MassMutual Chairman, President, and CEO Roger Crandall has served on the Federal Reserve Bank of Boston's Board of Directors for seven years, including in 2025 as chair. But his term on the Board ends in December, and he took time with us to reflect on an eventful tenure.

Crandall discussed how the Board navigated the COVID-19 pandemic and the resulting financial crisis. He also talked about the Boston Fed's contributions to the regional and local economies, and what more people should understand about the Fed:

What was it like to be elected to the Board, and how did you balance your Board-related responsibilities with your busy work schedule?

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.

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.

What do you think are the Bank's most important contributions to New England?

Right now, I'm reading the book "1929," which is about the stock market crash that led to the Great Depression. It reminds me the Fed was born out of crisis and out of compromise to give the whole country input into the financial system.

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.

The Fed also has the unique ability to bring together people from different community groups and business sectors who may not usually interact. New England is a big region with a lot of folks facing different challenges. So, the Fed's ability to convene people and then bring data to help drive solutions is powerful, and I'm proud of what the Boston Fed has done as a leader in that area.

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.

The Fed is under heightened scrutiny right now. What do you think people need to better understand about 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.

What are the Board's main responsibilities, and how do members work with Bank leadership and staff?

It's a very unusual governance structure, in that the Board has no responsibility for supervising banks, and we don't have the role of supervising employees the way a board would in a private company. But the roles we do have are important.

We have responsibility for the Boston Fed's overall budget and making sure that the organization's assets are treated appropriately. We also have responsibility for recommending and selecting the Bank's president and first vice president, with approval from the Fed's Board of Governors. And, as I mentioned earlier, we also inform Bank leaders about the different economic conditions we're seeing in our states and business areas, like retail, finance, tech, and real estate.

I think one of the biggest contributions we make as Board members is counseling the Bank's executive leadership team in relation to its workforce. For example, how do the Board members' companies use employee surveys and how do we think about holistic benefits for employees? It gives the executive leadership team a sense of what other big employers are doing to make sure they can attract and retain the best people.

Which of the Bank's initiatives or contributions from your time on the Board stand out to you?

There's a few. First, I'm proud of what the Boston Fed did to stand up the Main Street Lending Program, so medium-sized companies had credit during the pandemic to keep them going and keep people employed.

I'm also proud of the role the Boston Fed played in launching FedNow (the Fed's instant payments platform), and I was fortunate enough to serve as the chair of its audit subcommittee. Payments are critically important and undergoing such technological change right now.

Finally, the research the Bank did with MIT back in 2020 - 2022 for Project Hamilton was important to build out what they call the "academic backbone" of how we think about a central bank digital currency. While implementing a CBDC can only happen with congressional action, I think that was a powerful piece of work.

What else would you like to share about your time on the Board, or about the Bank in general?

I was very fortunate to be associated with an institution that is multi-generational at its core. At MassMutual, I often say we stand on the shoulders of people who made good decisions before us, and we need to make good decisions for the people who come after us. And I've seen that same spirit at the Fed. It's been a real honor to serve, and I hope the contributions I've made help the Bank as it continues its important work.