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Federal Reserve Re-Appoints Deputy Chairman of Its Board of Directors

For release: December 11, 2001
Contact: Kathy Woodbury, 215-574-4119 or Marilyn Wimp, 215-574-4197

PHILADELPHIA, Pa. - Glenn A. Schaeffer, president of the Pennsylvania State Building & Construction Trades Council since 1994, has been re-appointed deputy chairman of the Federal Reserve Bank of Philadelphia's board of directors effective January 2002. Each Reserve Bank has a nine-member board of directors, which oversees Bank operations.

Prior to leading the Building & Construction Trades Council in Harrisburg, Schaeffer served as business manager and assistant business manager for the IBEW Local 143 from 1977 until 1994. Also during that time, he was secretary-treasurer of the Building & Construction Trades Council from 1989 to 1994, and he was vice president from 1984 to 1989. He had been president of the Central Pennsylvania Building & Construction Trades Council from 1988 to 1994. In addition, Schaeffer is the co-founder of the Capital Area Labor Management Committee and serves on the executive committee of the Pennsylvania AFL-CIO.

From 1960-1966, Schaeffer served in the U.S. Army, where he attained the rank of staff sergeant. He has attended vocational education courses at Pennsylvania State University. He also attended the George Meany Center for Labor Studies. In 1978, he completed the center's Building Trades Business Agent Program, and in 1996, he completed the Building Trades Leadership Program.

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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