John Harmon, the founder and CEO of the African American Chamber of Commerce of New Jersey, has been appointed to the Economic and Community Advisory Council of the Federal Reserve Bank of Philadelphia.
The council is a committee that informs the bank’s senior leadership team about emerging issues and market conditions in the Third Federal Reserve District and nationwide. Harmon and Delaware State University President Tony Allen were announced as new members Monday.
Harmon, who recently was appointed to the U.S. Chamber of Commerce board, said he’s eager to get going in this new role. He told ROI-NJ it will put him in a position to make a difference.
“This opportunity will allow me to have access to information pertaining to Federal monetary policies that affect capital and other resources that could improve economic conditions for our constituency, whether they are business owners, homeowners or individuals seeking to be a part of the economic mainstream,” he said.
“My ability to foster new relations that will expose me to additional resources, opportunities and best practices that I can leverage for the benefit of members of the African American Chamber of Commerce of New Jersey or our state, could be transformational.”
Created in 2008, the ECAC is composed of up to 15 leaders representing businesses of varying sizes and in different industry sectors, as well as nonprofit organizations, philanthropic organizations, academic institutions, the public sector and organized labor. The ECAC extends partnerships with organizations from the private and public sectors and fosters greater integration and collaboration to have a broader impact on the Third Federal Reserve District and to encourage economic growth.
Rochelle Cameron, CEO of the Philadelphia International Airport, has been appointed as chair of ECAC for 2021.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises state member banks, bank holding companies, and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.