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Sunday, February 14, 2016

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Message from the First Vice President

2011: A Year in Review

Blake Prichard

The year 2011 brought significant change for both the Bank and the Federal Reserve System, and the Philadelphia Fed's employees proved equal to the task of dealing with those changes. I am especially proud of our many outstanding employees who accomplished their tasks in spite of significant resource constraints. I will describe here just a few of the Bank's 2011 accomplishments.

The Dodd-Frank Act created significant new responsibilities in bank supervision, including oversight of close to 70 savings and loan holding companies. Our supervision and regulation staff also led the Federal Reserve System's model validation efforts, which will help to ensure the quality of supervisory models used in stress testing. In compliance with the provisions of the Dodd-Frank Act, we formalized our Office of Diversity and Inclusion. This unit, which is housed in Human Resources, enhances our long-standing commitment to supplier diversity, proactive diversity in recruitment, and a continued focus on promoting an inclusive workplace.

Our Treasury Services Department assumed responsibility for the Treasury Collateral Management and Monitoring System, and the Collateral Management System had a major release mid-year. The Treasury Check Information System further improved efficiency in the U.S. Treasury's operations by adding new functionality to the system. In addition, we assumed responsibility for printing and distributing savings bonds. All of these projects were carried out in partnership with Information Technology Services. Further, IT Services managed major infrastructure upgrades and consolidations for a more efficient use of resources.

We had noteworthy changes in our official ranks, with a new senior officer in Supervision, Regulation and Credit and a new leader for Information Technology Services. I believe both have adapted well to their new responsibilities and are continuing to focus on highly effective services.

In addition to our work-related activities, our volunteers in PhillyFedCARES were generous with their time and talents in service to others in our community. They led reading and math programs for schoolchildren in a local elementary school and once again were energetically engaged in our United Way “Days of Caring” events.

All in all, 2011 was a challenging year but a successful one for the Bank and its staff. I thank all of our employees for their hard work and dedication, and I am confident that they will continue to make important contributions to the Federal Reserve System and all of the stakeholders we support. I have touched on only a few examples of our activities and achievements. You can read more details in the Bank Highlights section that follows.

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