For immediate release

Contact: Rachel Brown, Media Relations, 215-574-3840

Philadelphia, PA — The Federal Reserve Bank of Philadelphia has appointed former Philadelphia Mayor Michael A. Nutter to its Economic and Community Advisory Council (ECAC), a committee that informs the Bank’s senior leadership team about emerging trends, issues, and market conditions in the Third Federal Reserve District and nationwide.

“We are fortunate to have Michael Nutter join the Economic and Community Advisory Council,” said Deborah L. Hayes, senior vice president of Corporate Affairs at the Federal Reserve Bank of Philadelphia. “His essential perspective on public policy and government administration will be invaluable to the council as it strives to build cross-sector collaboration and ultimately advance our economy.”

The Economic and Community Advisory Council, originally created in 2008, was enhanced in 2016. It is composed of up to 15 leaders representing businesses of varying sizes and in different industry sectors as well as nonprofit organizations, philanthropic organizations, academic institutions, the public sector, and organized labor. The ECAC extends partnerships with organizations from the private and public sectors and fosters greater integration and collaboration to have a broader impact on the Third Federal Reserve District and to encourage economic growth. Beginning in 2017, the ECAC will meet three times per year.

“I am deeply honored to be appointed to the Federal Reserve Bank of Philadelphia’s Economic and Community Advisory Council,” said Nutter. “The prominence and importance of the Bank is recognized worldwide, and it is exciting for us in Philadelphia to have such a talented and forward-thinking Bank in our region. I look forward to working with fellow council members in addressing the critical issues facing many Philadelphians and Americans.”

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern and central Pennsylvania, southern New Jersey, and Delaware.