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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
Websitephiladelphiafed.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 or the Philly Fed — headquartered at 10 Independence Mall in Philadelphia, Pennsylvania, 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

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The following people serve on the board of directors as of July 2023.[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

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Class A
Name Title Term Expires
Randall E. Black President and chief executive officer
Citizens Financial Services Inc. and First Citizens Community Bank
Mansfield, Pennsylvania 		2023
Timothy Snyder President and chief executive officer
Fleetwood Bank
Fleetwood, Pennsylvania 		2024
Christopher D. Maher Chairman and chief executive officer
OceansBank First, N.A.
Toms River, New Jersey 		2025

Class B

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Class B
Name Title Term Expires
Bret S. Perkins Senior vice president, external and government affairs
Comcast Corporation
Philadelphia, Pennsylvania 		2023
Julia H. Klein Chairwoman and chief operating officer
C.H. Briggs Company
Reading, Pennsylvania 		2024
John Fry President
Drexel University
Philadelphia, Pennsylvania 		2025

Class C

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Class C
Name Title Term Expires
William Lo President
Crystal Steel Fabricators, Inc.
Delmar, Delaware 		2023
Sharmain Matlock-Turner

(Deputy Chair)

President and chief executive officer
Urban Affairs Coalition
Philadelphia, Pennsylvania 		2024
Anthony Ibargüen

(Chair)

Chief executive officer
Quench USA, Inc.
King of Prussia, Pennsylvania 		2025

See also

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References

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Notes

  1. ^ Crutsinger, Martin (March 2, 2015). "University of Delaware President Harker tapped to succeed Plosser at Philadelphia Fed". U.S. News & World Report.
  2. ^ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times, February 13, 2008.
  3. ^ Business Review Archived 2008-05-23 at the Wayback Machine ISSN 0007-7011
  4. ^ a b "Directors ofFederal Reserve Bank of Philadelphia". The Federal Reserve. August 5, 2017.
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