Thursday, October 28, 2021

Boston Fed’s Eric Rosengren to retire early, citing health reasons

WASHINGTON (AP) – Boston Federal Reserve Chairman Eric Rosengren said Monday that he will retire this week and revealed that he has qualified for a kidney transplant.

Rosengren’s announcement also comes after her investment and other Fed officials raised questions about the Fed’s ethics rules last year. Rosengren had already planned to retire in June when he reached the Fed’s mandatory retirement age, but decided to retire on Thursday to focus on his health.

Rosengren has served at the Boston Fed for 35 years and has served as president for the past 14 years. During the pandemic, the Boston Fed oversaw the Main Street Lending Program, the Fed’s first attempt since the Great Depression to provide direct loans to small businesses. The Boston Fed is now researching how a Fed-issued digital currency might work.

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“Eric focused on how best to ensure the stability of the financial system,” Fed Chairman Jerome Powell said. “My colleague and I will miss him.”

Rosengren’s financials for 2020 revealed that he was involved in stock trading last year, even as the Fed bought hundreds of billions of dollars worth of bonds to slash interest rates and spur the economy. He also invested in real estate funds, which bought the same type of mortgage-backed bonds that the Fed itself was buying.

WATCH: Under pressure, Powell says to ask Federal Reserve to revise its trading rules

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