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Federal Reserve Bank of Philadelphia Appoints New President

For Release: 11:30 a.m., June 29, 2000
Contact: Marilyn Wimp, 215-574-4197

Anthony M. SantomeroPHILADELPHIA -- The Federal Reserve Bank of Philadelphia today appointed Anthony M. Santomero as Bank President. Dr. Santomero will begin his duties July 10, 2000. He succeeds Edward G. Boehne who retired May 31. The appointment was made by the Bank's Board of Directors and approved by the Board of Governors of the Federal Reserve System in Washington, D.C.

Dr. Santomero is the Richard K. Mellon Professor of Finance at the Wharton School. Since 1995, he has served as the Director of the Wharton Financial Institutions Center, External Link which focuses academic research on the financial services industry. Over the past 25 years, Dr. Santomero has held numerous academic and administrative positions at the University of Pennsylvania's Wharton School. He also has served as a consultant to major financial institutions and regulatory agencies throughout North America, Europe and the Far East.

During his tenure with the Wharton School, he has served as Deputy Dean of the School, Vice Dean and Director of the Graduate Division, Associate Director of the Doctoral Program, and Co-chairman of the Finance Department. Santomero is a leading authority on the financial services industry, risk management issues in financial institutions and financial regulation.

"Tony Santomero has an extensive background in financial services and monetary policy issues. I am confident that under his leadership the Bank will continue to excel as we meet the challenges of an ever-changing financial environment," said Joan Carter, Chairman of the Philadelphia Federal Reserve Bank's board of directors.

"Dr. Santomero brings with him a wide-ranging knowledge of the financial services industry. We welcome his insight and we are all looking forward to working with him," said William H. Stone Jr., First Vice President of the Federal Reserve Bank of Philadelphia.

"I am pleased to join the Federal Reserve Bank of Philadelphia and be part of the Federal Reserve System," said Santomero. "I am looking forward to talking with the business people and community leaders around the District, and bringing their perspective to the monetary and financial discussions in Washington."

During his career, Santomero has written more than 100 articles on banking, financial regulation and economic performance, as well as several books. His textbook on financial markets, instruments and institutions is used widely. He is the founding co-editor of the Brookings-Wharton Papers on Financial Services and serves on several academic editorial boards. He also has acted as associate editor of the Journal of Banking and Finance; Journal of Money, Credit, and Banking; Journal of Financial Services Research; and European Finance Review.

He has served as vice-chairman of the board of trustees of the BlackRock Funds, and as a director of the Zweig Fund and the Zweig Total Return Fund. In addition, he has served on the advisory board of the American Association of Bank Directors.

Santomero, 53, has lived in the Philadelphia area since 1972. He is married and has two adult children.

Santomero received his A.B. in economics from Fordham University in New York, and his Ph.D. in economics from Brown University, Providence, R.I. He also holds an honorary doctorate in economics from the Stockholm School of Economics.

The Federal Reserve Bank of Philadelphia is one of 12 regional Reserve Banks which, along with the Board of Governors in Washington, D.C., serves as the nation's central bank. The Federal Reserve is responsible for making and carrying out monetary policy, supervising and regulating banks and bank holding companies, and providing financial services to depository institutions and the U.S. Treasury. The Philadelphia Federal Reserve Bank serves the Third District, which includes eastern Pennsylvania, southern New Jersey and Delaware.

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