We are deeply committed to our public service mission to support a healthy economy. Our Bank is known for its strong focus on forging relationships in the Third District and listening to and learning from the people who live and work here.

Ensuring Diverse Perspectives

From the start, our search process has been designed to be inclusive and to ensure diverse perspectives in selecting the next president of the Philadelphia Fed. As discussed on our Presidential Search web page, our Search Committee includes the Bank’s eligible Class B and Class C directors, in accordance with the Federal Reserve Act and the Bank’s bylaws. The Bank’s Search Committee is diverse in terms of demographics, regional representation, and industry sector, providing a range of perspectives on the search process and the qualities needed in the next president. 

Following a formal procurement process, including the Search Committee interviewing several qualified executive search firms, the Bank selected Spencer Stuart to assist the committee.

Public Communications and Digital Outreach

The Bank has communicated the presidential search widely to create transparency, reach a broad candidate pool, and ensure that members of the public have opportunities to engage and provide feedback:

  • Our Presidential Search web page serves as the digital hub for the search. The page includes comprehensive information, including the job profile, the composition of the Search Committee, videos, and other important details. It also provides contact information to make it easy for people to apply for the role, to refer a candidate, or to send feedback and questions to a dedicated email box.
  • The search has been promoted to the Bank’s more than 150,000 social media followers across multiple platforms to reach a wide audience: Facebook, X, LinkedIn, Instagram, and Threads. Posts have included information about the search process, how to apply, and registration information for our public engagement forum that was held on October 8, 2024.
  • The search was announced to regional and national journalists when it opened on September 4, 2024.
  • The Bank conducted digital email outreach to more than 7,600 individuals who have opted in to receiving email communications. Email subscribers include community development leaders, economists, academics, nonprofit leaders, workforce development professionals, journalists, and more. Email communications included information on how to apply or refer a candidate, how to ask a question or provide feedback, and registration information for our public engagement forum.

Public and Community Outreach Events

In addition to the public communications, the Bank held several forums to seek input and feedback from people in the Third District. These sessions enabled the Search Committee and Spencer Stuart to hear diverse perspectives and learn from people in the Third District what qualities they believe are important for the next Philadelphia Fed president to demonstrate.

  • Public engagement: A public engagement forum was held on October 8, 2024. Registration was open to the public and widely promoted on the Bank’s website, via its social media channels, through direct emails to Bank news subscribers, and through outreach to Bank contacts. A video recording of the event is available on the Presidential Search web page.
  • Advisory council members: Current and former members of the Bank’s Economic and Community Advisory Council were invited to a feedback session to offer their input and perspective. The council members represent a range of organizations and industries, including nonprofit and community organizations, academic institutions, and businesses.
  • Service providers to low- and moderate-income communities: The Bank’s Community Development and Regional Outreach Department has been engaged throughout the year with a group of service providers to low- and moderate-income people. As part of this ongoing engagement, the service providers had the opportunity to provide feedback and ask questions about the search.
  • Bank employees: The Bank also held an internal engagement forum for its employees to hear from the Search Committee and ask questions.
Our outreach events – including an event for Bank employees with Digital Storytelling Senior Specialist Nichelle Polston, Chair of the Philadelphia Board of Directors Anthony Ibargüen, and Senior Vice President of Human Resources Kelly Jones – helped us gather input and feedback from people in the Third District.

Community Feedback Summary

The following is a summary of key feedback themes the Bank heard through its outreach and engagement activities. The Search Committee values this input and made updates to the job profile on October 24, 2024, in response to the community feedback to further emphasize these qualities:

  • Breadth and understanding of issues: The president should have a comprehensive understanding of economic principles, including local issues and national and global trends that affect the economy, as well as a strategic mindset to navigate them.
  • Community engagement: The president needs to connect deeply with the community and understand the different issues facing communities within the Third District. The president should also facilitate connections among stakeholders to address challenges.
  • Effective communication: The president should engage genuinely and authentically across all stakeholder groups. Listening is key to creating trust and ensuring that all voices are being heard.
  • Innovation: The president should embrace technological advancements to drive innovation and should seek new ways to enhance the Philadelphia Fed’s contributions to the Federal Reserve System.
  • Leadership qualities: The president should foster an inclusive and positive culture, ensure that diverse perspectives are included in decision-making processes, demonstrate humility and a servant-leadership mindset, and embrace adaptability and flexibility in a dynamic environment.