Federal Reserve in Philadelphia positions a fresh leader for the first time in a decade
The Federal Reserve Bank of Philadelphia has a new president, Anna Paulson, who takes over from Pat Harker, who served as president until June 30. Paulson, who spent over two decades at the Federal Reserve Bank of Chicago, was selected through a national search process that included local executives and public feedback.
During Harker's tenure, the Philadelphia Fed focused on using data-driven research to support community development, economic stability, and improved social mobility. Two key strategic efforts led by the bank were the Anchor Economy Initiative and the Economic Growth and Mobility Project.
The Anchor Economy Initiative, launched nationwide, assessed the economic health and impact of "anchor institutions" such as educational and medical institutions. Researchers contributed to an Anchor Economy Dashboard, aggregating data from 524 regions across the U.S., providing insights on how these large institutions influence local economies and communities.
The Economic Growth and Mobility Project, on the other hand, aimed specifically at addressing economic mobility and poverty reduction. The project sought to understand and improve the ability of individuals and communities to escape poverty and enhance economic mobility. It was motivated by findings such as Philadelphia ranking last nationally in the capacity for children to earn more than their parents, according to Harvard's Opportunity Insights research. The initiative supported efforts and policies that promote upward economic movement for disadvantaged groups.
Harker, during his last public speech, stated that America's economy remains resilient but faces an uncertain economic outlook. He warned that higher education and health care systems in the Philadelphia region are facing challenges that could spread across the entire economy. Among the challenges, he mentioned the potential loss of grant dollars to larger research universities and demographic shifts affecting smaller colleges.
Anthony Ibarguën, the chair of the search committee and of the Philadelphia Federal Reserve board of directors, praised Paulson's commitment to the Federal Reserve's dual mandate of price stability and maximum employment. Ibarguën highlighted Paulson's role in establishing the Chicago Fed's Insurance Initiative as a testament to her dedication to the Fed's mission.
Pat Harker did not reveal his future plans but hinted that he was not leaving the public policy arena. His successor, Anna Paulson, faces the challenge of navigating the uncertain economic outlook while continuing the Philadelphia Fed's commitment to data-driven research and community development.
[1] Federal Reserve Bank of Philadelphia, "Anchor Economy Initiative," accessed August 2022,
- Anna Paulson, the new president of the Federal Reserve Bank of Philadelphia, will continue the bank's focus on data-driven research in areas such as finance, business, and education-and-self-development, as well as general news, to support community development, economic stability, and improved social mobility.
- As part of her tenure, Anna Paulson is expected to oversee ongoing projects like the Anchor Economy Initiative and the Economic Growth and Mobility Project, both aimed at understanding and improving the economic health and mobility of communities, including educational and medical institutions, and addressing issues related to poverty reduction and upward economic movement for disadvantaged groups.
