The Federal Reserve Bank of Boston is one of 12 reserve banks in the Federal Reserve System (FRS). The bank is responsible for the first district, which includes Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and all of Connecticut except for Fairfield County.
Key Takeaways
The Federal Reserve Bank of Boston comprises one of 12 reserve banks in the Federal Reserve System.
The Boston Fed serves the first district, which covers Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and all of Connecticut except for Fairfield County.
Headquartered in Boston, there are no other branch offices in the first district.
The Federal Reserve Bank of Boston is responsible for executing the central bank's monetary policy by reviewing price inflation and economic growth, as well as by regulating the banks within its territory. It supports the Federal Reserve's mission to maintain the stability of the financial system, foster payment and settlement system safety and efficiency, and promote consumer protection and community development.
Like the 11 other banks in the FRS, the Federal Reserve Bank of Boston monitors electronic deposits and provides cash to banks within its district. The president of the Federal Reserve Bank of Boston is part of a rotation of bank presidents who, along with the seven governors of the Federal Reserve Board and the president of the Federal Reserve Bank of New York, meet to set open market operations. This is referred to as the Federal Open Market Committee (FOMC).
As with all reserve banks, the Federal Reserve Bank of Boston has a nine-member board of directors, six of whom are elected by member banks in the district. The remaining three are appointed by the Federal Reserve Board of Governors or the FRS itself.Its president is appointed to a five-year term, which may be renewed.
Characteristics and Organization
Kenneth C. Montgomery assumed the role of interim president and chief executive officer at the Federal Reserve Bank of Boston on Oct. 1, 2021, replacing former president Eric Rosengren, who had led the regional branch since 2007. On Jul. 1, 2022, Susan M. Collins took office as president and chief executive officer of the Federal Reserve Bank of Boston.
Over the years, the views of bank presidents and the research done by each bank have shaped their reputation within the FRS. At a national level, Montgomery leads the FRS' FedNowService, which supports faster interbank payments, settlements, and clearing. He also oversees financial management strategies for the FRS' Financial Support Office.
Every bank has its own research staff that is responsible for conducting and publishing economic research related to Fed policy. Every quarter, the Federal Reserve Bank of Boston releases the New England Economic Indicators, a snapshot of employment and housing in the six-state Northeast region that comprises the first district. Each bank also tracks economic activity in its district, compiled in a publication known as the Beige Book, which is published eight times per year.
We ensure that the country's behind-the-scenes payments infrastructure meets the public's needs today and tomorrow. From ensuring the availability of cash to financial institutions to modernizing how Americans send and receive funds, our work contributes to a secure, reliable, and accessible U.S. payments system.
(Please note: the Federal Reserve Bank of Boston does not offer tours of Federal Reserve Plaza.) For public disclosure and information requests, please review the Federal Reserve Bank of Boston's public transparency and accountability policy.
In 1977, the Boston Fed moved once more to its current site at 600 Atlantic Avenue in Dewey Square. The 1922 Reserve Building was declared a Boston Landmark in the 1980's and now serves as a luxury hotel, The Langham.
The Board of Governors--located in Washington, D.C.--is the governing body of the Federal Reserve System. It is run by seven members, or "governors," who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.
The Federal Reserve is not funded by congressional appropriations. Its operations are financed primarily from the interest earned on the securities it owns—securities acquired in the course of the Federal Reserve's open market operations.
Federal Reserve Banks are not authorized to open accounts for individuals. Only depository institutions and certain other financial entities may open an account at a Federal Reserve Bank.
So is the Fed private or public? The answer is both. While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends.
The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.
Susan M.Collins is president and CEO of the Federal Reserve Bank of Boston, one of 12 regional reserve banks in the Federal Reserve System, the U.S. central bank.
Collins took office as president and chief executive officer of the Federal Reserve Bank of Boston on July 1, 2022. Prior to her appointment, Dr. Collins was provost and executive vice president for academic affairs at the University of Michigan, as well as the Edward M.
The Reserve Banks are decentralized by design and are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
It was renamed the Bank of Boston, N.A., in 1982 and became BankBoston Corporation in 1997. After the company was acquired in 1999 by another leading New England banking firm, Fleet Financial Group, the newly formed company, FleetBoston Financial, was acquired by Bank of America in 2004.
It is the Federal Reserve's actions, as a central bank, to achieve three goals specified by Congress: maximum employment, stable prices, and moderate long-term interest rates in the United States (figure 3.1).
managing foreign reserves and dealing in foreign exchange. issuing and managing bank notes and coins. monitoring the needs of the public for banknotes and coins. providing liquidity facilities to manage liquidity in the financial system and to protect or promote financial system stability.
The average Federal Reserve Bank of Boston hourly pay ranges from approximately $25 per hour (estimate) for an Undergraduate Research Assistant to $77 per hour (estimate) for an Economist. Federal Reserve Bank of Boston employees rate the overall compensation and benefits package 3.7/5 stars.
Rather, the Fed makes money mainly through interest on government securities — such as U.S. Treasury securities, mortgage-backed securities, and government-sponsored enterprise (GSE) securities — that it bought on the open market.
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