Patrick Harker Named New Philadelphia Fed Boss

WASHINGTON (MarketWatch - The Philadelphia Federal Reserve named Patrick Harker as its new president following the retirement of Charles Plosser. Harker, who has a master's degree in economics, was president of the University of Delaware and a member of the bank's board of directors. He is also a former dean of the Wharton School at the the University of Pennsylvania and once served as a special assistant to the director of the FBI. Plosser, who retired on March 1, was one of the most hawkish members of the Fed, constantly urging the bank over the past year to adopt tighter monetary policy. Harker's views on monetary policy are unclear.