PHILADELPHIA-The Federal Reserve Bank of Philadelphia board of directors announced last week its selection of Charles I. Plosser as its new president. The Board of Governors of the Federal Reserve jointly approved Plosser, a professor of economics and former dean at the William E. Simon Graduate School of Business Administration at the University of Rochester. He will take over Aug. 1 for Anthony M. Santomero, who resigned March 31, 2006. "Professor Plosser is extremely well qualified to be president as he brings both deep economic and management credentials to the position," Philadelphia Federal Reserve Board Chairman Doris M. Damm said. "An economist of international distinction, he will bring intellectual depth and fresh ideas to the Fed at a time when we must evolve and adapt to a changing economic and financial landscape." "I am delighted and honored to have been chosen to lead the Philadelphia Federal Reserve Bank," Plosser commented. "President Santomero has provided exceptional leadership during his tenure, and I look forward to building on his accomplishments. The Bank has an outstanding group of employees that has contributed to its success and reputation. Bank presidents play an important role in monetary policy deliberations at the System level, but they also play a critical role in their District. I am eager to develop the relationships with banking, business, and community leaders in the Third District that are an important and essential part of the institution's mission."