News in Brief

Wharton Professor Anthony M. Santomero: President of Federal Reserve Bank of Philadelphia

Dr. Anthony M. Santomero, Richard K. Mellon Professor of Finance at the Wharton School, was appointed on June 29 as Bank President by the Federal Reserve Bank of Philadelphia. Dr. Santomero will begin his duties July 10, 2000, succeeding Edward G. Boehne, who retired May 31. The appointment was made by the Bank's Board of Directors and approved by the Board of Governors of the Federal Reserve System in Washington, D.C.

Since 1995, Dr. Santomero has served as director of the Wharton Financial Institutions Center, the world's premier academic research institution on the financial services industry. He has also been a consultant and advisor for leading financial institutions and regulatory agencies in the U.S. and abroad on issues including risk management, financial restructuring, credit risk evaluation and management, and regulation. Internationally, he has served as consultant to the European Economic Community and institutions in Sweden, Japan, New Zealand, Israel, India, Italy, Switzerland, Israel and Turkey.

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

Dr. Santomero, who has requested a leave of absence from the School, will retain his professorship while serving in his new role. "I am pleased to join the Federal Reserve Bank of Philadelphia and be part of the Federal Reserve System," said Dr. Santomero. "I am looking forward to talking with the business people and community leaders around the District, and bringing their perspective to the monetary and financial discussions in Washington."

Dr. Santomero has a long history of service to the Wharton School. Since joining the Wharton faculty in 1972, he has held numerous academic and administrative positions, including deputy dean (1990-1994); vice dean and director, Wharton Graduate Division (1984-1987); co-chairperson, Finance Department, (1982-1984); and associate director, Doctoral Programs (1975-1977). In addition, he was instrumental in developing and implementing numerous School initiatives including landmark curricular changes in the MBA program.

"Tony has been instrumental in keeping Wharton at the forefront of academic research in the financial institutions industry, and now the Federal Reserve Bank of Philadelphia will benefit from his wealth of talent and expertise," said Dean Patrick T. Harker." He will excel in this role. We look forward to working with him during his tenure with the Bank, and upon his return to Wharton."

A teaching award recipient, Dr. Santomero has served in various editorial capacities at many of the world's leading academic journals including the Journal of Banking and Finance, Journal of Economics and Business, Journal of Money, Credit, and Banking, Journal of Financial Services Research, Advances in Finance, Investments and Banking, Advances in International Banking and Finance, Brookings-Wharton Papers on Financial Policy, European Finance Review, European Financial Management, European Banking Report, Journal of International Economic Law, and Open Economics Review.

A member of the Financial Economists Roundtable, Dr. Santomero has served as vice-chairman of the board of trustees of the BlackRock Funds, and as a director of the Zweig Fund and the Zweig Total Return Fund. In addition, he has served on the advisory board of the American Association of Bank Directors.

Dr. Santomero received his AB in economics from Fordham University and his Ph.D. in economics from Brown University. He also holds an honorary doctorate in economics from the Stockholm School of Economics.

The Federal Reserve Bank of Philadelphia is one of 12 regional Reserve Banks which, along with the Board of Governors in Washington, D.C., serves as the nation's central bank. The Federal Reserve is responsible for making and carrying out monetary policy, supervising and regulating banks and bank holding companies, and providing financial services to depository institutions and the U.S. Treasury. The Philadelphia Federal Reserve Bank serves the Third District, which includes eastern Pennsylvania, southern New Jersey and Delaware.

Posted 7/5/2000