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.

More from Opinion

These 5 Tech Giants Still Aren't That Expensive

These 5 Tech Giants Still Aren't That Expensive

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Red Hat CFO Tells TheStreet: Tech Trends Are Still in Our Favor

Red Hat CFO Tells TheStreet: Tech Trends Are Still in Our Favor

Throwback Thursday: Intel Edition

Throwback Thursday: Intel Edition

Intel's Next CEO Should Try Harder to Protect Its Flanks Against AMD and Others

Intel's Next CEO Should Try Harder to Protect Its Flanks Against AMD and Others