Board of Governors of the Federal Reserve System

Eric Rosengren will become president and chief executive officer of the Federal Reserve Bank of Boston effective July 23, 2007, announced Lisa M. Lynch, chair of the Bank's board of directors and head of the directors' presidential search committee. Eric Rosengren will succeed Cathy E. Minehan who will retire from the Boston Fed on July 22, 2007, after 13 years as president and nearly 40 years of service in the Federal Reserve System.

Eric Rosengren joined the Boston Fed as an economist in 1985 and is currently Executive Vice President and Head of Supervision, Regulation and Credit at the Boston Fed and Chief Discount Officer. Before leading the Supervision, Regulation and Credit Department, Eric Rosengren was Vice President and head of the Banking and Monetary Policy section of the Bank's Research Department.

"After conducting a national search that identified several superbly qualified candidates we have decided that Eric Rosengren is our choice to lead the Federal Reserve Bank of Boston," said Lisa Lynch, William L. Clayton Professor of International Economic Affairs at Tufts University's Fletcher School of Law and Diplomacy. "He has made significant contributions to scholarly research in macroeconomics, monetary policy, international banking, and risk management. Much of his research has focused on how financial problems can impact the real economy and has been published in the top journals in economics. He has been extremely innovative in banking supervision including creating a group within supervision that now provides System leadership in quantitative risk modeling. In addition, he has significant international regulatory experience related to the Basel II Capital Accord. He is unique within the Federal Reserve System for having provided leadership in both research and banking supervision. He is very familiar with the opportunities and challenges facing the Boston Federal Reserve Bank and more generally the Federal Reserve System."

Lynch also said, "We are grateful for the leadership our current President Cathy Minehan has provided to the Boston Bank, the Federal Reserve System, and more generally in civic and community affairs in New England. We wish her well as she pursues new opportunities."

"It has been a great honor working with Cathy Minehan whose leadership has resulted in the Federal Reserve Bank of Boston's outstanding reputation in the region and in the Federal Reserve System." Rosengren said. "Cathy has followed in the rich tradition of Federal Reserve Bank of Boston Presidents in having a significant impact on issues of monetary, supervisory, and payments policy. With the rapid changes occurring in financial markets and the economy, I look forward to working with the excellent staff at the Boston Fed to promote economic growth, stable prices, and financial stability. New England has a vibrant academic community and prominence in financial services, the life sciences, and in other high technology areas. I am eager to develop relationships with business and community leaders that can further contribute to the economic success of this dynamic region."

Commenting on the appointment Cathy Minehan said, "Eric is a highly valued colleague and a major contributor to the management of the Bank and to policy formation within the Federal Reserve System, particularly in the supervisory area. His expertise, experience, clear-eyed focus, and keen ability to motivate staff will ensure the Federal Reserve Bank of Boston continues its excellent contributions to all aspects of System work."

Eric Rosengren, 50, received a Master of Science and Ph.D. in economics from the University of Wisconsin-Madison and a B.A. with highest honors in economics from Colby College. For more information please see the following link: http://www.bos.frb.org/economic/econbios/rosengre.htm

The Federal Reserve Bank of Boston is one of the twelve regional Banks in the Federal Reserve System, and serves the First District, which encompasses all six New England states with the exception of Fairfield County in Connecticut. As part of the nation's central bank, the Boston Fed promotes sound growth and financial stability in New England and the nation. The Bank contributes to local communities, the region, and the nation through its high-quality research, regulatory oversight, and financial services, and through its commitment to leadership and innovation.