The Federal Reserve Bank of Philadelphia, also known as the Philadelphia Fed or the Philly Fed, is one of the twelve Federal Reserve Banks of the United States. It is responsible for the Third District of the Federal Reserve System, which encompasses eastern and central Pennsylvania, the nine southern counties of the states New Jersey, and Delaware. The district is headquartered in Philadelphia. 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 Anna Louise Paulson.
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."Economists' Tea Leaves Point to Recession" article by David Leonhardt in The New York Times, February 13, 2008. It also publishes a quarterly publication entitled Business Review.Business Review ISSN 0007-7011 The bank took responsibility for the Livingston Survey in 1990; its website provides the survey's releases, documentation, mean and median forecasts, and individual responses.
Board of directors The following people serve on the board of directors . Terms expire on December 31 of their final year on the board.
Class A + Class A Name Title Term ExpiresRandall E. BlackPresident and chief executive officerCitizens Financial Services Inc. and First Citizens Community BankMansfield, Pennsylvania2023Timothy P. SnyderPresident and chief executive officerFleetwood BankFleetwood, Pennsylvania2024Christopher D. MaherChairman and chief executive officerOceansBank First, N.A.Toms River, New Jersey2025
Class B + Class B Name Title Term ExpiresBret S. PerkinsSenior vice president, external and government affairsComcast CorporationPhiladelphia, Pennsylvania2023Julia H. KleinChairwoman and chief operating officerC.H. Briggs CompanyReading, Pennsylvania2024John FryPresidentDrexel UniversityPhiladelphia, Pennsylvania2025
Class C + Class C Name Title Term ExpiresWilliam LoPresidentCrystal Steel Fabricators, Inc.Delmar, Delaware2023Sharmain Matlock-Turner (Deputy Chair)President and chief executive officerUrban Affairs CoalitionPhiladelphia, Pennsylvania2024Anthony Ibargüen (Chair)Chief executive officerQuench USA, Inc.King of Prussia, Pennsylvania2025
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
External links
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