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Bank Announces Changes in Executive Assignments

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

Philadelphia, Pa. — The Federal Reserve Bank of Philadelphia has announced several changes in executive assignments, effective April 1, 2010.

Milissa M. Tadeo will take on a new role as senior vice president of Corporate Affairs. She will oversee the Community Affairs and Public Affairs departments and will guide the Bank's outreach efforts to legislative, business, and community groups, including the Bank's Economic Advisory Council. She will report directly to Charles I. Plosser, president and CEO of the Philadelphia Federal Reserve Bank.

Arun Jain, senior vice president, will assume responsibility for Tadeo's current assignment, heading the Cash Services and Treasury Services departments. He will continue to have oversight of the Retail Payments Department.

Herbert E. Taylor, vice president and corporate secretary, will continue to oversee the Office of the Secretary and will take on added responsibilities as chief of staff for the Office of the President.

In Tadeo's current position, she has responsibility for Cash Services and Treasury Services at the Bank, including oversight of two national systems used throughout the Federal Reserve System. She serves on the Bank's senior staff and on several Federal Reserve System advisory groups.

Milissa M. TadeoMilissa M. Tadeo

Tadeo joined the Bank as an analyst in 1982 after two years with the Buffalo Branch of the Federal Reserve Bank of New York. She was promoted to vice president in 1990 and to senior vice president in 1996. She has been responsible for various functions in the Bank, including Business Planning, Human Resources, Fiscal Agency, Customer Relations, and Wholesale Payments. In 2001, Tadeo participated in an interchange program at the Board of Governors in Washington, D.C., as acting assistant director for the Cash and Fiscal Agency function.

Active in the community, Tadeo serves on the Board of Trustees of St. Joseph's Preparatory School and on the Dean's Advisory Council of the Villanova University School of Business. Previously, she served on the boards of the Forum of Executive Women in Philadelphia and the Girl Scouts of Southeastern Pennsylvania.

Tadeo is a Phi Beta Kappa graduate of Pennsylvania State University and has an M.B.A. from Villanova University. She is also a member of Beta Gamma Sigma.

Arun JainArun Jain

Jain was promoted to senior vice president of Retail Payments in July 2008. He joined the Bank in 1984, following a six-year association with the Minneapolis and St. Louis Federal Reserve Banks. He started at the Bank in the Business Planning Department and subsequently managed the implementation of the new check-adjustment and check-processing systems in the Retail Payments Department. During his tenure, Jain managed the largest check processing site in the Federal Reserve System. He supervised the successful consolidation of check operations in New York, Boston, and the Baltimore office of the Richmond Fed into Philadelphia, including the transition from a predominantly paper business to electronic check processing.

Jain also managed the implementation of electronic cash letter services at all Federal Reserve offices. He has also served as a vice president in Cash Services. He holds an M.S. degree in industrial engineering and an M.B.A. from the University of Minnesota.

Currently, Taylor is charged with the administration of the board of directors. He started as an economist at the Bank in 1981. He was later named head of the Research Department's macroeconomics section, which is responsible for briefing the Bank's president on monetary policy issues.

In 1991, he became the Bank's Public Affairs officer with responsibility for its external outreach, media relations, and public education programs. He has given numerous speeches on the economy and the role of the Federal Reserve System throughout the Bank's Third District, which encompasses eastern Pennsylvania, southern New Jersey, and Delaware.

Herbert E. TaylorHerbert E. Taylor

Taylor is a member of the National Association for Business Economics. He currently serves on the boards of Economics Pennsylvania, which supports economic and financial literacy in primary and secondary schools; the CFA Society of Philadelphia, a local chapter of the international organization for Chartered Financial Analysts; the Bond Club of Philadelphia; and the Global Interdependence Center.

He received a B.A. in economics from La Salle University and a Ph.D. in economics from Temple University.

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. It is 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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