Boston Fed Chief to Retire

Cathy Minehan, the president and chief executive of the Federal Reserve Bank of Boston, plans to retire from her position later this year.

She has led the Boston Fed since 1994 and has been associated with the U.S. central bank since 1968, when she joined the New York Fed.

"I am proud of my service at the Federal Reserve Bank of Boston, and earlier at the New York Fed," Minehan said in a statement Thursday. "I have been honored to be a part of its activities for virtually 40 years, and especially to have been the President of the Federal Reserve Bank of Boston."

Minehan said she has no specific future plans beyond continuing her involvement in nonprofit activities. She said she won't consider any opportunities until her successor is in place.

"I look forward to actively leading the excellent staff of the Bank and serving on the Federal Open Market Committee until the selection process is complete," she said.

The FOMC, the Fed's policymaking arm, is responsible for making decisions on interest rates.

The Boston Fed is one of the 12 regional banks in the Federal Reserve system and serves the first district, which encompasses all six New England states, with the exception of Fairfield County in Connecticut.