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Federal Reserve Bank of Philadelphia Appoints Board Chairman, Deputy Chairman

For release: February 19, 2003
Contact: Kathy Woodbury, (215) 574-4119

PHILADELPHIA, Pa. - Glenn A. Schaeffer and Ronald J. Naples were appointed chairman and deputy chairman respectively of the Philadelphia Federal Reserve Bank's Board of Directors for 2003.

Each Reserve Bank has a nine-member board of directors, which oversees Bank operations and provides grass roots information on economic conditions. The Board of Governors appoints three of these directors and designates one of its appointees as chairman and a second as deputy chairman.

Last year, Schaeffer served as the deputy chairman for the Philadelphia Fed's Board of Directors. He also is president emeritus of the Pennsylvania Building and Construction Trades Council in Harrisburg. Schaeffer is a member of the executive committee of the Pennsylvania AFL-CIO, the Governor's Committee on Economic Development through Labor Management, the Pennsylvania Prevailing Wage Advisory Board, and the Keystone Commission on Education and Employment in the 21st Century.

Naples, who is chairman and CEO of Quaker Chemical Corp., Conshohocken, Pa., has served on the Bank's board since Jan. 1, 2001. He also is board chairman for the University of the Arts and sits on the board of several area organizations, including the Philadelphia Museum of Art, Greater Philadelphia First, the Southeastern Pennsylvania Chapter of the American Red Cross, and the Rock School of the Pennsylvania Ballet.

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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