Federal Reserve Bank of Philadelphia

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Lobby of the Federal Reserve Bank of Philadelphia. The lobby features a 25-foot (7.6 m) tower filled with shredded U.S. currency.

The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware. Its geographical territory is by far the smallest in the system, and its population base is the second-smallest (next to the Federal Reserve Bank of Minneapolis). The current President of the Philadelphia Fed is Charles Plosser.

The Philadelphia Fed conducts research on both the national and regional economy. Its regional manufacturing index is the second of the regional manufacturing reports released every month (the New York Fed's Empire State Index is now released earlier), but it is still very important to the financial community as a proxy for nationwide manufacturing conditions.

The Federal Reserve Bank of Philadelphia publishes a quarterly survey of professional economic forecasters, the Survey of Professional Forecasters, also called "The Anxious Index". It is a highly predictive report on the prospects for the Economy of the United States.[1]

The Federal Reserve Bank of Philadelphia additionally publishes a quarterly publication entitled Business Review.[2]

Contents

[edit] Philadelphia Board of Directors

The following people are on the board of directors as of 2009:[3]

[edit] Class A

Class A
Name Title Term Expires
Aaron L. Groff, Jr. Chairman, President and Chief Executive Officer

Ephrata National Bank Ephrata, Pennsylvania

2009
Ted T. Cecala Chairman and Chief Executive Officer

Wilmington Trust Corporation Wilmington, Delaware

2010
Frederick "Ted" C. Peters Chairman and Chief Executive Officer

Bryn Mawr Trust Company Bryn Mawr, Pennsylvania

2011

[edit] Class B

Class B
Name Title Term Expires
Garry L. Maddox President and Chief Executive Officer

A. Pomerantz & Company Philadelphia, Pennsylvania

2009
Keith S. Campbell Chairman

Mannington Mills, Inc. Salem, New Jersey

2010
Michael F. Camardo Retired Executive Vice President

Lockheed Martin ITS Cherry Hill, New Jersey

2011

[edit] Class C

Class C
Name Title Term Expires
William F. Hecht

(Chair)

Retired Chairman, President and

Chief Executive Officer PPL Corporation Allentown, Pennsylvania

2009
Jeremy Nowak President and Chief Executive Officer

The Reinvestment Fund Philadelphia, Pennsylvania

2010
Charles P. Pizzi

(Deputy Chair)

President and Chief Executive Officer

Tasty Baking Company Philadelphia, Pennsylvania

2011

All terms expire on December 31.[3]

[edit] References

  1. ^ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times February 13, 2008
  2. ^ Business Review ISSN 0007-7011
  3. ^ a b "Directors of Federal Reserve Banks and Branches". The Federal Reserve. The Federal Reserve Board. February 5, 2009. http://www.federalreserve.gov/GeneralInfo/ListDirectors/default.cfm?WhichDistrict=13. Retrieved on 2009-02-19. 

[edit] External links and further reading

Coordinates: 39°57′07″N 75°09′04″W / 39.951933°N 75.15099°W / 39.951933; -75.15099


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