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Note: Board of Governors Releases 2022 Financial Statements

On Friday, March 24, 2023, the Board of Governors released the 2022 Financial Statements for the Federal Reserve Banks and the Board of Governors. You can find the 2022 statements on the Board’s website.

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  • 2020 Annual Report: Unprecedented Support in Unprecedented Times
2020

Annual Report

2020 Annual Report: Unprecedented Support in Unprecedented Times

14 May ’21

During 2020, the Philadelphia Fed’s mission of service to the Third District and the country was more critical than ever. The Annual Report features our dedicated staff and the people, businesses, and communities we supported to help ensure a strong and inclusive recovery.

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Patrick Harker
Letter from President Patrick T. Harker

In his letter, President Patrick Harker acknowledges the resilience shown by Americans during 2020 and the commitment of our staff to protecting the integrity of the financial system and helping communities in the Third District and the U.S. thrive.

James Narron
Letter from First Vice President James D. Narron

In his letter, First Vice President James Narron expresses his gratitude to healthcare workers for their efforts and to our dedicated staff and partners who help us serve the Third District and the national economy.

Restaurant worker in mask and apron carrying dining room chairs
Gauging the Pandemic’s Impacts on Main Street and at Home

As the pandemic’s disruptions spread through the economy, researchers in our Research Department and Consumer Finance Institute checked in with businesses in the Third District and consumers across the nation to see how they were faring.

Complex line graph
From Bond Markets to State Budgets: Measuring Impacts and Building Back Stronger

With markets reacting to the pandemic and states and localities across the U.S. bracing for hardships, researchers in our Research Department quickly pivoted to assess the effects and look at ways to build back stronger.

Street clock on a small town main street
The Ultimate Test: Keeping a Community Bank on Track

Orrstown Bank is one community bank in the Third District that turned to the Philadelphia Fed for special guidance and partnership during the pandemic to help customers weather the challenges of unprecedented times.

Close-up of the crest on a US banknote
Cash Operations Turn on a Dime to Address Liquidity Needs in the District

Facing a record-high demand for cash, delays in delivery due to civil unrest, and coin supply issues, our Cash Services team innovated to ensure there was enough coin and currency in circulation to meet the needs of people in our District.

Restaurant worker in a white chef's coat cooking in a kitchen.
Community Development Research Team Gets Beyond the Anecdotes Amid the Pandemic

Drawing on data, Community Development and Regional Outreach (CDRO) researchers analyzed both the impact of COVID-19 and an equitable way forward in recovery.

Woman and man sitting in front of a laptop, reviewing papers
Revisioning, Revamping, and Reaching Out Amid COVID-19

The Philadelphia Fed’s external partners worked closely with the Community Development and Regional Outreach team to ensure organizations and individuals across the Third District had the tools they needed to persevere and effect an equitable recovery.

Facade of the Federal Reserve Bank of Philadelphia building
Philadelphia Fed Employees Receive William Taylor and Janet Yellen Awards

The Federal Reserve System recognized Shaohui (Raymond) Jia and Sydney Diavua for their outstanding contributions to supervisory modeling and community development, respectively.

Sign reading "Federal Reserve Bank of Philadelphia"
New Look. Same Mission.

The Bank launched a new website and unveiled a refreshed brand identity in November 2020. The changes make it easier for people to find the data and information they want on our site and discover everything the Philadelphia Fed has to offer.

Meet Our Leadership, Board & Councils

We rely on the strength of our employees and senior leaders and on the expertise of our board of directors and advisory councils, whose insight and guidance help us carry out our mission of service to the Third District and the nation. 

  • Community Depository Institutions Advisory Council
  • Economic and Community Advisory Council
  • Board of Directors
  • Management Committee
  • Additional Bank Officers

Illustrated map of the Third Federal Reserve District.

Financial Statements

Read the audited annual financial statements of the Federal Reserve Bank of Philadelphia as of and for the years ended December 31, 2020, and December 31, 2019, as well as the Board of Governors’ Statement of Auditor Independence here.

Marriner S. Eccles Federal Reserve Board Building

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Philadelphia, PA 19106

(215) 574-6000

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