Eric S. Rosengren

Eric S. Rosengren (born June 3, 1957) took office on July 23, 2007, as the thirteenth president and chief executive officer of the Federal Reserve Bank of Boston, serving the First District. As a Fed president, he was a participant and voting member of the Federal Open Market Committee. He retired on September 30, 2021.[1]

Eric Rosengren
13th President of the Federal Reserve Bank of Boston
In office
July 23, 2007 – September 30, 2021
Preceded byCathy Minehan
Succeeded byKenneth Montgomery (Acting)
Personal details
Born (1957-06-03) June 3, 1957
Ridgewood, New Jersey, U.S.
EducationColby College (BA)
University of Wisconsin, Madison (MS, PhD)

Early life and education

Rosengren was born in Ridgewood, New Jersey, the grandson of a Swedish immigrant.[2] He graduated summa cum laude from Colby College with a B.A. and highest honors in economics.[3] He then spent one year in Australia as a Thomas Watson Fellow. Following his year in Australia, he went to the University of Wisconsin, Madison, where he earned an M.S. in economics in 1984 and a Ph.D. in economics in 1986.[3]

Career

Rosengren has held senior positions within the Federal Reserve in both the research and bank supervision functions. He joined the Federal Reserve Bank of Boston in 1985 as an economist in the Research Department. He was promoted to Assistant Vice President in 1989 and to Vice President in 1991 as head of the Banking and Monetary Policy section of the Research Department.[3] In 2000, he was named Senior Vice President and head of the Supervision and Regulation Department. He assumed the additional title of Chief Discount Officer in 2003, and in 2005, he was named Executive Vice President. While in the bank supervision function, he obtained significant domestic and international regulatory experience related to the Basel II Capital Accord.[4]

In his work as an economist, Rosengren has made the link between financial problems and the real economy a focus of his research, and he has published extensively on macroeconomics, international banking, bank supervision, and risk management. He has been an author on over 100 articles and papers on economics and finance, including articles in many of the top economics and finance journals.

He has led a number of efforts to expand the Boston Fed's outreach and impact on low- and moderate-income communities – among them hosting sizable foreclosure-prevention workshops for New England residents during the Great Recession,[5] and running a competition for postindustrial New England communities to develop cross-sector collaboration and ultimately help improve the lives of lower-income residents.[6]

In early September 2021, a financial disclosure form showed that Rosengren had conducted trades in the tens of thousands of dollars in individual stocks, including Pfizer, Chevron and AT&T. Sen. Elizabeth Warren has called on all Federal Reserve presidents to have a ban on the trading and ownership of individual stocks by regional senior officials. In response, Rosengren said he would sell his individual stocks. [7]

On September 27, 2021, Rosengren announced his retirement beginning on September 30, citing a deteriorating kidney condition. The announcement comes after the Federal Reserve began a review of how it oversees the investments of officers. Rosengren was due to retire in June 2022 when he reached the mandatory retirement age of 65.[8]

References
  1. Werkema, Joel; Warsh, Lucy (2021-09-27). "Boston Fed President Eric Rosengren Announces He Will Retire Sept. 30". Federal Reserve Bank of Boston. Retrieved 2021-10-01.
  2. Blanton, Kimberly (2008-07-13). "The view from the Boston Fed". The Boston Globe. Retrieved 2021-10-21.
  3. "Eric S. Rosengren (bio)". Federal Reserve Bank of Boston. Archived from the original on 2012-02-08. Retrieved 2007-08-24.
  4. "Eric Rosengren named president of the Federal Reserve Bank of Boston". Board of Governors of the Federal Reserve System. 2007-06-14. Retrieved 2021-10-21.
  5. "Gillette Stadium to Host Foreclosure Prevention Workshop for Struggling Homeowners". Federal Reserve Bank of Boston. 2008-07-17. Retrieved 2021-08-31.
  6. "Working Cities Challenge". Federal Reserve Bank of Boston. 2018-01-04. Retrieved 2021-08-31.
  7. Franck, Thomas (2021-09-16). "Powell orders ethics review after Fed presidents disclosed multimillion-dollar investments". CNBC. Retrieved 2021-09-16.
  8. Edelman, Larry (2021-09-27). "Eric Rosengren, president of the Boston Fed, moves up retirement, citing kidney illness". The Boston Globe. Retrieved 2021-09-27.
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