First Vice President's Letter: 2023 Annual Report

Jeanne R. Rentezelas, First Vice President and
Chief Operating Officer

It is a distinct honor to write this first letter as first vice president of the Federal Reserve Bank of Philadelphia. Although I assumed this role late in 2023, my roots within our Bank run deep. I previously served more than 13 years as senior vice president and general counsel. But while my title and responsibilities may have changed, one thing remains constant: my commitment to ensuring that our Bank remains a critical partner to the people and communities of the Third District and a leader within the Federal Reserve System.

Our greatest tools for remaining both are found in our Bank’s High Priority Initiatives. These initiatives, updated annually, renew our promise to always look forward. Whether they seek to enhance systemwide standards or to elevate individuals within our Bank, our High Priority Initiatives are the guiding principles for the year ahead.

Throughout 2023, we looked to these priorities as our North Star. Our commitment to a robust and sound financial system through enabling technology was underscored by our Bank’s leadership in implementing the Bank Term Funding Program over the course of a single weekend. Under a tight time frame, the Philadelphia Fed’s IT team ensured this critical program was operational through discount windows nationwide at start of business that Monday. And they continued to make enhancements throughout the ensuing months to create complete operations reporting and allow for easier online applications by financial institutions.

That dedication to service is found across the Bank, and we worked hard to be more transparent in all that we do. For example, a fuller embrace of data visualization capabilities and technologies helped bring the Philadelphia Fed’s groundbreaking research to more audiences. And a complete redesign of the Bank’s intranet made it easier for employees to navigate their way to the critical information they need on a day-to-day basis, whether it be Bank-related news and events or information on benefits.

Over the past year, we continued to make strides in elevating leaders at all levels across our Bank. We unveiled a new framework and tools to support our employees in meeting their career goals and aspirations, and we worked alongside our employee resource groups and Diversity, Equity, and Inclusion Council to ensure our Bank is an inclusive, responsive, and welcoming work environment. Across the District, we sought out opportunities to engage with our next generation of leaders and workers who one day may join the Bank for a rewarding career.

Every day, every employee at the Philadelphia Fed strives to bring to life our mission of securing a sound financial system to foster a strong and growing economy that benefits every community across the Third District and the nation. In the year ahead, we will continue our mission — undertaking critical research that educates policy, enabling technology in support of a more responsive and secure banking system, building core relationships that both enhance our reputation and expand our impact, and providing a great place to work.

Sincerely, 

Jeanne Rentezelas