(Bloomberg) — Federal Reserve Bank of Boston President Eric Rosengren will retire this week, nine months earlier than planned, citing a worsening kidney condition.
Rosengren, who is 64 years old, was the leader of the region Fed bank over 14 years. In an email statement, the Boston Fed announced Monday that Rosengren had been named as head of its regional Fed bank.
“In a message to the bank’s staff, Dr. Rosengren revealed for the first time that he qualified for the kidney transplant list in June of 2020, during the pandemic, upon the worsening of a kidney condition he has had for many years,” the Boston Fed said. “Delaying the need for dialysis might be improved if he makes lifestyle changes now to lessen the risks of his condition.”
Rosengren’s decision also follows recent revelations about trading activity last year by himself and Dallas Fed chief Robert Kaplan.
Fed Chair Jerome Powell requested that Fed staff examine the ethics of financial holdings and other activities conducted by Fed senior officials. The intention of the move was to identify “ways to further tighten those rules and standards,” a Fed spokeswoman said Sept. 16.
Rosengren and Kaplan traded at times when critics claim that they have benefited from stock market gains and increased stock prices.
Rosengren and Kaplan both announced September 9th that they will each sell individual stockholdings by Sept. 30, Both confirmed that the transactions they made, as detailed in financial disclosures filed by 12 Fed regional chiefs each year, were compliant with Fed regulations.
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