Provost Susan M. Collins has been named president and CEO of the Federal Reserve Bank of Boston. She also will participate in national monetary policymaking on the Federal Open Market Committee when she begins her new role July 1.
Collins has served as the University of Michigan’s provost since January 2020 and had announced earlier that she would step down in June. Her last day at U-M now will be May 15.
President Mary Sue Coleman said she will close the provost search that was initiated last fall and will appoint an interim provost in the coming weeks.
The Feb. 9 announcement of Collins’ appointment follows a rigorous search, selection by the eligible (non-banker) members of the bank’s board of directors and approval by the Washington, D.C.,-based Board of Governors of the Federal Reserve System.
The Federal Reserve Bank of Boston is one of 12 regional reserve banks and serves the First Federal Reserve District, which includes most of New England.
Collins also is the Edward M. Gramlich Collegiate Professor of Public Policy and professor of economics. Prior to being named provost, Collins spent a decade as the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy.
“Dr. Collins brings the technical expertise and insight to contribute to policymaking, and the leadership ability to head the organization,” said Christina Paxson, president of Brown University and chair of the Boston bank’s board of directors, who led the search.
“She is deeply committed to serving the public, engaging with constituents, and advancing economic stability, opportunity and prosperity for the region and nation through the work of the central bank.”
Collins is an international macroeconomist with a lifelong interest in policy and its impact on living standards. She has published widely and, in addition to her academic career, has served as a board member at a variety of organizations.
“It is an honor and an inspiration to serve as the Boston Fed’s next president,” Collins said. “Throughout my career, I have been driven by a commitment to leveraging research, education and public service to improve lives.”
Her published research has focused on the determinants of economic growth, exchange rate regimes and economic performance, the implications of global integration for U.S. labor markets, persistent macroeconomic imbalances, and countries’ economic transformations.
“We are tremendously proud that Provost Collins has been selected to fill this important and prestigious position,” Coleman said. “She has served our university since 2007 as a distinguished scholar and educator, as dean of the Ford School and as provost. She now will have an even larger impact on society in this new role.”
Coleman also said that, in consultation with the Board of Regents, she has decided to close the provost search that was initiated last fall and appoint an interim provost to serve through the leadership transition period.
“In light of the board’s accelerated timeframe for the presidential search and Provost Collins’ planned departure on May 15, I will be identifying an interim provost to serve through the presidential transition, thereby allowing the new president to choose the next permanent provost for the university,” Coleman said.
At U-M the provost is both the university’s chief academic officer and chief budget officer. The deans of the 19 schools and colleges on the Ann Arbor campus all report to the provost.