Federal Reserve Bank of Boston publishes Q&A with departing board chair on pandemic response and payments innovation

The Federal Reserve Bank of Boston published an interview with MassMutual Chairman, President, and CEO Roger Crandall, reflecting on his seven-year tenure on the Bank’s Board of Directors, including serving as chair in 2025, ahead of his term ending in December. The discussion covers the Board’s experience through the COVID-19 shock and highlights the Bank’s role in supporting the regional economy and advancing payments and research initiatives. Crandall described the Board’s core responsibilities as overseeing the Boston Fed’s budget and stewardship of assets, recommending and selecting the Bank’s president and first vice president subject to approval by the Federal Reserve’s Board of Governors, and providing on-the-ground economic insights from across New England and business sectors. He pointed to the Main Street Lending Program, the launch of FedNow where he chaired the audit subcommittee, and the 2020–2022 Boston Fed and Massachusetts Institute of Technology work on Project Hamilton as standout efforts, alongside the Working Cities Challenge as an example of convening and community development work. He also argued that public scrutiny of the Federal Reserve underscores the need to understand the dual mandate of price stability and maximum employment.