Federal Reserve Bank of Philadelphia
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. The current President of the Philadelphia Fed is Patrick T. Harker.
Headquarters
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)
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
The Eccles Building in Washington, D.C., which serves as the Federal Reserve System's headquarters
Obverse of a Federal Reserve $1 note issued in 2009
Ben Bernanke (lower right), former chairman of the Federal Reserve Board of Governors, at a House Financial Services Committee hearing on February 10, 2009. Members of the board frequently testify before congressional committees such as this one. The Senate equivalent of the House Financial Services Committee is the Senate Committee on Banking, Housing, and Urban Affairs.
Board of governors in April 2019, when two of the seven seats were vacant
