Collins, who earned a Ph.D. in economics at the Massachusetts Institute of Technology, is the first Black woman to lead one of the U.S. central bank's 12 districts.

"Collins is an international macroeconomist with a lifelong interest in policy and its impact on living standards," the Boston Fed said in a statement Wednesday.

She was approved by the Fed's Board of Governors after selection by the Boston Fed's board.

Collins will take up the Boston Fed post on July 1, after the end of the academic year. She currently serves as the University of Michigan's provost and executive vice president for academic affairs.