Jamaican-American is Chairman, CEO of the Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston announced Dr. Susan M. Collins as the next President, CEO and participant in the development of national monetary policy on the Federal Open Market Committee.
Collins is currently provost and executive vice president of academic affairs at the University of Michigan – a role the university asked her to take on in 2020. She is also the Edward M. Gramlich Collegiate Professor of Public Policy and Professor of economy.
As provost, Collins is the University of Michigan’s director of studies and budget, responsible for overseeing all academic programs and budget planning and aligning administrative and support functions to advance the mission of the University. university. Previously, she was a professor — and served for a decade as Dean Joan and Sanford Weill — at the university’s Gerald R. Ford School of Public Policy.
Collins is an international macroeconomist with a lifelong interest in politics and its impact on living standards. She has published numerous articles and has served as rector, dean, professor, researcher and board member of various organizations.
The announcement follows rigorous research, selection by eligible (non-banker) members of the Bank’s Board of Directors, and approval by the Board of Governors of the Washington-based Federal Reserve System.
“After an intensive search, we are delighted to appoint this exceptionally qualified individual as President of the Bank and key leader of the Federal Reserve System,” said Dr. Christina PaxsonPresident of Brown University and Chairman of the Bank’s Board of Trustees, who also led the Presidential Search Committee.
“Dr. Collins brings the technical expertise and insight needed to contribute to policy development and the leadership capacity to lead the organization,” Paxson said. “She is deeply committed to serving the public, engaging with her constituents and to advance economic stability, opportunity and prosperity for the region and the nation through the work of the central bank.Susan has also advanced diversity, equity and inclusion through her work with the American Economic Association, the Ford School and the University of Michigan.
“It’s an honor and an inspiration to be the next Boston Fed President,” Collins said. “Throughout my career, I have been driven by a commitment to leverage research, education and public service to improve lives. I look forward to helping the Bank and the System pursue the dual mandate given to the Fed by Congress – to achieve price stability and maximum employment.
“I am also inspired by the portfolio of important and innovative work underway at the Boston Fed,” Collins said. “I am thrilled to have the opportunity to lead such a dynamic organization, to engage with its talented staff, and to work with its constituents – to understand their economic challenges and help explain the Fed’s work in the economy. It will also be a pleasure to return to Greater Boston and New England.
Collins spent many years in the Boston area while earning his undergraduate degree at Harvard University (summa cum laude), earning his doctorate. at the Massachusetts Institute of Technology, and when he was assistant and then associate professor of economics at Harvard. She has also worked in Washington in roles including Senior Economist at the President’s Council of Economic Advisers, Professor at Georgetown University, Senior Fellow in Economic Studies at the Brookings Institution, and Visiting Fellow at the International Monetary Fund.
Collins will assume the Bank’s presidency on July 1, following the end of the academic year at the University of Michigan. Montgomery will remain acting president of the bank until then and continue as senior vice president and chief operating officer. He assumed the role of interim president last fall when former president Eric Rosengren retired after 35 years with the Bank (14 as president). Montgomery will also continue to lead the Federal Reserve’s FedNow.SM Service, which will support instant payments for businesses and individuals.
In addition to positions held in the Boston, Washington and Michigan area, Collins has a wide range of professional affiliations and commitments. She is currently a member of the board (and executive committee) of the National Bureau of Economic Research based in Cambridge, Massachusetts, where she has been involved in research since 1984. She is a board member of the Peterson Institute for International Economics. and a nonresident principal investigator at the Brookings Institution. She will leave these functions before taking office. She is also a member of the Council on Foreign Relations and the Aspen Economic Strategy Group.
Collins served several times as a moderator at the Jackson Hole symposium hosted by the Kansas City Reserve Bank. And from 2006 to 2009, she was an elected member of the executive committee of the American Economic Association. Previously, she was a member and then chair of the American Economic Association’s Committee on the Status of Minority Groups in the Economics Profession. More details on his professional affiliations can be found in his biography.
Collins grew up in New York City to Jamaican parents and became a US citizen in 1997. She is married to Dr. Donald R. Vereen, Jr., MD, MPH, who trained at Harvard and Tufts universities and medical institutions in the Boston area. . They have two adult children.
His published research has focused on the determinants of economic growth, exchange rate regimes and economic performance, the implications of global integration for U.S. labor markets, persistent macroeconomic imbalances, and countries’ economic transformations.
Given the established Reserve Bank rotation, in 2022 Collins will be a voting member of the Federal Open Market Committee after taking office. As President, she will oversee the Bank’s responsibilities in monitoring local economic conditions to assist in the formulation of monetary policy, engaging in outreach to promote economic growth and community revitalization, overseeing banks and bank holding companies and providing financial services to facilitate banking.
Collins will serve the remainder of the current five-year term which began March 1, 2021 and ends February 28, 2026 – a time when she, like all Reserve Bank presidents, will be considered for renomination through a rigorous process. and complete. process overseen by the Board of Governors.
Reserve bank presidents are subject to mandatory retirement considerations. Presidents initially appointed after age 55 are eligible for a maximum of 10 years in office.