Rosengren, President and CEO of the Federal Reserve Bank of Boston, is expanding the tools in the Federal Reserve’s toolbox for helping the nation to achieve maximum employment for all Americans.
After several senior positions in the Bank, including in supervision and in economic research, Rosengren became president in July 2007. Since then, Rosengren has helped to define a new role for the Federal Reserve in working with public, private, for-profit and non-profit leaders in mid-sized cities to reimagine and create more equitable and robust local economies.
In 2013, the Boston Fed launched the Working Cities Challenge, a grant competition designed to support cross-sector leaders in smaller, postindustrial cities to drive better outcomes for low-income residents. The program was underpinned by research conducted by the Boston Fed to better understand why small, former manufacturing cities nationwide were or were not able to recover economically. They found that the places that were most successful in restoring their economic vitality and reducing poverty all shared a critical ingredient: collaborative, cross-sector leadership, or “civic infrastructure.”
“Collaboration wasn’t just having one good mayor, or one good non-profit, or one good business leader. It was really about all three of those coming together in a way that gave the city real guidance about where it was going to go five or ten years down the road.”
The first round of WCC launched with six cities in Massachusetts in 2013. The second round launched in 2015, and included another five cities with philanthropic investment and technical support in their efforts around neighborhood revitalization, workforce development and access to economic opportunity. That same year, the program expanded to Rhode Island and is now being introduced in Connecticut. Today, many of the other 12 Federal Reserve Banks across the country are considering similar efforts.
Rosengren has served as a voting member of the Federal Open Market Committee, which makes critical decisions about key interest rates and the growth of money supply. He also serves on the Board of Directors of the United Way of Massachusetts Bay and Merrimack Valley.
Rosengren was recognized in September 2016 as one of Living Cities' 25 Disruptive Leaders working to close racial opportunity gaps.