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New York Fed Executive to Discuss Asset Purchase Program

For immediate release
Contact: Katherine Q. Dibling, E-mail 215-574-4119

Philadelphia, Pa. — The Global Interdependence Center External Link and the Federal Reserve Bank of Philadelphia will present “Implementing the Federal Reserve’s Asset Purchase Program,” a speech by Brian P. Sack, External Link executive vice president of The Markets Group at the Federal Reserve Bank of New York. External Link He will discuss the challenges of the Federal Reserve's asset purchase program and its intent to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011.

Brian P. SackBrian P. Sack

The event is scheduled to begin at 5:45 p.m. on Wednesday, February 9, 2011, at the Philadelphia Fed, 100 N. Sixth St., Philadelphia, Pa. The event is free, but space is limited and registration is required. Register for the event.

Sack is also the manager of the System Open Market Account for the Federal Open Market Committee (FOMC). The Markets Group oversees domestic open market and foreign exchange trading operations and the provision of account services to foreign central banks.

Prior to joining the New York Fed, Sack was a vice president at Macroeconomic Advisers and the deputy director of the Monetary Policy Insights service offered by that firm. In that capacity, he conducted extensive analysis of the interactions between Federal Reserve policy actions, financial markets, and the U.S. economy. Prior to joining Macroeconomic Advisers in 2004, Sack was the head of the Monetary and Financial Markets Analysis section at the Board of Governors of the Federal Reserve System. Sack has also published a number of research articles in academic journals in the fields of economics and finance.

Sack received a Ph.D. in economics from the Massachusetts Institute of Technology in 1997 and a bachelor's degree from the University of Vermont in 1992.

GIC, a Philadelphia-based nonprofit organization founded in 1975, encourages the expansion of global dialogue and free trade to improve cooperation and understanding with the goal of reducing international conflicts and improving worldwide living standards. GIC provides a forum for the exchange of divergent perspectives; engages experts to identify emerging economic, social, and political issues vital to the interdependent global community; organizes country- and region-specific meetings, conferences, and briefings for educational and networking opportunities; promotes global partnerships among governments, business, academic, and nonprofit organizations; and shares information and research with the public and with policymakers worldwide. Their international delegations draw top leaders in policymaking, business, and academics.

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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