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Philadelphia Fed Appoints Board Chairman, Deputy Chairman

For release: December 7, 2005
Contact: Kathy Dibling, 215-574-4119

PHILADELPHIA, Pa. - Doris M. Damm, president and CEO of ACCU Staffing Services, Cherry Hill, N.J., and William F. Hecht, chairman and CEO of PPL Corporation, Allentown, were appointed chairman and deputy chairman of the Philadelphia Federal Reserve Bank's Board of Directors for 2006.

Each of the 12 Reserve Banks has a nine-member board of directors, which oversees Bank operations. The directors provide information about economic condition in their industries to monetary policymakers.

Damm has served on the Philadelphia Fed's Board of Directors since Jan. 1, 2001, and she had been the Bank’s deputy chairman since 2004. She is on the board for Our Lady of Lourdes Associates Foundation and also serves on its finance committee. Damm is also a board member for Our Lady of Lourdes Medical Center and serves on the advisory and foundation boards of the Rutgers University School of Business, Camden.

Damm is a member of Cherry Hill Regional Chamber of Commerce, Cerebral Palsy of New Jersey, and the Women’s Business Enterprise National Council. Damm holds a bachelor's degree in English from Fairleigh Dickinson University, Teaneck-Hackensack, N.J.

Hecht serves on the board of directors of manufacturing company DENTSPLY International Inc., York, Pa., and RenaissanceRe Holdings Ltd. in Bermuda.  He is a director for the Nuclear Energy Institute and the Edison Electric Institute, where he serves on the executive committee.

Hecht serves as president of the Lehigh Valley Partnership and is a member of the Pennsylvania Business Roundtable. He also is on the board of Lehigh Valley Hospital and Health Network. Hecht received bachelor’s and master’s degrees in electrical engineering from Lehigh University, and he is a graduate of the Cornell University Executive Development Program.

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 eastern Pennsylvania, southern New Jersey, and Delaware.

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