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Fed President Recognized as Global Citizen

For release: for immediate release
Contact: Marilyn Wimp, media advisor, 215-574-4197

Philadelphia, Pa. - The Global Interdependence Center (GIC) External Link has presented Dr. Anthony M. Santomero, president of the Federal Reserve Bank of Philadelphia, with its 2005 Global Citizen Award for his contributions to the global economy in the areas of public policy, business, and research. Dr. Santomero was honored during a July 13, 2005, ceremony in Philadelphia.

In his role as a Federal Reserve Bank president, Dr. Santomero is a member of the Federal Open Market Committee, External Link the body that sets U.S. monetary policy. Before becoming president of the Philadelphia Fed, he was the Richard K. Mellon Professor of Finance at the University of Pennsylvania’s Wharton School. He held a number of academic and managerial positions during his 30-year tenure at Wharton and established a reputation as a recognized consultant to major financial institutions and regulatory agencies throughout North America, Europe, and the Far East.

A long-standing advisor to the Swedish Central Bank, Dr. Santomero has also consulted for the European Economic Community in Brussels, the Inter-American Development Bank, the Ministry of Finance of Japan, the National Housing Bank of India, the Treasury of New Zealand, the Bank of Israel, and the Capital Markets Board of Turkey, among others. He is a leading authority on financial risk management and financial structure, and his examination of risk management systems continues to lead to new approaches and techniques in this area. As an academic author, Dr. Santomero has written over 100 articles, books, and monographs on financial sector regulation and economic performance.

During his term at the Philadelphia Fed, the Bank’s Research Department has organized policy forums geared to academics, policymakers, and market economists to exam macroeconomic and monetary policy issues from both a national and international perspective. In keeping with his commitment to global education and research, Dr. Santomero is chairman of the Economic Advisory Board of the Stockholm Institute for Financial Research and serves on the advisory board of the Copenhagen Center for Law Economics and Financial Institutions and the Italian Bankers Association’s European Banking Report.

Dr. Santomero was born on September 29, 1946, in New York City. He received an A.B. in economics from Fordham University in 1968 and a Ph.D. in economics from Brown University in 1971. He holds an honorary doctorate from the Stockholm School of Economics in Sweden, received in 1992, and an honorary degree from the University of Rome, awarded in 2003. He also received the prestigious title of Cavaliere, an honorary knighthood from the Republic of Italy, in 2005.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. The Philadelphia Fed serves the Third District, which is composed of eastern Pennsylvania, southern New Jersey, and Delaware.

GIC is a non-profit organization that fosters interdependence focused dialogue to meet the challenges of a global civilization. The GIC convenes international opinion leaders and disseminates knowledge on interdependency issues to influence international policy in on trade, finance, economic development and other key policy areas.

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