Patrick Harker appointed next Philadelphia Fed president, CEO

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The board of directors of the Federal Reserve Bank of Philadelphia has announced that Patrick Harker will assume the role of president and CEO, effective July 1, 2015. Currently president of the University of Delaware and a member of the Philadelphia Fed’s board of directors, Harker in his new role will participate on the Federal Open Market Committee in the formulation of U.S. monetary.

"We are at a point now where we really need to be especially data dependent," Richard Clarida, the Fed’s newly appointed vice chair. interview with the Wall Street Journal, Philadelphia Fed chief.