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Federal Reserve Bank of Philadelphia

Coordinates: 39°57′07″N 75°09′04″W / 39.95194°N 75.15111°W / 39.95194; -75.15111
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39°57′07″N 75°09′04″W / 39.95194°N 75.15111°W / 39.95194; -75.15111

The Federal Reserve Bank of Philadelphia Building
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

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]

Current Board of Directors

The following people serve on the board of directors as of 2013:[4] All terms expire December 31.[4]

Class A

Class A
Name Title Term Expires
R. Scott Smith Retired Chairman and Chief Executive Officer
Fulton Financial Corporation
Lancaster, Pennsylvania 		2013
Frederick "Ted" C. Peters Chairman and Chief Executive Officer
Bryn Mawr Trust Company
Bryn Mawr, Pennsylvania 		2014
David R. Hunsicker Chairman, President and Chief Executive Officer
New Tripoli Bank
New Tripoli, Pennsylvania 		2015

Class B

Class B
Name Title Term Expires
Keith S. Campbell Chairman
Mannington Mills
Salem, New Jersey 		2013
Patrick T. Harker President
University of Delaware
Newark, Delaware 		2014
Rosemary Turner President
UPS - North California District
Oakland, California 		2015

Class C

Class C
Name Title Term Expires
Jeremy Nowak

(Chair)

President
William Penn Foundation
Philadelphia, Pennsylvania 		2013
Michael J. Angelakis Vice Chair and Chief Financial Officer
Comcast Corporation
Philadelphia, Pennsylvania 		2014
James E. Nevels

(Deputy Chair)

Chairman
The Swarthmore Group
Philadelphia, Pennsylvania 		2015

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 of Federal Reserve Banks and Branches". The Federal Reserve. Dec 8, 2013.
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