First Vice President's Letter: 2024 Annual Report

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

As much as 2025 will be a year of transition for our Bank as we prepare to bid farewell to President Harker and welcome his successor, 2024 was a year of consistency.

Consistency in focus on achieving our dual mandate. Consistency in service to our communities. Consistency in supporting our employees. Consistency in striving to maintain the Federal Reserve Bank of Philadelphia’s position as a Systemwide leader.

As in all things, this consistency begins right here, through the hard work, dedication, and contributions of the Philadelphia Fed’s employees. Much of this springs from the example of collaboration set by President Harker across his tenure. But much more comes from the even longer-term commitment exemplified by everyone throughout the Bank. Whether through individual responsibilities within departments and offices or across disciplines, our Bank works as one for the betterment of the Third District.

Over the prior year, we remained a recognized center for research excellence, informing global economic discussions through published reports and surveys and through conferences and convenings large and small. The newly launched Labor, Income, Finances, and Expectations (LIFE) Survey is enhancing understanding of how consumers and families are faring in the economy. Additionally, programs such as the Anchor Economy Initiative are expanding in research and outreach to assist communities grappling with potentially transformative economic change.

Our Bank also serves as a leader in the Federal Reserve System in putting new technologies to use to improve the banking sector. Last year, the Philadelphia Fed played a critical role in modernizing technology supports around the discount window, standardizing processes to make participation easier, faster, and more secure for banking partners. Additionally, the Philadelphia Fed’s Securities Data Management Services (SDMS) is providing an enterprise securities data solution for the Federal Reserve System, ensuring that high-quality, fixed-income securities master data are readily available for business partners across the Federal Reserve System and at the Board of Governors. Meanwhile, we are also at the forefront of efforts to understand the wide-ranging implications of quantum computing and artificial intelligence on global financial systems, among other emerging advances.

But again, none of these successes would be possible without the Philadelphia Fed’s dedicated workforce. At the heart of our Bank’s culture is our commitment to listening and learning from each other, which is demonstrated by our consistently high participation rate in our employee engagement survey. In 2024, we heard from employees that our ongoing efforts to strengthen communication and collaboration across departments and areas of the Bank are paying real dividends, as many employees told us they feel inspired to do their best work and see our Bank as a great place to work. And that sets the Philadelphia Fed on a firm foundation for the current year and the years ahead.

If consistency was the word for 2024, it is leading to 2025’s word: preparedness. We are prepared to remain both a Federal Reserve System–wide leader and a Third District–wide partner — educating sound monetary policy through research, supporting our constituent communities in achieving their economic goals, putting technology to work to secure a more responsive and secure financial system, and empowering employees to lead our progress and share in our success.

Sincerely,

Jeanne Rentezelas

First Vice President