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Philadelphia Fed Announces New Director

For immediate release
Contact: Rachel Brown, E-mail Media Relations, 215-574-3840

Philadelphia, PA — The Federal Reserve Bank of Philadelphia has announced the appointment of Phoebe A. Haddon, chancellor of Rutgers University–Camden, as a Class C director of its board of directors. Her three-year term begins in March 2016.

Haddon became chancellor of Rutgers University–Camden in 2014 and is responsible for the daily administration of more than 6,500 students in 39 undergraduate and 28 graduate programs. Previously, she was dean of the University of Maryland Francis King Carey School of Law. Before that, she was a faculty member at Temple University’s Beasley School of Law for nearly 30 years. Haddon has written extensively on equality in education and access to counsel for civil litigants.

Haddon is a member of the American Bar Association’s Commission on the Future of Legal Services, the CEO Council for Growth, the board of the Chamber of Commerce Southern New Jersey, and the board of trustees for the Cooper University Health System. She also served on the board of trustees at Smith College from 1999 to 2009 and as the board’s vice chair from 2004 to 2009.

Haddon graduated cum laude with a J.D. from Duquesne University School of Law, has an LL.M. (master of laws) from Yale Law School, and has a bachelor’s degree from Smith College.

The Federal Reserve Bank of Philadelphia’s board of directors oversees the Bank’s operations, offers observations on economic conditions, establishes the Bank’s discount rate, and serves as a link between the Federal Reserve and the communities in the District. There are nine directors on the board. In keeping with the Federal Reserve Act, District member banks elect three Class A directors to represent banking and three Class B directors to represent the public. The Board of Governors of the Federal Reserve System appoints three Class C directors to represent the public, including the chair and deputy chair of the board. Neither Class B nor Class C directors may be directors or officers of a bank or bank holding company, and Class C directors may not have any financial interests in such organizations.

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 Pennsylvania, southern New Jersey, and Delaware.

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