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Philadelphia Fed President to Leave Bank Next Year

For release: 9 a.m. December 16, 2005
Contact: Marilyn Wimp, 215-574-4197 or Katherine Dibling, 215-574-4119

Anthony M. Santomero, president of the Federal Reserve Bank of Philadelphia, announced that he will leave his position as president effective March 31, 2006. Dr. Santomero has headed the Philadelphia Fed for nearly six years, and is completing his year as a voting member of the Federal Open Market Committee.

“I have had the pleasure of national service in a truly outstanding institution, working with a Chairman who is universally regarded as America’s and the world’s finest central banker. The president’s choice of Ben Bernanke is an excellent one, and the Federal Reserve is in good hands. However, if I am to move on to one more new career, now is the opportune time to make the transition,” Santomero said.

“President Santomero has made significant contributions to the Bank, the Federal Reserve System, and our region. We will miss his outstanding leadership and knowledge, and wish him well in the future. We have full confidence in the leadership team that Tony helped build and that will continue to manage the Bank upon his departure,” said Ronald J. Naples, outgoing chairman of the Philadelphia Bank’s board of directors.

Doris M. Damm, newly appointed chairwoman of the Bank’s board of directors, will head a search committee that will conduct a nationwide search for candidates to replace Dr. Santomero as president of the Philadelphia Federal Reserve.

The Federal Reserve Bank of Philadelphia is one of 12 regional banks in the United States that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System – the nation’s central bank. The Philadelphia Fed 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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