Not Far to Look: New Fed President Searched, Found Himself

Patrick Harker, who takes over July 1 as president of the Federal Reserve Bank of Philadelphia, had some advantages over his rivals for the job.

Not only was Harker a member of the board of directors -- the group that would choose a successor to the retiring Charles Plosser -- he was also part of the board’s search committee. That meant he helped interview and evaluate other finalists before agreeing to become a candidate himself.