For release: November 8, 2004
Contact: Kathy Dibling, 215-574-4119
PHILADELPHIA - The Federal Reserve Bank of Philadelphia earlier this year appointed two vice presidents. Richard A. Elliot, formerly of the Federal Reserve Board of Governors, is vice president of facilities. Kei-Mu Yi, formerly of the New York Federal Reserve, is a vice president and economist in the Bank's research department.
Elliot was the manager of engineering and facilities for the Board of Governors in Washington, D.C. Prior to that, he worked for the U.S. Navy and as a principal engineer for three private firms. Elliot received a bachelor's degree in chemistry from the U.S. Naval Academy and two postgraduate degrees in civil engineering from the University of Southern California.
Yi now oversees the monetary and macroeconomics section in the Bank's research department. He had been working in International Research at the New York Federal Reserve. He also was an adjunct professor at Columbia and New York universities. Yi received his Ph.D. in Economics from the University of Chicago.
The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 5 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.