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Bank Executive Announces Retirement

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

Philadelphia, Pa. — Richard W. Lang, executive vice president, has announced his plan to retire in June 2010 after nearly 34 years with the Federal Reserve System, including 30 years at the Federal Reserve Bank of Philadelphia.

Since October 2000, Lang has overseen five departments: Research, Financial Statistics, Community Affairs, Public Affairs, and the Payment Cards Center. He first joined the Philadelphia Fed in 1980 to coordinate monetary policy briefings, after serving four years with the St. Louis Fed as a staff economist. In 1984, Lang was promoted to senior vice president and director of research. He held that position for 16 years, adding responsibilities over the years, until his promotion in October 2000.

"Rick will be greatly missed at our Bank. I have been fortunate to work with him and benefit from his wisdom and wealth of Federal Reserve experience. Throughout his career, Rick has made significant contributions to the Philadelphia Fed and the Federal Reserve System. He has also played a key role in the Bank's outreach, including giving speeches about monetary policy and the economic outlook in communities in every corner of the Bank's District," said Charles I. Plosser, Federal Reserve Bank of Philadelphia's president and CEO.

Richard W. LangRichard W. Lang

In addition to his contributions to economic briefings for policymakers and the Bank's outreach programs, Lang played an integral role in developing the Bank's Payment Cards Center, which, over the last 10 years, has developed into a nationally recognized center for research on consumer credit and payments. He also helped develop the Bank's permanent exhibit, Money in Motion, which has averaged more than 27,000 visitors annually since it opened in 2003.

He received a bachelor's degree in economics and mathematics from St. Olaf College in Northfield, Minnesota, and earned a master's degree and a Ph.D. in economics at Ohio State 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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