The Federal Reserve Bank of Philadelphia said on Monday it had picked Patrick Harker, currently president of the University of Delaware, as its next president, effective July 1.

Harker, 56, has served as a director of the Philadelphia Fed for the past three years and is a former dean of the Wharton School of the University of Pennsylvania. He will replace Charles Plosser, who retired on March 1.

Harker's "deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board," said James Nevels, chairman of the Philadelphia Fed's board of directors.

The president of the Philadelphia Fed is scheduled to next vote on the policy-setting Federal Open Market Committee in 2017.

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