Release Date: June 6, 2006
For immediate release
The Board of Directors of the Federal Reserve Bank of Philadelphia today announced that Charles I. Plosser, a professor of economics and former dean at the William E. Simon Graduate School of Business Administration at the University of Rochester, has been named president of the Philadelphia Bank. The appointment was jointly approved by the Board of Governors of the Federal Reserve System and the Philadelphia Bank Board. Dr. Plosser will assume his new position August 1, 2006, and replaces Dr. Anthony M. Santomero, who resigned March 31, 2006.
"Professor Plosser is extremely well qualified to be president as he brings both deep economic and management credentials to the position," said Philadelphia Federal Reserve Board Chairman Doris M. Damm. "An economist of international distinction, he will bring intellectual depth and fresh ideas to the Fed at a time when we must evolve and adapt to a changing economic and financial landscape."
Dr. Plosser, 57, is the John M. Olin Distinguished Professor of Economics and also serves as director of the Bradley Policy Research Center at the Simon School, where he served as dean from 1993-2003. During his tenure as dean, he strengthened the school's financial position, recruited new talent, created new programs, and expanded the school's facilities.
Dr. Plosser has been a member of the Simon School faculty since 1978, and his teaching interests have included macroeconomics, economic growth, econometrics, finance, and money and banking. A member of the Shadow Open Market Committee since 1991, he currently serves as co-chair of the nationally recognized group of economists that monitors and comments on U.S. economic policy. The author of numerous academic articles, Dr. Plosser has lectured to academic and business audiences worldwide and has worked as a consultant with many corporations in planning and forecasting.
When asked about his new position, Dr. Plosser replied, "I am delighted and honored to have been chosen to lead the Philadelphia Federal Reserve Bank. President Santomero has provided exceptional leadership during his tenure, and I look forward to building on his accomplishments. The Bank has an outstanding group of employees that has contributed to its success and reputation. Bank presidents play an important role in monetary policy deliberations at the System level, but they also play a critical role in their District. I am eager to develop the relationships with banking, business, and community leaders in the Third District that are an important and essential part of the institution's mission."
Dr. Plosser is editor of the Journal of Monetary Economics and the Carnegie-Rochester Conference Series on Public Policy. He has served as an advisory board member of the Rochester New Enterprise Forum, as chairman of The Consortium for Graduate Study in Management and the Graduate Management Admission Council, and served on the board of directors of ViaHealth, Inc., and RGS Energy Group. Currently, he also serves on the advisory board of the University Technology Seed Fund, LLC.
While on sabbatical during 2003-04, Dr. Plosser was a visiting scholar at the Federal Reserve Bank of Minneapolis and an advisor on monetary policy and research at the Bank of England.
In commenting on Dr. Plosser's appointment, First Vice President of the Federal Reserve Bank of Philadelphia William H. Stone, Jr. said, "Dr. Plosser has a long and distinguished career analyzing monetary policy and macroeconomic issues and will bring similar insightful thinking to issues the Fed faces in payments and the banking system. We look forward to working with him."
Dr. Plosser earned his doctoral degree in economics and his master's degree in business administration from the University of Chicago. He received his bachelor's degree in engineering from Vanderbilt University.
The Federal Reserve Bank of Philadelphia is one of 12 regional Reserve Banks in the United States that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System - the nation's central bank. The System's primary role is to ensure a sound financial system and a healthy economy. The Philadelphia Fed is responsible for helping formulate and implement monetary policy, supervising banks and bank holding companies, and providing financial services to depository institutions and the federal government. The Philadelphia Fed serves the Third District, which is composed of eastern Pennsylvania, southern New Jersey, and Delaware.