The Federal Reserve Bank of Boston has named University of Michigan provost Susan Collins as its next chief, making her the first Black woman to lead a regional Fed bank and delivering a measure of new diversity to U.S. central bank leadership, reports Reuters.

Collins will start her job on July 1, the Boston Fed said in a statement. By then, the Fed is likely to have already begun to tighten monetary policy to fight inflation, raising interest rates and perhaps shrinking its balance sheet.

Collins will be in place to weigh in on Fed policy within weeks of starting, at its July 26-27 policy meeting. Following Fed rules, Philadelphia Fed President Patrick Harker will continue to vote for the Boston Fed until then.

She fills a vacancy left by longtime Boston Fed President Eric Rosengren, who resigned last fall during an ethics probe into personal trading by Fed officials during the pandemic.

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