The Federal Reserve Bank of Boston today announced that Susan M. Collins will be its next president and chief executive officer. When she takes office on July 1, she will be only the second Black president and first Black woman to head one of the 12 Federal Reserve banks in the century-plus history of the institution.
Dr. Collins currently is provost and executive vice president for academic affairs and the Edward M. Gramlich Collegiate Professor of Public Policy and professor of economics at the University of Michigan. Previously, she was a professor – and for a decade was the Joan and Sanford Weill Dean – at the university’s Gerald R. Ford School of Public Policy.
“It is an honor and an inspiration to serve as the Boston Fed’s next president,” Professor Collins said. “Throughout my career, I have been driven by a commitment to leveraging research, education, and public service to improve lives. I look forward to helping the Bank and System pursue the Fed’s dual mandate from Congress – achieving price stability and maximum employment.”
Dr. Collins added that “I am also inspired by the portfolio of important and innovative work underway at the Boston Fed,” Collins said. “I am delighted with the opportunity to lead such a dynamic organization, engage with its talented staff, and work with its constituents – to understand their economic challenges and help explain the work of the Fed in the economy. It will also be a pleasure to return to Greater Boston and New England.”
Dr. Collins, the daughter of immigrants from Jamaica, grew up in New York City and became a U.S. citizen in 1997. She spent many years in the Boston area while earning her undergraduate degree in economics at Harvard University and a Ph.D. in economics at the Massachusetts Institute of Technology. She also served as an assistant and then associate professor of economics at Harvard.
Somebody explain how will so-called Black American Bostonians and Black American will fiscally benefit by Susan Collins being appointed to this position via the Federal Reserve. I’ll be waiting for a substantive response.