Charles Plosser, the influential president of the Federal Reserve Bank of Philadelphia, will retire, effective March 1, 2015. Plosser has served as the 10th president of the Philadelphia Fed since August 1, 2006.
“For more than eight years, I have had the honor to work alongside many talented colleagues here at our bank and throughout the Federal Reserve System during an extraordinary period in this nation’s economic history. After more than three decades of economic research and teaching, this has been a unique opportunity and privilege to serve the nation,” said Plosser.
“Charles Plosser has been an insightful and dedicated leader and colleague in the Federal Reserve System,” said Federal Reserve Chair Janet Yellen. “I am particularly grateful for his vital contributions to the work of the subcommittee on communications. My colleagues and I will miss his keen insights, deep analysis, and good humor.”
Under Plosser, the bank had been more visible in assessing the condition of the Delaware economy. At one point, a team fanned out over the state to assess conditions. Their findings seemed to show that the state was in better shape than some critics had claimed.
Plosser has served on the open market committee of the Federal Reserve, which sets monetary policy. His speeches that includes an annual economic forecast sponsored by the University of Delaware and the Lyons insurance brokerage firm, attracted financial journalists looking for clues on Fed policy.
Plosser was a monetary “hawk” who was more willing than some Fed governors in wanting to wind down the purchase of securities as a way to shore up a fragile economy.
Of late, the Fed has been reducing its purchases. The former professor was concerned about the purchases leading to future inflation.
A search committee will look at a group of candidates from inside and outside the Federal Reserve System, according to a Philadelphia Fed release.
The bank’s territory includes portions of Pennsylvania, New Jersey and the entire state of Delaware.
