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Boston Fed President Rosengren retires nine months earlier than planned on September 30

Eric S. Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston

Keith Bedford | Reuters

Federal Reserve Bank of Boston Governor Eric Rosengren announced on Monday that he would retire nine months earlier than planned due to health concerns.

Retirement is scheduled for June 2022 and will take effect on Thursday. He has been with the Federal Reserve Bank of Boston since 1985 and has been President since July 2007.

In the announcement following Controversy faced by regional Fed leaders Regarding personal stock trading, Rosengren, 64, has revealed that he has been on the kidney transplant list since June 2020.

Release from his office told Rosengren’s doctor that his lifestyle changes might reduce the need for dialysis.

“I am honored to have a job at the Federal Reserve Board that is constantly engaged in the pursuit of economic and financial well-being in the country and New England,” he said in a statement. “I know that my colleagues build on our progress and continue to make a difference in the general public we serve.”

The Federal Reserve Board has been criticized in recent weeks for the following exposures: Some of the officials owned and traded individual shares, Potential conflict with the Fed’s role in financial markets.

Rosengren and Dallas Fed President Robert Kaplan were the most prominent in the controversy, after which they both promised to sell their respective holdings. The Federal Reserve Board has pledged to tighten rules on assets that authorities can own.

The statement announcing retirement did not mention this issue. The statement said Rosengren “hopes to improve his health in the future and ultimately explore areas of professional interest and contribution.”

The Federal Government of Boston is similar to other cryptocurrencies like Bitcoin, but has a leading role in the study of potential central bank digital currencies that are tied to the dollar and provide another means of payment for Americans. Played.

Federal Reserve Board Chair Jerome Powell praised Rosengren’s efforts at the Federal Reserve Board. This also included managing the main street lending program that took place during the Covid-19 pandemic.

“Eric has made himself stand out many times in more than 30 years of dedicated public service in the Federal Reserve,” Powell said in a statement. “In addition to his monetary policy insights, Eric relentlessly focused on the best ways to ensure the stability of the financial system. My colleagues and I miss him.”

Kenneth C. Montgomery is the Interim President and CEO of the Federal Reserve Bank of Boston. The announcement announcing Rosengren’s retirement stated that preparations for a leadership change were already underway given that he would face retirement age next year, but the investigative commission decided on a permanent successor. do.

Boston Fed President Rosengren retires nine months earlier than planned on September 30

Source link Boston Fed President Rosengren retires nine months earlier than planned on September 30

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