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US Federal Reserve Bank Appoints Susan Collins as President

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American scholar and economist, Susan M. Collins has been appointed as president of the Federal Reserve Bank in Boston (Boston Fed), a position that makes her the first black female president of the Reserve. According to the announcement made by the bank, her term will commence fully in the second half of the year.

Susan is a renowned economist and author who has written, as well as analyzed numerous policies of different nations. She effectively occupies the office of Provost at the University of Michigan. Her tenure at the citadel of learning started in July of 2020.

The office of the Boston Fed Presidency came to be available at the beginning of the third quarter of 2021 as the bank’s president for the past 14 years, Eric Rosengren retired. He served the bank for a total of 35 years, and his retirement came due to controversial concerns about his trading. Kenneth Montgomery has been the interim president since then until now.

The selection committee team-lead Dr. Christina Paxson mentioned that the team found Susan qualified and fit for the position. Christina pointed out that her specialized knowledge and experience in drafting policies will be an excellent tool to lead the way for Boston Fed.

Susan M. Collins expressed her excitement to serve as CEO of the Bank. She counts it as “an honor and an aspiration.” The macroeconomist talked about her desire to improve lives by leveraging analysis, information, and investigations.

Boston Fed Conducts Research on US Central Bank Digital Currency

The elected president hasn’t made any known assertion on cryptocurrency but before her entry into the Reserve, investigations had been ongoing on CBDC. 

The Federal Reserve Bank in collaboration with MIT presented data from the study tagged “Project Hamilton.” It is aimed at gathering data for an unspecified purpose CBDC.

“Project Hamilton” was conducted with two prototypes with both prototypes found to have their downsides. The first one almost completed its transactions in less than two seconds but the placement server had an issue. The second method did not produce an organized history of every transaction. Although, it had higher scalability when compared to the first. The research is yet to be concluded but is at its helm.

Amongst the focus points for President Susan will be to lead help to lend a voice to place America on the path of innovation as it relates to the Digital Dollar. This is particularly important as China, the US’s economic foe is far ahead in its pursuit of a Digital Yuan.

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