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Federal Reserve Bank of Philadelphia

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Federal Reserve Bank of Philadelphia
Federal Reserve Seal
Headquarters
Headquarters10 Independence Mall
Philadelphia, Pennsylvania, USA
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentPatrick T. Harker
Central bank of
Third District
Websitewww.PhiladelphiaFed.org
The Federal Reserve Bank of Philadelphia is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Philadelphia, also known as the Philadelphia Fed and the Philly Fed – headquartered at 10 N. Independence Mall West (N. 6th Street) at Arch Street, Philadelphia, Pennsylvania, with an additional entrance at N. 7th Street – is responsible for the Third District of the Federal Reserve, which covers eastern and central Pennsylvania, the nine 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 Patrick T. Harker. [1]

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.[2] It also publishes a quarterly publication entitled Business Review.[3] The Federal Reserve Bank of Philadelphia also publishes the Livingston Survey and the Greenbook data sets.[citation needed]

Board of Directors

The following people serve on the board of directors as of August 2017.[4] Terms expire on December 31 of their final year on the board.[4]

Map of the Third District
Lobby of the Federal Reserve Bank of Philadelphia. The lobby features a 25-foot (7.6 m) tower filled with shredded U.S. currency
Former Presidents of the Philadelphia Fed (left to right) Edward Boehne (1981–2000), Charles Plosser (2006–2015), and Anthony Santomero (2000–2006)

Class A

Class A
Name Title Term Expires
Jon Evans President and chief executive officer
Atlantic Community Bankers Bank
Camp Hill, Pennsylvania 		2017
David R. Hunsicker Chairman, president and chief executive officer
New Tripoli Bank
New Tripoli, Pennsylvania 		2018
William S. Aichele Chairman
Univest Corporation of Pennsylvania
Souderton, Pennsylvania 		2019

Class B

Class B
Name Title Term Expires
Patricia Hasson President and Executive Director
Clarifi
Philadelphia, Pennsylvania 		2017
Carol J. Johnson Retired president and chief operating officer
AlliedBarton Security Services
Conshohocken, Pennsylvania 		2018
Edward J. Graham Retired chairman and chief executive officer
South Jersey Industries - North California District
Folsom, New Jersey 		2019

Class C

Class C
Name Title Term Expires
Michael J. Angelakis

(Chair)

Chairman and chief executive officer
Atairos
Bryn Mawr, Pennsylvania 		2017
Phoebe A. Haddon Chancellor
Rutgers University - Camden
Camden, New Jersey 		2018
Brian McNeill

(Deputy Chair)

President and chief executive officer
TouchPoint, Inc.
Concordville, Pennsylvania 		2019

See also

References

Notes

  1. ^ Crutsinger, Martin (2 March 2015). "University of Delaware President Harker tapped to succeed Plosser at Philadelphia Fed". US News and World Report. {{cite journal}}: Unknown parameter |agency= ignored (help)
  2. ^ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times, February 13, 2008.
  3. ^ Business Review ISSN 0007-7011
  4. ^ a b "Directors ofFederal Reserve Bank of Philadelphia". The Federal Reserve. August 5, 2017.
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