In a Few Words: Thank You.

Conclusions are always a little bittersweet, but they offer real reminders of the essence of any journey — the things you learned and the people you met are most important.

It’s that latter part, the people, on whom I have spent considerable time reflecting as I near the end of my tenure as President and CEO of the Philadelphia Fed. The decade I spent leading this impressive organization has been among the most rewarding spans of my career — largely because of the exceptionally talented individuals that I have worked with and alongside.

Over the last 10 years, the Philadelphia Fed has grown into a recognized leader in many areas of economic research, from consumer finance, to fintech, to the anchor economy, and more. I recently talked about that work in our 2024 annual report. I’ve also highlighted the vital outreach we do across our region, gathering real-time information and providing thoughtful analyses of critical issues like economic mobility, housing affordability, and workforce development, the last of which is something I discussed in May with FedCommunities.

But it’s the people, both inside the Bank and across our region, that make this work possible and, ultimately, successful.  

I’m always in awe of the teamwork and dedication of our staff — some of whom have spent several decades in our Bank serving our communities. Whether it’s stepping in to lend a hand, elevating a great idea, or giving someone the space and opportunity to lead from their seat, people at the Philadelphia Fed live the ideals of teamwork and dedication every day. Quite frankly, our employees are really the unsung heroes of the Philadelphia Fed, and it’s their hard work and passion that have propelled us forward. I am truly grateful to everyone for their efforts.

That impact is not limited just to the folks inside the walls of our Bank who have made a difference. Our Advisory Councils are composed of dedicated professionals from throughout the region who keep us abreast of the details of what’s happening in our local economy and communities. Without them, our information would be incomplete and our analysis shortsighted. These on-the-ground reports have been essential to my decision-making — it has never been lost on me the gravity of monetary policy decisions on people’s lives.

 

Philadelphia Fed President Patrick T. Harker meets a worker
during a tour of the Philadelphia Naval Shipyard in 2017.

I’d be remiss if I didn’t thank the valued volunteers who serve on our Board of Directors. It is their good counsel and deep dedication to our Bank and our region’s economy that help ensure a level of excellence in all that we do. I’m grateful for the time, professionalism, and commitment each of these individuals has brought to this organization. We are better because of you.

Our community partners and our region’s residents have also played significant roles. In hundreds of stops across the Third District, I’ve met so many people — from public officials to business owners to local workers. Their passion for their communities was infectious, and their shared concern for their futures was stirring. It was their candor about their economic experiences that not only helped me fully appreciate the Fed’s work but also was central to my monetary policy decisions. Being invited to the table to listen to and learn about the economic issues impacting our region’s families and small businesses, and having the chance to collaborate on potential solutions is perhaps my favorite part of this job, and one I will surely miss.

 

During a community tour in Johnstown Pa.,
Philadelphia Fed President Patrick T. Harker meets
with local business and community leaders.

On July 1, I will pass the proverbial baton to Anna Paulson. She brings incredible research acumen, innovative ideas, and of course, a host of new perspectives to share about the economy and the important jobs of the people who make this work possible. Anna has more than two decades of leadership experience at the Chicago Fed and family roots in our region, and she couldn’t be more eager to get out and start meeting people. I can say with confidence that the Third District is in great hands.

The Philadelphia Fed is a dynamic organization, and it will continue to lead in research, innovation, and community engagement. There is no doubt I’ll be on the sidelines cheering on the impressive team of professionals I’ve had the pleasure to work with over the past decade. In my last perspective, I wanted to say thanks. I am grateful to have served our District and our nation alongside you.