Cathy Minehan
Cathy E. Minehan | |
|---|---|
| Born | February 15, 1947 |
| Occupation(s) | Banking executive, academic administrator |
| Years active | 1968–present |
| Known for | President and CEO of the Federal Reserve Bank of Boston (1994–2007); Dean of Simmons College's School of Management; Managing Director at Arlington Advisory Partners |
Cathy E. Minehan (born February 15, 1947) held the position of President and CEO at the Federal Reserve Bank of Boston from 1994 until her retirement in July 2007. During her tenure, she was part of the Federal Open Market Committee, which directs U.S. monetary policy. Following this, she assumed the role of Dean at Simmons College's School of Management in August 2011 and took on the role of Managing Director at Arlington Advisory Partners, a private consultancy.
On a national scale, Minehan chaired the Financial Services Policy Committee responsible for overseeing payment services within the Reserve Banks. She played instrumental roles in the System’s preparations for the year 2000 problem, developments in interstate banking legislation, and coordinated responses to the September 11 attacks. Additionally, she spearheaded efforts to improve governance structures for shared national functions among Reserve Banks.
Early life and education
Minehan completed her undergraduate studies at the University of Rochester and earned an MBA from New York University, where she was honored as a Distinguished Alumna in 1995.
Federal Reserve System
Samuel O. Thier, MD, former chairman of the Federal Reserve Bank of Boston and Harvard Medical School professor, noted that Minehan guided the Bank through a transformative era marked by substantial economic and technological shifts. Economists often characterized her monetary stance as dovish.
Federal Reserve Bank of New York
Between 1968 and 1978, Minehan served in roles including bank examiner, analyst, and supervisor at the Federal Reserve Bank of New York. She progressed through leadership ranks becoming Assistant Vice President in 1979, Vice President in 1982, and Senior Vice President from 1987 until 1991 before transferring to the Federal Reserve Bank of Boston.
Federal Reserve Bank of Boston
From 1991 to 1994, Minehan was First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston, one of the twelve regional banks within the Federal Reserve System. She became the institution’s first female President and CEO, managing key operations essential to national monetary policy execution and banking system stability. Her responsibilities encompassed Public Information, Accounting Control, Check Processing, Funds management, and Securities operations.
New England economic development
Minehan dedicated efforts toward advancing structural economic growth in New England by promoting community development programs, enhancing public education, and supporting workforce training initiatives.
Board member and trustee
Minehan is affiliated with 63 board members spanning six organizations across nine industries.
Her extensive board service includes positions on the Boards of Directors for Partners HealthCare, Visa (since 2007), Massachusetts Mutual Life (since 2009), Becton Dickinson (since 2007), and Massachusetts General Hospital, where she was appointed chair of the Board of Trustees in 2008. Additional board memberships include involvement with the Boston Economic Club, Boston Private Industry Council (as Vice Chairman), United Way of Massachusetts Bay and Merrimack Valley, The New England Council, and Boston College’s Carroll School of Management.
She has held trustee roles at Massachusetts General Hospital (serving as CEO starting in 2008), University of Rochester, Northeastern University’s School of Social Science Urban Affairs & Public Policy, Bentley College, and participated on the National Council on Economic Education.
Minehan joined BD (Becton, Dickinson and Company) (NYSE:BDX) board in November 2007. Furthermore, she is a member of the Massachusetts Business Roundtable that provides policy guidance aimed at fostering Massachusetts’ sustained economic growth.
In 2012, Minehan was Dean at Simmons College’s School of Management and currently serves as a partner at Arlington Advisory Partners.
Awards and honors
In 2006, she was honored with the Pinnacle Award for Lifetime Achievement by the Greater Boston Chamber of Commerce. Additionally, the New England Council recognized her as New Englander of the Year in 2002. Her distinctions extend to receiving the New England Women's Leadership award, the International Women's Forum's "Women That Make a Difference" accolade, and the Champion of Character Award from the Boy Scouts of America. She has also been acknowledged with leadership awards from both the Patriots' Trail Girl Scouts and the Boston YWCA. Further commendations include honors from the Women's Economic Round Table for her contributions to banking, recognition by Boston Partners in Education for fostering educational collaborations, and the Medal of Hope awarded by the Organization for a New Equality. She is the recipient of multiple honorary degrees.
Personal life
Minehan was married to E. Gerald Corrigan until his passing in 2022. Corrigan held roles as a former partner and Managing Director at Goldman Sachs Group, Inc., where he led Goldman Sachs Bank USA as chairman from 2008 through 2016. His prior experience includes serving as the seventh President of the Federal Reserve Bank of New York between 1985 and 1993, as well as Vice-Chairman of the Federal Open Market Committee. He was also a member of the prestigious international financial advisory group known as the Group of Thirty.
Their partnership, which began in 1995, attracted attention due to possible conflicts of interest arising from Minehan’s position on the Federal Open Market Committee and Corrigan’s executive role at Goldman Sachs. To address these concerns, they sought guidance from legal advisors associated with both organizations. The couple made their home in Boston; Minehan has two children from an earlier marriage, while Corrigan also had children from a previous union.
Philanthropy
In 2008, Minehan and Gerry Corrigan contributed $20 million to support the Women's Heart Health Program and Massachusetts General Hospital Heart Center, resulting in the center being renamed as the Corrigan Minehan Heart Center. This donation also funded the creation of the Linda Anne Barlow Cardiac Surgical Intensive Care Unit and established the Elizabeth Anne and Karen Barlow Corrigan Women's Heart Health Programs at MGH.
In 2011, Minehan joined Henri Termeer and Chad Gifford—both members of Partners HealthCare’s Board—in co-chairing Massachusetts General Hospital’s bicentennial gala. The event drew approximately 1,000 guests and successfully raised close to $1 million for hospital initiatives.