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Philadelphia Fed President Examines Key Role Regulation Played in Crisis

For immediate release
Contact: Marilyn Wimp, E-mail Manager of Media Relations, (215) 574-4197

Philadelphia, Pa. — Philadelphia Federal Reserve President Charles I. Plosser will discuss the role that regulation played in the recent financial crisis in his remarks to the Union League. The reception is at 11:30 a.m. and the luncheon program will begin at 12:15 p.m., Wednesday, Oct. 20, 2010, at the Union League, 140 South Broad Street, Philadelphia.

The Philadelphia Fed’s president will look at how government regulations and the incentives they created played an important role leading to the worst financial crisis and deepest recession since the Great Depression. He will discuss the importance of avoiding unintended consequences if the nation hopes to achieve a more stable, but still innovative financial system through regulatory reform.

President Plosser joined the Philadelphia Fed in 2006 as president and CEO after more than 30 years as an academic economist. He is a member of the Federal Reserve System’s Federal Open Market Committee, which is responsible for conducting our nation’s monetary policy, and will serve as a voting member in 2011.

To hear President Plosser’s remarks, register by contacting the Union League’s Activities Department at 215-587-5565 or by e-mail at Activities@unionleague.org. Media may register by contacting Marilyn Wimp, 215-574-4197 or Katherine Dibling, 215-574-4119. Reservation deadline is October 16, 2010.

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.

Founded in 1862 as a patriotic society to support the Union and the policies of President Abraham Lincoln, the Union League today is a non-sectarian and non-partisan private club with more than 3,200 members representing the Philadelphia region’s leaders in business, education, religion, the arts, and culture. See www.unionleague.org External Link for more information. Dress code is jacket and tie.

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