfield County in Connecticut. As part of the U.S. central bank, the Boston Fed participates in the formulation of national monetary policy, supervises banking organizations, provides payment and other services to financial institutions and the U.S. Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition the Bank supports the well-being of New England communities through a wide array of research, outreach, and educational activities.