WASHINGTON, D.C. — U.S. Senator John Fetterman (D-PA), joined by Senators Cory Booker (D-NJ) and Andy Kim (D-NJ), has called for a fair, inclusive, and transparent process in selecting the next President and CEO of the Philadelphia Federal Reserve Bank. The senators addressed their concerns in a letter to Anthony Ibargüen, Chair of the Philadelphia Fed’s Board of Directors and Presidential Search Committee.
The lawmakers underscored the significant role of the Federal Reserve Bank of Philadelphia, which supervises financial institutions and impacts economic stability for over 13 million residents across Pennsylvania, New Jersey, and Delaware. Their letter stressed the importance of a process that prioritizes public trust and the concerns of working families while avoiding conflicts of interest.
“The Philadelphia Fed’s leadership directly influences economic fairness and access for millions,” the letter noted. The lawmakers also highlighted the need for demographic diversity among candidates and the active inclusion of community stakeholders in the hiring process.
This call for transparency follows scrutiny over the 2015 Philadelphia Fed presidential search, which raised questions about accountability. The senators insist on a rigorous process to select a leader who reflects the economic and social diversity of the Third Federal Reserve District.
The senators have requested the search committee respond to their inquiries and provide details about the process by January 24, 2025. Their demands mark a critical moment in ensuring equitable and representative leadership within the Federal Reserve System.
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