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Board Chairman, Deputy Chairman Appointed

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Contact: Katherine Dibling, E-mail Senior Media Representative, (215) 574-4119

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Jeremy NowakJeremy Nowak

Philadelphia, Pa. —The Federal Reserve Bank of Philadelphia has announced the appointments of Jeremy Nowak, president and CEO of the William Penn Foundation, and James E. Nevels, chairman and founder of The Swarthmore Group, to chairman and deputy chairman, respectively, of its board of directors. Their one-year terms begin in January 2012.

Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.

James E. NevelsJames E. Nevels

The nine-member board of directors is chosen in a nonpolitical process. Three Class A directors are elected by member banks to represent the District's member banks. Three Class B directors are also elected by member banks to represent businesses and the public; by law, they cannot be directors or officers of a bank or bank holding company. The Board of Governors appoints three Class C directors, who are also nonbankers, including the chair and deputy chair.

Prior to this appointment, Nowak was deputy chairman of the Federal Reserve Bank of Philadelphia’s board of directors and has been a director since January 2008. He has also served on the Federal Reserve’s Consumer Advisory Council. Prior to his current position at the William Penn Foundation, Nowak had been president and CEO of The Reinvestment Fund in Philadelphia.

Nowak was also the chairman of the Mastery Charter School and Alex's Lemonade Stand Foundation. He has served on the board of the Pennsylvania Housing Finance Agency. In 2011, he was recognized by the Opportunity Finance Network with its Ned Gramlich Lifetime Achievement Award for Responsible Finance. Nowak has a Ph.D. in cultural anthropology from the New School for Social Research, New York.

Nevels has served as a Class C director of the Philadelphia Fed’s board since 2010. He is chairman of The Swarthmore Group, an investment advisory firm that he founded in 1991; he has more than 25 years of experience in the securities and investment industry. Nevels is also the nonexecutive chairman of the board of the Hershey Company and serves on the boards of the Hershey Trust Company and the Milton Hershey School.

In 2004, Nevels was appointed by President George W. Bush to the Advisory Committee of the Pension Benefit Guaranty Corporation and served as its chairman from 2005 to 2007. He has also served as the chairman of the Philadelphia School Reform Commission. Nevels is a cum laude and Phi Beta Kappa graduate of Bucknell University, the University of Pennsylvania Wharton School of Business, and the University of Pennsylvania Law School.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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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