On Monday, US Central Bank’s President Eric Rosengren said that he would step down from his position this week due to health issues. His announcement happened just weeks after his trading activities prompted the central bank to launch an ethics review.
Rosengren had joined the Boston Fed more than three decades ago. He has led the regional bank since 2007. But, he said he would cut short his tenure by nine months and depart on 30th September.
Rosengren revealed being on a kidney transplant list since June 2020. A press release from the former Boston Fed’s President’s office said that Rosengren’s doctors have advised that changing his lifestyle could prevent him from dialysis.
Recently, the Federal Bank came under criticism because of revelations that many of its officials had owned and were trading individual stocks. However, there was no mention of this incident in Eric’s announcement.
Now, the follow-up comes that Kenneth C. Montgomery will serve as the interim President of the BostonFed. Eric Rosengren was to have his mandatory retirement next year, but he left nine months in advance. Though the release citing Rosengren’s retirement stated that the process of choosing a permanent successor is underway, still a searching committee to do the same is yet to be set up.