Federal Reserve Bank of Philadelphia
Coordinates: 39°57′07″N 75°09′04″W / 39.95194°N 75.15111°W
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.
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
| 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
| 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
| 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
- Federal Reserve System
- Federal Reserve Districts
- Federal Reserve Branches
- Federal Reserve Act
- Old Federal Reserve Bank Building (Philadelphia)
- Structure of the Federal Reserve System
References
Notes
- ↑ Crutsinger, Martin (2 March 2015). "University of Delaware President Harker tapped to succeed Plosser at Philadelphia Fed". US News and World Report. Associated Press.
- ↑ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times, February 13, 2008.
- ↑ Business Review ISSN 0007-7011
- 1 2 "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 8, 2013.
External links
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Wikimedia Commons has media related to Federal Reserve Bank of Philadelphia. |
- The Philadelphia Fed's home page
- A map of the third district
- Public Statements of Karl Bopp, former President of the Federal Reserve Bank of Philadelphia
- Public Statements of David P. Eastburn, former President of the Federal Reserve Bank of Philadelphia
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