RICHMOND, Va., Nov. 13 /PRNewswire/ -- J. Alfred Broaddus, Jr., president
of the Federal Reserve Bank of Richmond, announced today that he plans to
retire August 1, 2004. Mr. Broaddus turns 65 next July. Under normal
circumstances, Federal Reserve policy requires Reserve Bank presidents to
retire at age 65. Broaddus has led the Richmond Bank since January 1, 1993.
He is currently a voting member of the Federal Open Market Committee of the
Federal Reserve System, the nation's monetary policymaking body.
"It has been a great privilege to serve the Federal Reserve and, most
importantly, the public in this role," said Mr. Broaddus. "I am particularly
grateful for the opportunity to work with truly extraordinary fellow employees
and board members at the Richmond Fed, and colleagues in the Federal Reserve
System nationally."
Commenting on President Broaddus' impending retirement, Wesley S.
Williams, Jr., chairman of the Federal Reserve Bank of Richmond, stated, "With
the retirement next summer of our chief executive, the Richmond Fed and the
entire Federal Reserve System will lose an outstanding contributor to the
operations of the U.S. central bank. Over this past decade, Al has afforded
us all a clear voice of steady insight and perspective in challenging times.
He has also been an exceptional manager, admired and beloved, at this Bank, in
its branches, and indeed throughout the five states and the District of
Columbia comprising the Federal Reserve's Fifth District. Al has consistently
shown himself -- and our Bank and the Federal Reserve System -- to be
sensitive to the needs of the many communities that make up this District."
Chairman Williams concluded, "Perhaps most notably, we will miss Al Broaddus'
inspired leadership in the building, sustaining, and continual enhancement of
a first-rate economic research and policy advisory organization within the
Richmond Fed, but serving the entire nation."
Chairman Williams indicated that the Richmond Fed's board of directors as
a whole has chosen to serve as its search committee, has agreed on a
nationwide search process, and has hired the executive recruitment firm of
Heidrick & Struggles to assist in identifying candidates to succeed Mr.
Broaddus and otherwise. The Bank's directors will appoint the Richmond Fed
president, subject to the approval of the Federal Reserve's Board of Governors
in Washington, D.C.
Mr. Broaddus, a native of Richmond, first joined the Bank as a research
economist in 1970. He was named Senior Vice President and Director of
Research in 1985, and President in 1993. He has written and lectured
extensively on issues related to monetary policy and banking. He is a member
of the Virginia Governor's Advisory Council on Revenue Estimates and the
boards of directors of the Virginia Council on Economic Education and the E.
Angus Powell Endowment for Economic Enterprise. He is also a member of the
American Economic Association and the National Association of Business
Economists.
Mr. Broaddus earned a B.A. degree from Washington and Lee University where
he was elected to Omicron Delta Kappa and Phi Beta Kappa. He studied in
France under a Fulbright Fellowship and received a graduate degree from the
Center for Advanced European Studies of the University of Strasbourg. After
military service, Mr. Broaddus received his M.A. and Ph.D. degrees in
economics from Indiana University. He has received a number of awards
including an honorary Doctor of Laws degree from Washington and Lee in 1993,
and a Distinguished Alumnus Award from Indiana in 1996.
Active in community work, Mr. Broaddus is a former chairman of the boards
of United Way Services of Richmond and St. Christopher's School. He is
currently a member of the executive committee of Richmond Renaissance; the
boards of St. Christopher's School, the Virginia Historical Society, the
Richmond Memorial Foundation, the World Affairs Council of Greater Richmond,
and the Tredegar National Civil War Center Foundation; and the Board of
Associates of Gallaudet University.
Mr. Broaddus and his wife, Margaret, have two sons, Jay and Chris, a
daughter-in-law, Molly, and twin 20-month-old granddaughters, Anna and Maggie.
The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks
that together with the Board of Governors in Washington, D.C., make up the
Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve
District, which encompasses the District of Columbia, Maryland, North
Carolina, South Carolina, Virginia, and most of West Virginia.
SOURCE Federal Reserve Bank of Richmond
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Related links:
http://www.rich.frb.org
CONTACT:
Marsha Shuler, +1-804-697-8706, or Lisa
Oliva, +1-804-697-8192, both of the Federal Reserve Bank of
Richmond
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