For release: 10 a.m., September 14, 2009
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia announced the appointments of Charles P. Pizzi, president and CEO of Tasty Baking Company in Philadelphia, to chairman, and Jeremy Nowak, president and CEO of The Reinvestment Fund (TRF) in Philadelphia, to deputy chairman of its Board of Directors. Their one-year terms begin in January 2010.
Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.
Prior to this appointment, Pizzi was deputy chairman of the board of directors. He has been a director since January 2006. Pizzi had been president and CEO of the Greater Philadelphia Chamber of Commerce and commerce director for the city of Philadelphia. Pizzi is the chairman of the Allegheny West Foundation. He also serves on the boards of Drexel University, Brandywine Realty Trust, and the Grocery Manufacturers of America. He is vice chairman of the Independence Blue Cross board of directors. He holds a bachelor's degree from LaSalle University and a master's degree from the University of Pennsylvania.
Nowak has been a director since January 2008. He has also served on the Federal Reserve's Consumer Advisory Council. He has written some of the seminal papers on community development and development finance. He is also the chairman of the Mastery Charter School and Alex's Lemonade Stand Foundation. He has a Ph.D. in cultural anthropology from the New School for Social Research, New York.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.