Federal Reserve Bank of Boston

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Federal Reserve Bank of Boston
Founded 1914
Headquarters 600 Atlantic Avenue in Dewey Square in Boston
Web site http://www.bos.frb.org/

The Federal Reserve Bank of Boston, along with 11 other Federal Reserve Banks nationwide and the Board of Governors in Washington, D.C., make up the U.S.' central bank. The Boston Fed serves the First Federal Reserve District that includes the six New England states: Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.

The Federal Reserve Bank of Boston was organized in Oct. 1914. It opened for business on Nov. 16, 1914, and permanent quarters were secured on Jan. 1, 1915 at a location formerly occupied by The First National Bank of Boston. It eventually moved to its current site at 600 Atlantic Avenue in Dewey Square in 1977.

Eric Rosengren took office on July 23, 2007, as the thirteenth president and chief executive officer of the First District Federal Reserve Bank of Boston. He was a voting member of the Federal Open Market Committee in 2007.

History

  • On Nov. 16, 1914 the Federal Reserve Bank of Boston opened for business, serving the six New England states. Bankers, businesspeople, politicians, and educators had united to recommend that the organizing committee establish a Reserve Bank to serve the New England region.
  • In 1923 the Federal Reserve Bank of Boston opened an office in Havana, Cuba to provide cable services for transferring funds, but closed it in 1927.
  • In 1972 the Boston Fed established regional check processing centers in Windsor Locks, CT, and Lewiston, ME.
  • In 1992 the Bank published a groundbreaking statistical study that documented the role that race played in home mortgage approvals in Boston's neighborhoods. This lead to reforms.
  • In 1994 Cathy Minehan replaced Dick Syron as president, becoming the first female president of the Federal Reserve Bank of Boston.
  • In 2004 the US Treasury chose the Boston Fed to build and maintain the systems and networks for the Treasury's Internet payments platform initiative, which would allow government agencies to electronically procure and pay for goods and services.[1]

Products and Services

Membership

Key People

References

  1. FRBB: The First 90 Years of the Federal Reserve Bank of Boston, 1914-2004: A Timeline. Federal Reserve Bank of Boston.