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Federal Reserve Bank of New York names new president of CBDC research

Susan M. Collins will be the first African-American woman to lead a Federal Reserve Bank.

Susan M. Collins, provost of the University of Michigan, has been named president and chief executive officer of the Federal Reserve Bank of Boston, or Boston Fed.

The seat became vacant in September 2021, when then-president Eric Rosengren announced his early retirement in the wake of a scandal involving his securities trading while in office. Collins, a Jamaican-American, will be the first black woman to chair a Federal Reserve Bank in the United States’ history. On July 1, she will take office.

The Boston Fed is one of the Federal Reserve’s 12 regional branches. The Federal Reserve Banks, along with the Board of Governors and the Federal Open Market Committee, or FOMC, are involved in the creation of US monetary policy. The president of the Boston Fed is also one of five regional Reserve bank presidents who serve as voting members of the FOMC, which sets interest rates.

According to Bitcoinsupports, the Boston Fed recently completed the first stage of Project Hamilton, a research initiative aimed at developing and testing a hypothetical central bank digital currency (CBDC) design in collaboration with the Massachusetts Institute of Technology’s Digital Currency Initiative.

Collins researched development economics, exchange rate regimes, and macroeconomic imbalances as an academic. She has never made any public statements about CBDCs or digital assets in general during her career. Her opinions on monetary policy are also unknown. Collins expressed support for raising the Fed’s 2 percent inflation target in a 2019 interview, according to a Reuters storey.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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