Philly Fed's number two to step down

federal reserve

William Stone, the first vice president and chief operating officer at the Philadelphia Federal Reserve, will retire later this year after 23 years as second in charge. He is expected to leave his position during the fourth quarter of 2010.

As first vice president, Stone helped guide the Philadelphia Fed and the Federal Reserve System through a series of changes. As systems cheque product director, he helped lead the implementation of the Expedited Funds Availability Act of 1987, a milestone in

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