Eric Rosengren
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Eric S. Rosengren (born June 3, 1957) took office on July 20, 2007, as the thirteenth president and chief executive officer of the
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 ...
, serving the First District. As a Fed president, he was a participant and voting member of the Federal Open Market Committee. He retired on September 30, 2021.


Early life and education

Rosengren was born in Ridgewood, New Jersey, the grandson of a
Swedish Swedish or ' may refer to: Anything from or related to Sweden, a country in Northern Europe. Or, specifically: * Swedish language, a North Germanic language spoken primarily in Sweden and Finland ** Swedish alphabet, the official alphabet used by ...
immigrant. He graduated summa cum laude from
Colby College Colby College is a private liberal arts college in Waterville, Maine. It was founded in 1813 as the Maine Literary and Theological Institution, then renamed Waterville College after the city where it resides. The donations of Christian philanthr ...
with a B.A. and highest honors in economics. He then spent one year in
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as a Thomas Watson Fellow. Following his year in Australia, he went to the
University of Wisconsin, Madison A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, t ...
, where he earned an M.S. in
economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...
in 1984 and a Ph.D. in economics in 1986.


Career

Rosengren has held senior positions within the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
in both the research and bank supervision functions. He joined the Federal Reserve Bank of Boston in 1985 as an economist in the Research Department. He was promoted to Assistant Vice President in 1989 and to Vice President in 1991 as head of the Banking and Monetary Policy section of the Research Department. In 2000, he was named Senior Vice President and head of the Supervision and Regulation Department. He assumed the additional title of Chief Discount Officer in 2003, and in 2005, he was named Executive Vice President. While in the bank supervision function, he obtained significant domestic and international regulatory experience related to the
Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. It is now extended and partially superseded by Basel III. The Basel II Accord was publis ...
Capital Accord. In his work as an economist, Rosengren has made the link between financial problems and the real economy a focus of his research, and he has published extensively on macroeconomics, international banking, bank supervision, and risk management. He has been an author on over 100 articles and papers on economics and finance, including articles in many of the top economics and finance journals. He has led a number of efforts to expand the Boston Fed's outreach and impact on low- and moderate-income communities – among them hosting sizable foreclosure-prevention workshops for New England residents during the Great Recession, and running a competition for postindustrial New England communities to develop cross-sector collaboration and ultimately help improve the lives of lower-income residents. In early September 2021, a financial disclosure form showed that Rosengren had conducted trades in the tens of thousands of dollars in individual stocks, including
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,
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and
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. In 2020, Rosengren directly traded sizeable amounts of four
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, including Annaly Capital Management Inc., a REIT that holds mortgage-backed securities. During the time that he made these trades, the Fed had begun buying $40 billion of this type of debt per month, a fact that Rosengren, as a Federal Open Market Committee participant in 2020, would have had non-publicly available knowledge of; he had also advocated specific Fed policies that would have a bearing on the value of these assets. Rosengren was criticized for these activities, which involved trades of tens and hundreds of thousands of dollars, and which critics claimed undermined confidence in the activities of the Federal Reserve. After the revelations concerning these trades by Rosengren and millions of dollars worth of trades by Robert Kaplan, his colleague at the Federal Reserve, Sen.
Elizabeth Warren Elizabeth Ann Warren ( née Herring; born June 22, 1949) is an American politician and former law professor who is the senior United States senator from Massachusetts, serving since 2013. A member of the Democratic Party and regarded as a ...
called on all Federal Reserve presidents to be banned from trading and owning individual stocks. In response, Rosengren said he would sell his individual stocks. On September 27, 2021, Rosengren announced his retirement beginning on September 30, citing a deteriorating kidney condition. The announcement comes after the Federal Reserve began a review of how it oversees the investments of officers. Rosengren was due to retire in June 2022 when he reached the mandatory retirement age of 65.


References


External links


Boston Fed biography




at the
Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
Web site. * {{DEFAULTSORT:Rosengren, Eric S. 1957 births 21st-century American economists American people of Swedish descent Colby College alumni Economists from Massachusetts Economists from New Jersey Federal Reserve Bank of Boston presidents Federal Reserve economists Living people People from Ridgewood, New Jersey