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]
 Federal Reserve Seal | |
 Headquarters | |
| Headquarters | 10 Independence Mall Philadelphia, Pennsylvania, USA |
|---|---|
| Established | May 18, 1914 |
| President | Patrick T. Harker |
| Central bank of | Third District
|
| Website | philadelphiafed.org |
| The Federal Reserve Bank of Philadelphia is one of 12 regional banks that make up the Federal Reserve System | |
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
editThe following people serve on the board of directors as of July 2023[update].[4] Terms expire on December 31 of their final year on the board.[4]
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Class A
edit| 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
edit| 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
edit| 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
editReferences
editNotes
- ^ Crutsinger, Martin (March 2, 2015). "University of Delaware President Harker tapped to succeed Plosser at Philadelphia Fed". U.S. News & World Report.
- ^ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times, February 13, 2008.
- ^ Business Review Archived 2008-05-23 at the Wayback Machine ISSN 0007-7011
- ^ a b "Directors ofFederal Reserve Bank of Philadelphia". The Federal Reserve. August 5, 2017.
External links
edit- The Philadelphia Fed's home page
- A map of the third district Archived 2008-03-05 at the Wayback Machine
- 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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