In February, Rick Lang, executive vice president, announced his plan to retire at the end of June after nearly 34 years with the Federal Reserve System, including 30 years at the Federal Reserve Bank of Philadelphia. Since October 2000, Rick has overseen five departments with central bank functions, including the Payment Cards Center (as well as Research, Financial Statistics, Community Development Studies and Education, and Public Affairs). Rick first joined the Philadelphia Fed in 1980 to coordinate monetary policy briefings, after serving four years with the St. Louis Fed as a staff economist. In 1984, he was promoted to senior vice president and director of research. He held that position for 16 years, adding responsibilities over the years, until his promotion in October 2000.
Loretta J. Mester
In light of Rick’s announcement, effective April 1, the Payment Cards Center reports to Executive Vice President and Director of Research Loretta J. Mester. As part of this reorganization of responsibilities, Loretta has also assumed oversight of the Financial Statistics Department. Loretta started at the Bank in 1985 as an economist and was named director of research in October 2000. She is also an adjunct professor at the Wharton School of the University of Pennsylvania, a Fellow of the Wharton Financial Institutions Center, and a member of the Finance Department Advisory Council of the Fox Business School at Temple University in Philadelphia.
We, the center’s staff, thank Rick for his years of service to the PCC and wish him all the best in retirement. And we look forward to working with Loretta in her new role as executive vice president and senior officer for the PCC.