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For immediate release
Contact: Marilyn Wimp, manager of media relations, (215) 574-4197
Philadelphia, Pa. — William H. Stone, Jr., first vice president and chief operating officer of the Federal Reserve Bank of Philadelphia, has announced his plans to retire in the fourth quarter of 2010, after nearly 40 years of service, including 23 years as first vice president.
"Bill's experience, insight, and knowledge have been invaluable to me over the past few years and to the Federal Reserve System for nearly four decades," said Charles I. Plosser, president and chief executive officer. "The Bank's Board of Directors and I will begin a search for a new first vice president in the coming months."
William H. Stone, Jr.
Stone joined the Philadelphia Fed in 1971 and served in various roles in both supervisory/regulatory and operations areas of the Bank. In 1984, he was promoted to senior vice president for payment operations, responsible for cash, check, and electronic payment activities. In 1987, Stone was appointed first vice president and chief operating officer of the Bank.
Stone helped guide the Philadelphia Fed and the Federal Reserve System through extraordinary change. As the System's check product director, he helped lead the implementation of the Expedited Funds Availability Act of 1987, a milestone in check processing.
He also served as the System's first product director for Cash and Fiscal Services, helping to guide the System through the Y2K century date change and to coordinate plans for meeting national and international U.S. currency needs during that pivotal time. For the past four years, Stone has chaired the System's Committee on Plan Administration, which provides oversight for the Federal Reserve's benefit plans.
Stone currently serves as director of the PENJERDEL Council, a leading business advocacy group for the tri-state region of Pennsylvania, New Jersey, and Delaware. He also serves as chairman of the board of trustees of the Evergreens, a continuing care retirement community in Moorestown, NJ.
A native of Philadelphia, Stone graduated with a bachelor's degree in economics from Gettysburg College and earned a master's degree in business administration from the Wharton School of the University of Pennsylvania.
He has been an instructor at several national banking schools and local colleges. He has also served as a director of the Philadelphia Chapter of the American Institute of Banking and on several boards as an officer or trustee. He has also been a frequent spokesperson on national and regional economic matters and has consulted with foreign central banks and the World Bank.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank 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 Pennsylvania, southern New Jersey, and Delaware.