President's Letter: 2023 Annual Report

Patrick T. Harker, President and
Chief Executive Officer

As our nation’s economy continued to navigate a path full of uncertainties in 2023, one thing remained certain — the Federal Reserve Bank of Philadelphia’s resolve to support a strong and stable economy in which everyone has opportunities to prosper and thrive.

As 2023 unfolded, we knew that tackling inflation was one of our nation’s most important priorities. I heard this very clearly in my conversations with local leaders, small business owners, workers, and residents throughout our Third District communities. To me, the Federal Reserve’s dual mandate of achieving price stability and maximum employment for the American people is not abstract. The real-time experiences of people helped guide my decisions as a voting member of the Federal Open Market Committee in 2023, often right alongside the hard data we regularly received. As the year closed, we had seen significant progress in the fight against inflation, and it is a fight I carry into 2024.

A highlight of 2023 was joining Federal Reserve Chairman Jerome Powell on a visit to York, PA, to learn more about the community’s collaborative work as part of the Philadelphia Fed’s Reinventing Our Communities (ROC) Cohort program. We heard about the economic revitalization taking place there through local partnerships and programs that are broadening opportunities and strengthening the region’s economy. From a roundtable discussion of community partners to a walking tour of York’s downtown, we listened closely to the aspirations, ideas, and concerns of everyone we met.

Throughout the year, our Bank continued to provide thought leadership on key topics. Our Seventh Annual Fintech Conference showcased our growth into an international leader in this ever-evolving space. A groundbreaking exploration by the Consumer Finance Institute of the student-loan crisis sparked a new understanding of its impacts on individuals and families. And our ongoing work as co-leader of the Worker Voices Project along with expanded research in the Anchor Economy Initiative added important insights to changes in the workforce and in regional economies. These are just some examples of how our research and expertise helped shape critical conversations on timely issues. You can read more about some of those highlights in the articles featured below.

In 2023, we also bid farewell to former First Vice President James Narron, who retired after a long career in the Federal Reserve System. We were pleased to promote Jeanne Rentezelas, our longtime general counsel, into this role. Jeanne is highly respected here in the Bank and throughout the System, and we’re excited to see her vision for our Bank come to life. You can learn more in her inaugural message.

Overall, we closed 2023 as we began it — as a strong voice for equitable and inclusive economic growth both here in the Third District and around the nation. We continue this mission in 2024. As I have said many times throughout the year to audiences large and small, it is strong relationships with partners and stakeholders across the District which amplify the impact of our research and programs. This impact is a testament to the hard work and dedication of every employee at the Federal Reserve Bank of Philadelphia.

Sincerely,

Patrick T. Harker