Federal Reserve Bank of Boston

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Federal Reserve Bank of Boston
Federal Reserve Seal
Federal Reserve Seal
Headquarters
Headquarters
HeadquartersFederal Reserve Bank Building
600 Atlantic Avenue
Boston , Massachusetts, USA
EstablishedMay 18, 1914 (108 years ago) (1914-05-18)
PresidentSusan Collins
Central bank of
First District
Preceded byEric S. Rosengren
Succeeded bySusan Collins
Websitebostonfed.org
The Federal Reserve Bank of Boston is one of twelve regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County.[1][2][3] It has been headquartered since 1977 in the distinctive 614-foot (187 m) tall, 32-story Federal Reserve Bank Building at 600 Atlantic Avenue, Boston. Designed by architecture firm Hugh Stubbins & Associates, the tower portion of the building is suspended between two towers on either side. From 1922 to 1977, the bank's headquarters were located at 250 Franklin Street, currently occupied by the Langham Hotel Boston.

The code of the Bank is A1, meaning that dollar bills from this Bank will have the letter A on them. Its current president is Susan Collins. The Boston Fed describes its mission as promoting "growth and financial stability in New England and the nation".[4] The Boston Fed also includes the New England Public Policy Center.[5]

This building was designated a Boston Landmark by the Boston Landmarks Commission in 1978.

Board of Directors[edit]

The following people serve on the board of directors as of July 2022.[6] Terms expire on December 31 of their final year on the board.[6]

Map of the First District

Class A[edit]

Class A
Name Title Term Expires
Bruce Van Saun Chairman and Chief Executive Officer
Citizens Financial Group
Stamford, Connecticut
2022
Jeanne Hulit President and Chief Executive Officer
Maine Community Bank
Biddeford, Maine
2023
Sushil K. Tuli Chairman and Chief Executive Officer
Leader Bank, N.A.
Arlington, Massachusetts
2024

Class B[edit]

Class B
Name Title Term Expires
Lizanne Kindler Chief Executive Officer
Talbots
Hingham, Massachusetts
2022
Kimberly Sherman Stamler President
Related Beal
Boston, Massachusetts
2023
Lauren A. Smith, MD Chief Health Equity and Strategy Officer
CDC Foundation
Boston, Massachusetts
2024

Class C[edit]

Class C
Name Title Term Expires
Christina Paxson

(Chair)

President
Brown University
Providence, Rhode Island
2022
Roger W. Crandall Chairman, President, and Chief Executive Officer
MassMutual Financial Group
Springfield, Massachusetts
2023
Corey E. Thomas

(Deputy Chair)

Chairman and Chief Executive Officer
Rapid7, LLC
Boston, Massachusetts
2024

Governors and presidents[edit]

The position was installed under the title of “Governor” until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

In February 2022, Susan Collins was selected to become president of the Federal Reserve Bank of Boston, becoming the first Black woman and the first woman of color to lead any of the 12 regional Federal bank branches.[7]

# CEO Life span Term start Term end Tenure length
Governors
1 Alfred L. Aiken 1870–1946 November 25, 1914 December 20, 1917 3 years, 25 days
2 Charles A. Morss 1857–1927 December 20, 1917 December 31, 1922 5 years, 11 days
3 William P. G. Harding* 1864–1930 January 16, 1923 April 6, 1930 7 years, 80 days
4 Roy A. Young 1882–1960 September 1, 1930
Presidents
4 Roy A. Young 1882–1960 March 31, 1942 11 years, 211 days
5 William W. Paddock 1879–1957 April 1, 1942 May 1, 1944 2 years, 30 days
6 Ralph Flanders 1880–1970 May 1, 1944 February 28, 1946 1 year, 303 days
7 Laurence F. Whittemore 1894–1960 March 3, 1946 October 4, 1948 2 years, 215 days
8 Joseph A. Erickson 1896–1983 December 15, 1948 February 28, 1961 12 years, 75 days
9 George H. Ellis 1920–2005 March 1, 1961 June 30, 1968 7 years, 121 days
10 Frank E. Morris† 1923-2000 August 15, 1968 December 31, 1988 20 years, 138 days
11 Richard F. Syron 1943– January 1, 1989 March 31, 1994 5 years, 89 days
12 Cathy Minehan 1947– July 13, 1994 July 20, 2007 13 years, 7 days
13 Eric S. Rosengren 1962- July 20, 2007 September 30, 2021 14 years, 72 days
Kenneth Montgomery
Acting
September 30, 2021 July 1, 2022 274 days
14 Susan Collins July 1, 2022 present 35 days
Stepped down due to reaching retirement age
* Died in office

Image gallery[edit]

See also[edit]

References[edit]

  1. ^ Second Federal Reserve District Banking Markets
  2. ^ "Eric S. Rosengren:President Federal Reserve Bank of Boston". Federal Reserve Bank Presidents. Board of Governors of the Federal Reserve System. January 28, 2009. Retrieved 2009-02-24.
  3. ^ "FAQS:Federal Reserve Banks". Federal Reserve Bank of Richmond. Retrieved 2009-02-24.
  4. ^ "Press Release". Federal Reserve System. 2007-06-14. Retrieved 2017-02-02.
  5. ^ New England Public Policy Center
  6. ^ a b "Directors of Federal Reserve Bank of Boston". The Federal Reserve. August 5, 2017.
  7. ^ Edelman, Larry (2022-02-09). "Susan Collins becomes first Black woman, woman of color to lead Boston Federal Reserve Bank". The Boston Globe. Retrieved 2022-02-09.

External links[edit]