Federal Reserve Bank of Boston

The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County.[1][2][3] It has been headquartered since 1977 in the distinctive 614-foot (187 m) tall, 32-story Federal Reserve Bank Building at 600 Atlantic Avenue, Boston. Designed by architecture firm Hugh Stubbins & Associates, the tower portion of the building is suspended between two towers on either side. From 1922 to 1977, the bank's headquarters were located at 250 Franklin Street, currently occupied by the Langham Hotel Boston.

Federal Reserve Bank of Boston

Federal Reserve Seal
Headquarters
HeadquartersFederal Reserve Bank Building
600 Atlantic Avenue
Boston , Massachusetts, USA
EstablishedMay 18, 1914 (1914-05-18)
PresidentKenneth C. Montgomery (interim)
Central bank of
First District
Preceded byEric S. Rosengren
Succeeded bySusan Collins
Websitebostonfed.org
The Federal Reserve Bank of Boston is one of twelve regional banks that make up the Federal Reserve System

The code of the Bank is A1, meaning that dollar bills from this Bank will have the letter A on them. Its current president (interim) is Kenneth C. Montgomery, who replaced Eric S. Rosengren in October 2021. The Boston Fed has engaged a search committee to choose a more permanent replacement for Rosengren. The Boston Fed describes its mission as promoting "growth and financial stability in New England and the nation".[4] The Boston Fed also includes the New England Public Policy Center.[5]

This building was designated a Boston Landmark by the Boston Landmarks Commission in 1978.

Board of Directors

The following people serve on the board of directors as of August 2017.[6] Terms expire on December 31 of their final year on the board.[6]

Map of the First District

Class A
Esteban Rodriguez Jr President Co-Chief Executive

Officer
State Street Corporation
Boston, Massachusetts

 2019
Michael E. Tucker President and Chief Executive Officer
Greenfield Co-operative Bank
Greenfield, Massachusetts		 2017
Esteban Rodriguez Jr President and Chief Executive Officer
Franklin Savings Bank
Farmington, Maine		 2018
Esteban Rodriguez Jr Chairman and Chief Executive Officer
State Street Corporation
Boston, Massachusetts		 2022

Class B
Class B
Name Title Term Expires
Kathleen E. Walsh President and Chief Executive Officer
Boston Medical Center
Boston, Massachusetts		 2017
Roger Berkowitz President and Chief Executive Officer
Legal Sea Foods, LLC
Boston, Massachusetts		 2018
Niraj Shah Chief Executive Officer, Co-Founder, and Co-Chairman
Wayfair
Boston, Massachusetts		 2019

Class C
Class C
Name Title Term Expires
Gary L. Gottlieb, MD

(Chair)

 Chief Executive Officer
Partners In Health
Boston, Massachusetts		 2017
Phillip L. Clay

(Deputy Chair)

 Professor - Department of Urban Studies and Planning
Massachusetts Institute of Technology (MIT)
Cambridge, Massachusetts		 2018
Christina Hull Paxson President
Brown University
Providence, Rhode Island		 2019

Governors and presidents

The position was installed under the title of “Governor” until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

In February 2022, Susan Collins was selected to become president of the Federal Reserve Bank of Boston, becoming the first Black woman and the first woman of color to lead any of the 12 regional Federal bank branches.[7]

# CEO Life span Term start Term end Tenure length
Governors
1 Alfred L. Aiken 1870–1946 November 25, 1914 December 20, 1917 3 years, 25 days
2 Charles A. Morss 1857–1927 December 20, 1917 December 31, 1922 5 years, 11 days
3 William P. G. Harding* 1864–1930 January 16, 1923 April 6, 1930 7 years, 80 days
4 Roy A. Young 1882–1960 September 1, 1930 — —
Presidents
4 Roy A. Young 1882–1960 — March 31, 1942 11 years, 211 days
5 William W. Paddock 1879–1957 April 1, 1942 May 1, 1944 2 years, 30 days
6 Ralph Flanders 1880–1970 May 1, 1944 February 28, 1946 1 year, 303 days
7 Laurence F. Whittemore 1894–1960 March 3, 1946 October 4, 1948 2 years, 215 days
8 Joseph A. Erickson 1896–1983 December 15, 1948 February 28, 1961 12 years, 75 days
9 George H. Ellis 1920–2005 March 1, 1961 June 30, 1968 7 years, 121 days
10 Frank E. Morris† 1923-2000 August 15, 1968 December 31, 1988 20 years, 138 days
11 Richard F. Syron 1943– January 1, 1989 March 31, 1994 5 years, 89 days
12 Cathy Minehan 1947– July 13, 1994 July 20, 2007 13 years, 7 days
13 Eric S. Rosengren 1962- July 20, 2007 September 30, 2021 14 years, 72 days
† Stepped down due to reaching retirement age
* Died in office
  • On an overcast day.
  • The Federal Reserve Bank's position to the rest of the Financial District of Boston.
  • The parking lot security methods installed for the Federal Reserve Bank of Boston.
  • The Federal Reserve Bank of Boston building viewed from the back.
  • The Federal Reserve Bank of Boston viewed from the side at street level. The entire building is covered with a matte aluminum paneling.
  • The Federal Reserve Bank of Boston building front entrance.
  • The Federal Reserve Building of Boston viewed from the side.
  • The Federal Reserve Bank of Boston tower near the South Boston financial district.
  • The Federal Reserve Bank Building in Downtown Boston.

See also

References
  1. Second Federal Reserve District Banking Markets
  2. "Eric S. Rosengren:President Federal Reserve Bank of Boston". Federal Reserve Bank Presidents. Board of Governors of the Federal Reserve System. January 28, 2009. Retrieved 2009-02-24.
  3. "FAQS:Federal Reserve Banks". Federal Reserve Bank of Richmond. Retrieved 2009-02-24.
  4. "Press Release". Federal Reserve System. 2007-06-14. Retrieved 2017-02-02.
  5. New England Public Policy Center
  6. "Directors of Federal Reserve Bank of Boston". The Federal Reserve. August 5, 2017.
  7. Edelman, Larry (2022-02-09). "Susan Collins becomes first Black woman, woman of color to lead Boston Federal Reserve Bank". The Boston Globe. Retrieved 2022-02-09.
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