On Jan. 9, University President Christina Paxson P’19 was named the deputy chair of the Federal Reserve Bank of Boston’s Board of Directors.
Paxson was appointed by the Federal Reserve’s Board of Governors and will serve as deputy chair through 2019, according to a University press release.
“(Paxson) brings valuable insights to our discussions and is deeply respected in higher education, which is a critical sector of New England’s economy,” wrote Boston Fed President and CEO Eric Rosengren in an email to The Herald. Rosengren also praised Paxson’s “expertise in economics and public policy,” which “adds important perspective” to board meetings.
“President Paxson has been on our board since 2016,” said Jeanne MacNevin, vice president, chief of staff and corporate secretary of the Boston Fed. “We’re very pleased for her to take on” the role of deputy chair, she added.
As deputy chair, Paxson will act in place of the Boston Fed’s chair — former Chancellor of the Massachusetts Institute of Technology Phillip Clay — when he is unavailable or unable to perform his duties. The chair and deputy chair also meet with the Federal Reserve Committee on Bank Affairs of the Board of Governors “to talk about the bank’s annual performance,” MacNevin said.
In addition, Paxson will travel alongside Clay to the biannual “conference of chairs” in Washington, D.C. with the Federal Reserve’s Board of Governors, MacNevin said.
In those meetings, Clay and Paxson will relay the conditions of the first district, which includes Massachusetts, Rhode Island, Maine, New Hampshire, Vermont and Connecticut, according to MacNevin and the Boston Fed’s website.
Paxson is especially excited to participate in the conference of chairs, as she will “have the opportunity to meet with the members of the federal reserve board (of governors) … and discuss policy issues” regarding national and regional economic conditions, she said.
“The directors come from a wide range of businesses, and there’s an opportunity to hear from them (about) their experiences with current economic conditions,” Paxson said. She also expressed interest in the insight that board members have into economics research conducted by the Boston Fed.
She is also one of three Class C directors on the board, like all chairs and deputy chairs of the Federal Reserve Banks. Class C directors are chosen by the Board of Governors to represent the interests of the community’s businesses and consumers, MacNevin said.
MacNevin stressed the importance of Paxson’s interactions with the community of the first district. “President Paxson really acts as a link between the federal reserve and the public,” she said. “She represents not just the reserve bank, but the federal reserve system.”
