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Public Service That Makes a DifferenceSM
2015
Annual Reports
2015 Year in Review: A message from
Eric S. Rosengren, President & CEO, and
Kenneth C. Montgomery, First Vice
President & COO
March 8, 2016
We are pleased to share the Federal Reserve Bank of Boston's audited financial
statements for 2015. Our financial statements show that the Bank remitted $3 billion
to the U.S. Treasury in earnings after expenses and dividends—part of the $117.1
billion the Federal Reserve System as a whole remitted to the Treasury.
As in years past, we will take this opportunity to provide a retrospective of some of
the Bank's work over the past 12 months and offer a look ahead.
In 2015, the Bank continued to support smaller cities in New England through the
Working Cities Challenge, which helps communities work toward their own
resurgence through cross-sector collaboration. Significant progress is being made
among the winning cities of Lawrence, Fitchburg, Chelsea, and Holyoke,
Massachusetts. Additionally, the Bank launched a second round of the competition in
Massachusetts, and announced an expansion of the competition to Rhode Island.
Both efforts are now underway.
Recognizing the critical importance of effective information security practices for
financial institutions, the Boston Fed embarked on a variety of efforts in
the cybersecurity realm aimed at mitigating risk to the overall financial system –
through proactive risk management, including cyber-threat and best practice sharing
among regional financial institutions.
This year the Bank's economic conference focused on central bankers' use of
macroprudential tools to maintain financial stability. Discussions focused on the
complexities of the Fed's dual-mandate of price stability and maximum employment;
whether or not U.S. monetary policy should have a three-part mandate (adding
financial stability); and microprudential and macroprudential supervisory policies.
Additionally, Bank economists' vigorous research contributed to national monetary
policy considerations and regional economic analysis.
The Bank also remained engaged in the evolving global payments landscape. Our
contributions include studying consumers' payment preferences, mobile and digital
payments innovations, and work on security and speed in the context of the Federal
Reserve's leadership of the Strategies for Improving the U.S. Payments System
("SIPS").
In addition to efforts in the region, the Boston Fed remained a strong contributor to
the Federal Reserve System's work. The Bank continued to effectively deliver on
System-level responsibilities including guiding System financial management
practices and technology, supporting the U.S. Treasury Bureau of Fiscal Services,
and providing national network security services, among others.
In the System's core monetary policy responsibility, December 2015 marked a
turning point from the near-zero rates that had prevailed for seven years. Consistent
with the Federal Reserve Bank rotations on the Federal Open Market Committee,
Boston is a voting member of the Committee in 2016.
This summary serves as a brief overview of some of the important work of the
Federal Reserve Bank of Boston. We would like to thank our Bank colleagues, as
well as regional stakeholders who partner with us in so many facets of our work. To
receive regular updates from the Boston Fed, please consider subscribing to our
quarterly newsletter Highlights from the Boston Fed. And please join us in looking
forward to a revamped website, bostonfed.org, arriving in summer 2016, which will
better serve our stakeholders' needs and interests.
Sincerely,
Eric S. Rosengren
President & Chief Executive Officer
Kenneth C. Montgomery
First Vice President & Chief Operating Officer
Financial Statements
Federal Reserve Bank of Boston Financial Statements
Federal Reserve System Financial Statements
The Federal Reserve Board engaged KPMG to audit the 2015 combined and
individual financial statements of the Reserve Banks and Maiden Lane LLC.
In 2015, KPMG also conducted audits of internal controls over financial reporting for
each of the Reserve Banks. Fees for KPMG services totaled $6.7 million, of which
$0.4 million was for the audit of Maiden Lane LLC. To ensure auditor independence,
the Board requires that KPMG be independent in all matters relating to the audits.
Specifically, KPMG may not perform services for the Reserve Banks or others that
would place it in a position of auditing its own work, making management decisions
on behalf of the Reserve Banks, or in any other way impairing its audit
independence. In 2015, the Bank did not engage KPMG for any non-audit services.
In addition, KPMG audited the Office of Employee Benefits of the Federal Reserve
System (OEB), the Retirement Plan for Employees of the Federal Reserve System
(System Plan), and the Thrift Plan for Employees of the Federal Reserve System
(Thrift Plan). The System Plan and the Thrift Plan provide retirement benefits to
employees of the Board, the Federal Reserve Banks, the OEB, and the Consumer
Financial Protection Bureau.
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Boston Fed’s Eric Rosengren and Ken Montgomery look back and look ahead
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