Statement from the Fed Up coalition on Philadelphia Fed’s Announcement of a New President
FOR IMMEDIATE RELEASE: March 2, 2015
Contact:Ricardo A. Ramírez, rramirez@populardemocracy.org, 202-464-7376
Statement from the Fed Up coalition on Philadelphia Fed’s Announcement of a New President
In response to this morning’s announcement of a new president for the Philadelphia Federal Reserve, Kendra Brooks of Action United in Philadelphia put out the following statement today on behalf of the Fed Up coalition:
“As the nation’s central bank, the Federal Reserve System’s governance and decision-making processes should reflect the values of transparency and public accountability. The process that was used to select Patrick Harker as the new President of the Federal Reserve Bank of Philadelphia failed to do that. Despite repeated requests from community, consumer, labor, and academic organizations and public officials within the region, the Philadelphia Fed refused to create any mechanisms for engagement with the public. Instead, the process was entirely opaque: nobody outside of the Federal Reserve knew who the candidates were or what the criteria was for selection. This process did a disservice to the Federal Reserve System and the people of the Philadelphia region.
“We congratulate President Harker on his appointment and look forward to working with him to build a strong economy for Philadelphia and the region. For too many families within the Third District, the economy still isn’t working: the so-called recovery has featured stagnant wages and not enough good jobs. We are eager to partner with President Harker to change that reality, and to build a Federal Reserve Bank of Philadelphia that is accessible to public input and responsive to the public’s needs.”
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“Fed Up” is a national coalition of community-based organizations, unions, and policy advocates calling for the Federal Reserve to adopt policies that create a full employment economy with rising wages and good jobs for everyone and for a reformed Federal Reserve that is transparent and accountable to the public. The Coalition recently met with Fed Chair Janet Yellen and three Fed Governors to discuss its priorities.
