Washington, D.C. – Today, U.S. Senator John Fetterman (D-PA), joined by Senator Cory Booker (D-NJ) and Senator Andy Kim (D-NJ), sent a letter to Anthony Ibargüen, Chair of the Philadelphia Federal Reserve Bank Board of Directors and Presidential Search Committee, urging a fair, transparent, and inclusive process in selecting the next President & CEO of the Philadelphia Federal Reserve Bank.
The letter outlined critical questions for the search committee, focusing on steps to engage community stakeholders, ensure demographic diversity among candidates, and avoid conflicts of interest. The lawmakers emphasized the need for a transparent and fair process that builds confidence in the Philadelphia Fed, a necessary step after the controversy surrounding the last presidential search in 2015.
The lawmakers emphasized the significance of the Philadelphia Fed, which supervises banks and affects the economic security of over 13 million residents in Pennsylvania, New Jersey, and Delaware. The lawmakers called for a search process that prioritizes the interests of working families.
The letter reads in part: “The Philadelphia Fed supervises banks that hold the hard-earned savings of millions of working families and provide loans for small businesses, farmers, and manufacturers throughout the region,” and
“We urge the Philadelphia Fed to engage in a transparent, public process leading to a new President & CEO who will represent the diversity and strength of the Third Federal Reserve District. The selection committee has enormous responsibility in selecting a new President & CEO who will truly represent the economic interests of everyone in the Third District.”
The senators requested a response to these questions by January 24, 2025.
The full letter can be found here.
