The Philadelphia Federal Reserve on Tuesday made Loretta Mester, its research director, an executive vice president.
In her new role, Mester will oversee of the financial statistics department and the payment cards centre. She will continue to head the research unit. She replaces Richard Lang, an executive vice president who will retire in June 2010.
Charles Plosser, the president of the Philadelphia Fed, termed Mester "an outstanding economist" who had provided him with "invaluable analysis and