June 28, 2022

A group of Massachusetts banking executives with Federal Reserve Board of Governors Member Michelle Bowman On Thursday, June 23, 2022, East Cambridge Savings Bank’s President and Chief Executive Officer Gilda Nogueira was part of a group of local bankers who met with Federal Reserve Board of Governors Member Michelle “Miki” Bowman. In addition to her role as President and Chief Executive Officer of East Cambridge Savings Bank, Ms. Nogueira is actively involved in several banking industry boards and is a past Chair of the Massachusetts Bankers Association  and the Federal Reserve Bank of Boston’s Community Depository Institutions Advisory Council (CDIAC). 

Governor Bowman is a member of the governing body that is charged with overseeing the Federal Reserve and setting monetary policy for the United States. Board of Governor Members are appointed by the President for 14-year terms. Governor Bowman’s term began in 2017. “I will touch on some of the banking issues I expect are on your minds, but one of the biggest issues for everyone right now is inflation, what the Fed is doing to get inflation under control, and the implications for your businesses, your customers, and your communities,” Bowman stated at the beginning of her remarks at the Massachusetts Bankers Association Executive Officers Conference. “…it's always worthwhile for me when I can get some perspective from bankers,” she also noted.

Her remarks went on to address inflation, the current economic climate, the labor market, and how inflation impacts banks. You can read the full text of Bowman’s remarks here

“It was a pleasure to hear Miki’s remarks on the current state of the economy and her thoughts on the impacts of inflation and monetary policy on banks and consumers,” stated Nogueira. “As local bankers, it is critical that we have an open dialogue with policy makers whose decision have a direct impact on banks, consumers, small businesses, and the community at large.”

Photo: Federal Reserve Board of Governors Member Michelle Bowman (center), East Cambridge Savings Bank President and CEO Gilda Nogueira (immediately to Bowman’s right), Massachusetts Bankers Association President and CEO Kathleen Murphy, and a group of local bank executives after hearing Governor Bowman’s remarks.