2021 Annual Report: Resilience and Recovery
11 May ’22
In a year marked by both progress and setbacks in the U.S. economy, the Philadelphia Fed responded to support Third District communities on the road to economic recovery. Our 2021 Annual Report tells the story of how our Bank assessed the economy and its impact on people’s lives through research, innovative programs, and listening to the communities we serve.
In his letter, President Patrick Harker highlights how our staff kept a pulse on the economy through research and listening to the communities we serve to support a strong economic recovery.
In his letter, First Vice President James Narron recognizes our dedicated employees and discusses how embracing diversity as a core value helps us to fulfill our mission.
Throughout the pandemic, community banks in the Third District held a distinct advantage over larger institutions: They knew their customers well and understood what they needed.
Our researchers delved into data and connected with consumers nationwide to paint a timely picture of regional and national conditions and support a strong economic recovery.
As the pandemic continued to impact the lives and livelihoods of Americans, researchers across our Bank focused their attention on the evolving mortgage market.
As the economy started to reopen, our researchers continued to investigate how renter households — among the most impacted by job and income loss during the pandemic — were faring.
Access to capital, stronger relationships with local funders, and more diverse small business ecosystems are some of the goals presented in the 2021 Reinventing Our Communities (ROC) Cohort Program.
The pandemic changed how we engage with each other and with communities. The shift to virtual convenings allowed us to expand the voices included in our meetings and conferences and advance critical conversations.
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.
Read the audited annual financial statements of the Federal Reserve Bank of Philadelphia as of and for the years ended December 31, 2021, and December 31, 2020, as well as the Board of Governors’ Statement of Auditor Independence here.
Annual Report Archives
Pictured in cover image, from left to right: 1) Chestnut Street, Philadelphia; 2) Christina River and Wilmington, Delaware, skyline; 3) Zook’s Mill Covered Bridge, Lancaster, Pennsylvania; and 4) Barnegat Lighthouse, New Jersey