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Nevels Appointed to Bank Board of Directors

For immediate release
Contact: Katherine Dibling, E-mail senior media representative, (215) 574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia has announced the appointment of James E. Nevels to the Bank's board of directors. Nevels is chairman and founder of The Swarthmore Group, External Link a Philadelphia investment advisory firm. He is also the nonexecutive chairman of the board of The Hershey Company. External Link

James E. Nevels, chairman and founder of The Swarthmore GroupJames E. Nevels

Appointed by the Federal Reserve Board of Governors, External Link Nevels will serve a three-year term beginning January 1, 2010. Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.

Nevels started his career as counsel in bond transactions with the law firm of Ballard, Spahr, Andrews, and Ingersoll in 1978 where he focused on taxable, tax-exempt, and government-assisted finance. He later was vice president of Prudential-Bache Securities and Smith Barney, Harris Upham & Co. from 1984 until 1991.

In December 2001, the governor of Pennsylvania appointed Nevels as chairman of the Philadelphia School Reform Commission to oversee the turnaround of the financially distressed Philadelphia school system. He served in that position until September 2007. Nevels was also appointed by former President George W. Bush to the Advisory Committee of the Pension Benefit Guaranty Corporation, where he served a three-year term from 2004 to 2007.

Nevels is a member of the board of the Hershey Trust Company, Milton Hershey School, the Tasty Baking Company, Pro Football Hall of Fame, and the board of trustees of the Gettysburg Foundation. In addition, he is a member of the council of the Pennsylvania Society and also serves as the society's secretary.

Nevels has received several awards, including the World Affairs Council of Philadelphia's Atlas award (2003); the Philadelphia Tribune's "One of Philadelphia's Most Influential African Americans" award (2004); the Musser Excellence in Leadership award (2004); the Thurgood Marshall Scholarship Fund Award of Excellence (2005); the American Jewish Committee's Civic Achievement award (2005); the Emma Sloat Rendell Education award (2007); and the Bucknell University Humanitarian Service Alumni award (2009).

Nevels is a cum laude and Phi Beta Kappa graduate of Bucknell University, the University of Pennsylvania Wharton Business School, and the University of Pennsylvania Law School.

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. One of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.

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