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Research Director Promoted to Executive Vice President

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

Philadelphia, Pa. — Loretta J. Mester will be promoted to executive vice president at the Federal Reserve Bank of Philadelphia, effective April 1, 2010. In her new position, Mester will assume oversight of the Bank's Financial Statistics Department and the Payment Cards Center. She will continue to serve as director of research, overseeing the Bank's Research Department, reporting directly to President and CEO Charles I. Plosser.

"Loretta is an outstanding economist who has provided me with invaluable analysis and counsel as we faced unprecedented economic and policy challenges. During her more than 20 years at the Philadelphia Fed, she has made significant contributions through her research and her leadership of our Bank's Research Department," President Plosser said.

Loretta J. MesterLoretta J. Mester

Since October 2000, Mester has been senior vice president and director of research, heading a staff of economists and analysts who conduct research on macroeconomics, banking, payments, finance, and the regional economy. She first joined the Bank in 1985 and was promoted to vice president and economist in 1996. For four months in 2009, Mester was a visiting Reserve Bank officer at the Division of Monetary Affairs of the Board of Governors of the Federal Reserve System.

Mester is also an adjunct professor of finance at the Wharton School, University of Pennsylvania, and a Fellow in the Wharton Financial Institutions Center. She has taught in the undergraduate and M.B.A. programs of the Finance Department at Wharton and in the Ph.D. program of the Finance Department at New York University.

Mester has been a member of the Finance Department Advisory Council, Fox School of Business and Management, Temple University, since 2007. She is an associate editor of six economics and finance journals. She is also a founding member and director of the Financial Intermediation Research Society and a member of the American Economic Association and its Committee on the Status of Women in the Economics Profession, the American Finance Association, the Financial Management Association, and the Econometric Society. Her research interests include the organizational structure and production efficiency of financial institutions, the theory of financial intermediation, and agency problems and regulatory issues in banking.

Mester earned a B.A. in mathematics and economics summa cum laude from Barnard College of Columbia University and an M.A. and a Ph.D. in economics from Princeton University, where she held a National Science Foundation Fellowship.

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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