Board of Directors

As provided by the Federal Reserve Act, each of the twelve Reserve Banks is overseen by a nine-member board of directors. The directors oversee the Bank’s direction and performance and they participate in the formulation of the Fed’s monetary policy through their reports on economic and financial conditions and their decisions on the Bank’s discount rate.

Chairman

Jeremy Nowak
President & CEO
William Penn Foundation, Philadelphia, PA
Class C director. Term ends December 31, 2013. (a, d)

Deputy Chairman

James E. Nevels
Founder & Chairman
The Swarthmore Group, Philadelphia, PA
Class C director. Term ends December 31, 2012. (a, c, d)

Board Members

Michael J. Angelakis
Vice Chairman and Chief Financial Officer
Comcast Corp., Philadelphia, PA
Class C director. Term ends December 31, 2014. (b)

Keith S. Campbell
Chairman
Mannington Mills, Inc., Salem, NJ
Class B director. Term ends December 31, 2013. (a, b, d)

Deborah M. Fretz
Retired President and CEO
Sunoco Logistics, Philadelphia, PA
Class B director. Term ends December 31, 2012. (a, c)

Aaron L. Groff, Jr.
Chairman, President & CEO
Ephrata National Bank, Ephrata, PA
Class A director. Term ends December 31, 2012. (a, b, d)

Patrick T. Harker
President, University of Delaware
Newark, DE
Class B director. Term ends December 31, 2014. (c)

Frederick C. "Ted" Peters II
Chairman & CEO
The Bryn Mawr Trust Company, Bryn Mawr, PA
Class A director. Term ends December 31, 2014. (b)

R. Scott Smith, Jr.
Chairman and CEO
Fulton Financial Corporation, Lancaster, PA
Class A director. Term ends December 31, 2013. (c)

District member banks elect three Class A directors to represent banking and three Class B directors to represent the public; the Board of Governors appoints three Class C directors to represent the public, including the chair and deputy chair of the board.
Reserve Banks operate under the general supervision of the Board of Governors of the Federal Reserve System in Washington, D.C. The Board of Governors has established policies regarding the roles and responsibilities of Reserve Bank directors.
Within this framework, the board operates under a set of bylaws and has established an Executive Committee and three other standing committees: Audit; Management and Budget; and Nominating and Governance.
(a) Member of the Bank’s Executive Committee; (b) Member of the Bank’s Audit Committee; (c) Member of the Bank’s Management and Budget Committee; (d) Member of the Bank’s Nominating and Governance Committee
Last update: January 31, 2012