Suzanne M. collinseconomist trained at MIT and Harvard, is the first woman of color to be named president of the Federal Reserve Bank of Boston.
According to boston globeCollins is the first woman of color and the second woman to be selected to lead one of 12 regional federal branches since the central bank system was created.
Collins will join the Federal Reserve from the University of Michigan, where she served as provost and executive vice president for academic affairs after serving a decade as dean of its Gerald R. Ford School of Public Policy.
The Federal Service Committee in Boston has made it a point to seek out a minority candidate. Collins’ appointment means that three people of color currently run regional federal banks. The other two are in Atlanta and Minneapolis.
Lisa Lynch, a Brandeis University professor and former president of the Boston Fed, praised Collins’ selection.
“It’s a brilliant nomination,” Lynch told the World. “She’s a proven leader.”
Once she takes office, Collins, like other regional Fed chairs, will serve on the Federal Open Market Committee (FOMC) where she will vote on interest rates and other policy decisions on a rotating basis. one year this year and again in 2025.
The FMOC’s goal is to promote full employment and stable consumer prices, which has become difficult since the COVID-19 pandemic upended the labor market as prices for everything from lumber to grain , continue to rise due to inflation.
Collins said in an interview that she would focus on traditional Fed issues, such as the labor market, as well as community initiatives, including banks. Collins also knows Boston. She graduated from Harvard in 1980 and MIT in 1984 before returning to Harvard to teach.
The Harvard alumnus’ academic research has focused on economic growth, exchange rates and the globalization US labor markets. Collins will replace Eric Rosengrenwho retired suddenly amid controversy over personal investment trading.