Boston Fed President Eric Rosengren to Resign
Posted on 09/27/2021
The Federal Reserve was looking into its ethics policy on stock trading and the matter was reported by various news outlets. It is now revealed that Rosengren (age 64) has health issues. Rosengren has been at the Boston Fed since 1985 and has served as president since July 2007.
According to the press release, “Boston Fed President and CEO Eric S. Rosengren announced that he will move up his long-planned retirement from June 2022 to September 30 of this year. He retires after more than 35 years of service at the Bank, the past 14 as president. His planned June 2022 retirement was aligned with mandatory retirement age for the position.
In a message to the Bank’s staff, Dr. Rosengren revealed for the first time that he qualified for the kidney transplant list in June of 2020, during the pandemic, upon the worsening of a kidney condition he has had for many years. Delaying the need for dialysis might be improved if he makes lifestyle changes now to lessen the risks of his condition.”
In his letter to Fed Chair Powell, it starts off, “Dear Jay: I have decided to resign as President of the Federal Reserve Bank of Boston on September 30, to address some serious health issues that worsened in the last 18 months and must be addressed. While working on the pandemic relief programs for money market mutual funds and small businesses, given the long hours and stress, regrettably my kidney function declined significantly to the point that I qualified for the kidney transplant list in June of 2020.
It has become clear that I should aim to reduce my stress so that I can focus on my health issues, and postpone for as long as possible my need for kidney dialysis. It is equally important for the Federal Reserve Bank of Boston and the Federal Reserve System to focus on what is important – to return the economy to full employment and carry out the important work conducted by the Boston Fed.”
Kenneth C. Montgomery will serve as interim president and CEO at the Boston Fed.
Keywords: Federal Reserve System.