Richard Syron, 45, Is Named President Of the Boston Fed
WASHINGTON -- Richard Syron, president of the Federal Home Loan Bank of Boston and a one-time assistant to former Federal Reserve Chairman Paul Volcker, was named president of the Federal Reserve Bank of Boston.</br></br>The 45-year-old economist has spent much of his career with the Fed in various capacities, both in Washington and in Boston. He also served as deputy assistant Treasury secretary in 1979 and 1980.</br></br>"He's got a resume that looks like it was designed to be president of the Federal Reserve Bank of Boston," said Gerald Mulligan, president of First Mutual of Boston and a former Massachusetts bank commissioner.</br></br>Mr. Syron will succeed Frank Morris, 64, who is retiring after two decades in the post. Mr. Morris said he has been grooming Mr. Syron for a Fed presidency since 1975.</br></br>Mr. Syron's most significant exposure to Fed policy-making came in 1981 and early 1982 when he served as Mr. Volcker's assistant. Those were among the central bank's most tumultuous years. Under Mr. Volcker, it raised interest rates sharply to reduce inflation, producing the deepest recession since the Great Depression and evoking stiff criticism from politicians and some businesses.