For immediate release
Contact: Katherine Q. Dibling, (215) 574-4119
The Federal Reserve Bank of Philadelphia has announced the promotion of William W. Lang to executive vice president and lending officer from senior vice president, effective July 1, 2012.
Lang will continue to lead the Bank’s Supervision, Regulation and Credit (SRC) department, as he has since June 2011. In this role, he administers the Bank’s discount window, which provides loans to eligible depository institutions to meet short-term liquidity needs, and oversees community and regional supervision and information systems examinations of banking organizations in the Third Federal Reserve District.
William W. Lang
“Lang is a gifted leader and academic with deep expertise in banking, the Federal Reserve System, and financial risk,” said Charles I. Plosser, president and chief executive officer of the Federal Reserve Bank of Philadelphia. “His guidance is especially appreciated now, as we go about making the many changes necessary to meet our obligations under the Dodd-Frank Act.”
Lang was promoted to senior vice president and chief examinations officer at the Bank in 2009. In 2010, he completed a temporary assignment at the Federal Reserve Board of Governors as the head of the risk and surveillance units. This past year, he has contributed to the Fed’s efforts to model potential losses that could lead to future risks. In particular, he has helped lead the Federal Reserve’s efforts to validate the models used to assess risk in such areas as mortgages, home equity lines of credit, operational losses, and trading.
Prior to joining the Bank as a vice president in 2002, Lang was director of special studies for eight years with the Office of the Comptroller of the Currency in Washington, D.C. From 1985 to 1994, Lang was an assistant professor of economics at Rutgers. He has also served as a visiting scholar at the Philadelphia Fed.
Lang received a Ph.D. in economics from Yale University and a bachelor’s degree from the City College of New York. He is a Fellow of the Wharton Financial Institutions Center.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is 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.