Roger Crandall, Chairman, President, and CEO of MassMutual, is concluding his seven-year term on the Board of Directors at the Federal Reserve Bank of Boston. Serving as chair in 2025, Crandall reflected on his tenure and the experiences that shaped his time with the Bank.
Crandall joined the Board in 2019. He recalled, “It’s been a real honor to serve on the Board. I’d been in a graduate economics program way back in 1987, so I was always very interested in the economy. And before I became the CEO of MassMutual, I was deeply involved in lending markets as our chief investment officer. So, I was very excited about it.”
His tenure included navigating the challenges brought by COVID-19. “I joined the Board in 2019, and everything seemed normal. Then, when COVID-19 came along, I got a chance to see how the Fed dealt with the pandemic’s effects on the economy. It was also helpful to see firsthand how Bank leadership was managing the pandemic with their employees, since we at MassMutual were doing the same for our own, as well as supporting our policyowners,” he said.
Discussing contributions to New England’s economy, Crandall noted the importance of input from different sectors: “So, it’s important that Reserve Bank leaders can use the insights Board members provide about what’s happening in our own companies and communities to help inform policy decisions through the Federal Open Market Committee.”
He emphasized collaboration fostered by initiatives like Working Cities Challenge: “The Fed also has the unique ability to bring together people from different community groups and business sectors who may not usually interact… For instance, MassMutual was one of the first companies that contributed to the Bank’s Working Cities Challenge, which really showed how much community development can benefit from building collaboration among individuals from different industries and organizations.”
Crandall addressed public scrutiny of the Federal Reserve: “I think people should be more aware of the dedication that everyone at the Fed brings to their responsibilities, especially regarding its dual mandate from Congress.
“For example, the mandate to promote price stability is critical for consumers to make informed decisions about saving, borrowing, and investing. The other mandate – full employment – is equally critical, not just from a financial perspective, but from the important role it plays in giving people meaning and purpose.
“Achieving both of these is important to the Fed, and my time on the Board has shown me just how committed the Bank is to fostering an economy that works for everyone.”
On governance roles for Board members: “We have responsibility for the Boston Fed’s overall budget and making sure that organization’s assets are treated appropriately. We also have responsibility for recommending and selecting the Bank’s president and first vice president… And… we also inform Bank leaders about different economic conditions we’re seeing in our states and business areas…”
He highlighted counseling executive leadership as another contribution: “For example, how do Board members’ companies use employee surveys and how do we think about holistic benefits for employees? It gives executive leadership team a sense of what other big employers are doing…”
Reflecting on key initiatives during his service period: “First, I’m proud of what Boston Fed did to stand up Main Street Lending Program so medium-sized companies had credit during pandemic… I’m also proud of role Boston Fed played launching FedNow (the Fed’s instant payments platform), and I was fortunate enough serve as chair audit subcommittee…
“Finally… research Bank did with MIT back in 2020 – 2022 for Project Hamilton was important to build out what they call ‘academic backbone’ of how we think about central bank digital currency. While implementing CBDC can only happen with congressional action…that was a powerful piece of work.”
Crandall concluded by reflecting on institutional values: “I was very fortunate to be associated with an institution that is multi-generational at its core. At MassMutual…we need make good decisions for people who come after us. And I’ve seen that same spirit at Fed. It’s been a real honor to serve…”
The Federal Reserve Bank of Boston has worked on various initiatives such as collaborating with MIT on Project Hamilton between 2020–2022 (https://www.bostonfed.org/news-and-events/press-releases/2022/project-hamilton-phase-1-executive-summary.aspx), which focused on research related to central bank digital currencies; launching its instant payments platform known as FedNow (https://www.frbservices.org/financial-services/fednow/about.html); establishing programs like Main Street Lending Program (https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm) aimed at supporting medium-sized businesses during times like COVID-19; and engaging private sector partners through efforts such as Working Cities Challenge (https://www.bostonfed.org/working-cities-challenge.aspx) promoting community development via cross-sector collaboration.
Amanda Blanco contributed this article as part of her work with communications at Federal Reserve Bank of Boston.
