Dr. Susan M. Collins To Make History As The First Black Woman To Lead A Federal Bank

Black women are shattering glass ceilings in industries where they are often underrepresented. Susan M. Collins, Ph.D was recently appointed to serve as the president and CEO of The Federal Reserve Bank of Boston, making her the first Black woman to sit at the helm of a Fed bank.

The Federal Reserve Bank of Boston announced today Dr. Susan M. Collins has been appointed as its 14th president and chief executive officer, effective July 1.

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— Boston Fed (@BostonFed) February 9, 2022

Collins—a Harvard University alumna who holds a doctorate degree from the Massachusetts Institute of Technology—has led work that sits at the intersection of global economics and policy. The macroeconomist, who grew up in New York City, has held several roles in the realm of academia including working as an associate professor of economics at Harvard and teaching at Georgetown University. She also served as a senior staff economist at the President’s Council of Economic Advisers. Collins is currently the University of Michigan’s provost and executive vice president for academic affairs and the Edward M. Gramlich Collegiate Professor of Public Policy and Economics.

Collins says she’s looking forward to taking on the new role. “I am inspired by the portfolio of important and innovative work underway at the Boston Fed,” she shared in a statement. “I am delighted with the opportunity to lead such a dynamic organization, engage with its talented staff, and work with its constituents – to understand their economic challenges and help explain the work of the Fed in the economy. It will also be a pleasure to return to Greater Boston and New England.”

Kenneth Montgomery, who serves as interim president and CEO of the Boston Fed, added Collins is “a leader with exceptional background and perspective” and “has a deep understanding of the Federal Reserve System’s inner workings, having served for nine years as a director at the Chicago Reserve Bank.” She is slated to step into her new role on July 1.

Collins’ appointment comes as there is a need for diversity within the finance industry. Research shows Black women hold a mere 4 percent of C-suite positions within the financial field.

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