The head of the University of Delaware has been selected to be the new president of the Federal Reserve Bank of Philadelphia.
The bank's board of directors says 56-year-old Patrick T. Harker will succeed Charles Plosser, who retired on March 1. Harker will take over on July 1.
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In addition to serving as president of the University of Delaware, Harker was a professor of business administration and a professor of engineering at the university.
Plosser had announced last year that he would retire in March when he reached the bank's mandatory retirement age. He had been a leading "hawk" at the Fed — expressing concerns that the central bank has been too slow to raise interest rates and that this could trigger unwanted inflation in the future.