For immediate release
Contact: Rachel Brown, Media Relations, 215-574-3840
Philadelphia, PA — The Federal Reserve Bank of Philadelphia has expanded and renamed the Economic and Community Advisory Council (ECAC), a committee that advises Federal Reserve officials on emerging trends, market conditions, and economic growth opportunities in the Third Federal Reserve District and nationwide. The ECAC, originally created in 2008 as the Economic Advisory Council, is now composed of up to 15 leaders representing businesses of varying sizes and in different industry sectors as well as nonprofit organizations, philanthropic organizations, academic institutions, the public sector, and organized labor. Beginning in 2017, the ECAC will meet three times per year; the inaugural meeting will be held on June 1, 2016.
"The Economic and Community Advisory Council provides essential insight into business conditions and community issues throughout the Third District and across the country," said Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia. "These perspectives are invaluable as we work to advance our economy and address its untapped growth potential."
To gain a comprehensive understanding of economic conditions throughout eastern Pennsylvania, southern New Jersey, and Delaware, at least eight seats will be reserved for council members outside of the Greater Philadelphia region. In addition, at least three council seats will be reserved for stakeholders representing the community development industry. Reserving these seats will ensure that the issues and trends facing low- and moderate-income people and communities are well represented. Each member will serve a three-year term.
"The ECAC will encourage greater integration among the public and private sectors to have a broader impact on the Third District," said Deborah L. Hayes, senior vice president of Corporate Affairs at the Federal Reserve Bank of Philadelphia. "This council presents great opportunity to enhance partnerships, expand networks, and catalyze growth in our communities."
Staci Berger, President and CEO, Housing and Community Development Network of New Jersey
Daniel Betancourt, President and CEO, Community First Fund
Edward Dandridge, Chief Marketing and Communications Officer, Marsh & McLennan Companies
Patrick Eiding, President, Philadelphia Council AFL-CIO
John A. Fry, President, Drexel University
Maari Porter, Executive Director, Philanthropy Network Greater Philadelphia
Linda Thomson, President and CEO, JARI
Madeline Bell, President and CEO, The Children's Hospital of Philadelphia
Ernest Dianastasis, Managing Director, CAI
Thomas J. Doll, President and COO, Subaru of America, Inc.
Chris Gheysens, President and CEO, Wawa, Inc.
Patrick Magri, Senior Vice President, U.S. Hospital and Specialty Business Unit, Merck & Co., Inc.
Michael K. Pearson, President and CEO, Union Packaging, LLC
Maria Rodale, Chairman and CEO, Rodale, Inc.
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.