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For release: October 11, 2000
Contact: Marilyn Wimp, (215) 574-4197
Glenn A. Schaeffer, president of the Pennsylvania Building & Construction Trades Council in Harrisburg, Pa., was appointed Deputy Chairman of the Federal Reserve Bank of Philadelphia effective January 2001.
Each Reserve Bank has a nine-member board of directors with three members appointed by the Federal Reserve System's Board of Governors.
Before becoming president of the Council in 1994, Schaeffer served as its vice president and secretary/treasurer. He is a past president of the Central Pennsylvania Building and Construction Council. He also served as business manager and assistant business manager of the International Brotherhood of Electrical Workers Local 143.
Schaeffer is co-founder of the Capital Area Labor Management Committee, an executive committee member of the Pennsylvania AFL-CIO. He is also is a member of the Pennsylvania Council on Vocational Education, the Governor's Committee on Economic Development through Labor Management and the Pennsylvania Prevailing Wage Advisory Board.
The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 4.6 million checks daily, and wiring money and securities nationwide as well as participating in the broader objective of setting monetary policy.