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Philadelphia Federal Reserve Appoints Board Chairman, Deputy Chairman

For release: February 10, 2004
Contact: Kathy Woodbury, 215-574-4119

PHILADELPHIA, Pa. - Ronald J. Naples and Doris M. Damm were appointed chairman and deputy chairman respectively of the Philadelphia Federal Reserve Bank's Board of Directors for 2004.

Each Reserve Bank has a nine-member board of directors, which oversees Bank operations and provides grass roots information on economic conditions. The Board of Governors appoints three of these directors and designates one of its appointees as chairman and a second as deputy chairman.

Last year, Naples served as the deputy chairman for the Philadelphia Fed's Board of Directors. He has served on the Bank's board since January 1, 2001.

Naples is chairman and CEO of Quaker Chemical Corporation, Conshohocken, Pa. He also is board chairman for the University of the Arts and serves on the boards of several area organizations, including the Glatfelter Corporation, the Philadelphia Museum of Art, the Franklin Institute, the Southeastern Pennsylvania Chapter of the American Red Cross, and the Foreign Policy Research Institute. Naples received master's degrees in business administration from Harvard University and international economic relations from the Fletcher School of Law and Diplomacy, as well as a bachelor's degree from the U.S. Military Academy at West Point.

Damm has served on the Philadelphia Fed's Board of Directors since Jan. 1, 2001. She is president and CEO of ACCU Staffing Services, Cherry Hill, N.J., and director of Our Lady of Lourdes Associates Foundation. Damm is also a member of the board of trustees of Our Lady of Lourdes Medical Center and serves on the advisory and foundation boards of the Rutgers University School of Business, Camden. She holds a bachelor's degree in English from Fairleigh Dickinson University, Teaneck-Hackensack, N.J.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 5 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.

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