The Federal Reserve Bank of Boston has kicked off its search for a new president to replace the bank's previous top executive, Eric S. Rosengren who left last month, it said Tuesday. Rosengren came under ethical scrutiny for reportedly trading investment securities, including the very real estate mortgage-backed securities that led to the 2008 Great Recession.

A lifer with the Federal Reserve Bank of Boston, Rosengren joined the regulator in 1985. Two of Rosengren's greatest achievements were creating emergency back-stop measures for two popular types of investment vehicles: money market and stable value mutual funds, (the latter is otherwise known as funds that invest in asset-backed commercial paper).

Rosengren was a key figure behind the 2012 creation of the Money Market Mutual Fund Liquidity Facility and the 2008 launch of the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility.

The bank announced Sept. 30 that rather than retire on June 22, 2021, as he had planned, the head of the bank would be leaving on that date to attend to a kidney condition.

The bank's search for a replacement for Rosengren is being led by Christina Paxson, board chairman and president of Brown University, the Federal Reserve Bank of Boston said in a statement. The bank has also hired executive search firm Spencer Stuart.