Wharton Professor Named President of Philadelphia Fed

The Federal Reserve Bank of Philadelphia appointed Anthony M. Santomero as its new president Thursday, filling the post left open when Edward Boehne retired in May.

Santomero, 53, a Richard K. Mellon professor of finance at the Wharton School, will assume the post July 10, 2000. He was appointed to the post by the bank's board of directors.

Boehne, the eighth president of the third-district Philadelphia Fed, originally took office in 1981 and is among the longest-running regional Fed presidents. Boehne served under current Federal Reserve Chairman Alan Greenspan and his predecessor, Paul Volcker.

Boehne, who was a voting member of the Fed's policymaking Federal Open Market Committee in 1999, voted in favor of each of the Fed's three interest rate hikes that year. He was largely seen as being a so-called economic dove, favoring the economy's ability to grow while attacking only solid signs of inflation.

The FOMC voting members include all members of the Federal Reserve board of governors, the president of the New York Fed, and a rotating roster of presidents from the 11 additional regional Fed banks. Santomero will become a voting member of the FOMC in 2002.

Santomero received his Ph.D. in economics from Brown University, and has published articles and books on financial markets, regulations, and economics. At the Wharton School, he has served as deputy dean, vice dean, and director of the graduate division.

"Tony Santomero has an extensive background in financial services and monetary policy. I am confident that under his leadership, the bank will continue to excel as we meet the challenges of an ever-changing financial environment," said Joan Carter, chairman of the Philadelphia Fed's board of directors.

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