Susan M. Collins Selected as Federal Reserve Bank’s President

Photo courtesy of Creative Common

By Eva Windler

Susan M. Collins was selected to be the Federal Reserve Bank’s new president. She will be the first Black woman to lead a regional reserve bank in the history of the United States. She starts on July first, and will vote on a board of 12 presidents on monetary policy for 2022. 

Collins is an economist and the executive vice president for academic affairs at University of Michigan. She has an undergraduate degree from Harvard University, and she got her  doctorate from the Massachusetts Institute of Technology. Most of her economic research has focused on international monetary affairs, but she has experience with economics at home too, having been a member of the Council of Economic Affairs during George H.W. Bush’s presidency.

This is a challenging time to enter the presidency of the Federal Reserve Bank, as officials are attempting to surf the economic troubles of the pandemic. They’re attempting to combat quickly rising prices without cutting off the economic boost that’s flourishing now. Wages are rising again now, and unemployment rates are down, but inflation is still growing. The presidents of the regional reserve banks hope to come up with a policy to combat that, and Collins will be a part of that decision. She hasn’t yet stated her intentions in the voting process, although she hopes to aim for “price stability and maximum employment.”

This follows Erec Rosengren’s retirement last year.