“Fed 101”: A Broad Look at the Federal Reserve and Its Role

In an invited speech before several hundred students at Villanova University, Federal Reserve Bank of Philadelphia President and CEO Patrick T. Harker spoke on the role of the Fed “to utilize the tools of monetary policy available to us to help the economy stay on an even, forward course.” However, Harker impressed upon the students that it is their decisions that ultimately chart the economy’s future, saying, “It is each of you, as consumers, as potential employees, or as potential business owners and employers, who are the economy.” He also spoke about the Fed’s history and makeup, its dual mandate of stable prices and maximum employment, and the importance he puts on listening to contacts to glean real-time insights into current economic conditions as he makes decisions. Harker also discussed career opportunities available within the Federal Reserve System for both economic and non-economic degree holders.