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University of Michigan Provost Susan Collins has been named the next president and CEO of the Federal Reserve Bank of Boston, according to a press release Wednesday from the University Record. She is expected to begin on July 1, 2022.

“It is an honor and an inspiration to serve as the Boston Fed’s next president,” Collins said in the release. “Throughout my career, I have been driven by a commitment to leveraging research, education and public service to improve lives.”

The role of the provost includes oversight over the University’s 19 schools and colleges in Ann Arbor. Additionally, the provost also serves as chief academic officer and chief budget officer. 

Collins was appointed as University Provost in January 2020 and planned to step down this June. With her new appointment, she now will leave this role on May 15. Collins initially replaced former Provost Martin Philbert after he was placed on administrative leave following multiple allegations of sexual misconduct. Collins also previously held the position of Dean of the Ford School of Public Policy and was also an economics and public policy professor. 

Interim University President Mary Sue Coleman also announced in the University Record press release that she will now end provost search efforts started last fall and appoint an interim provost, according to the press release. Coleman shared that this decision was in collaboration with the Board of Regents.

“In light of the board’s accelerated timeframe for the presidential search and Provost Collins’ planned departure on May 15, I will be identifying an interim provost to serve through the presidential transition, thereby allowing the new president to choose the next permanent provost for the university,” Coleman said.

According to the University Record, The Federal Reserve Bank of Boston is one of 12 regional reserve banks and is also of service to the First Federal Reserve District. This area includes most of New England. 

In an email to The Michigan Daily, University Spokesperson Rick Fitzgerald shared details on the search for the new provost.

“Interim appointments typically come from within the university,” Fitzgerald wrote. “The search for a new provost will not be launched until after the selection of a new president. It will be the new president’s job to launch the search for a new provost.”

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