J. Alfred Broaddus Jr.
- President, Federal Reserve Bank of Richmond, 1993–2004
J. Alfred Broaddus became the sixth president of the Federal Reserve Bank of Richmond on January 1, 1993. He retired July 31, 2004.
Broaddus is a native of Richmond, Virginia. A student of political science, Broaddus received a bachelor’s degree from Washington and Lee University in 1961. He spent a year abroad studying in France under a Fulbright Fellowship and received a graduate degree from the Center for Advanced European Studies at the University of Strasbourg. Broaddus served in the US Army from 1962 to 1964 before earning a master’s degree and doctorate in economics from Indiana University.1
From 1964 to 1966, Broaddus worked as a US Official Researcher at the Defense Intelligence Agency. He returned to Richmond to join the Richmond Fed’s Research Department as a staff economist in 1970. After rising through the ranks, he became research director and senior vice president in 1985 and eventually succeeded Robert P. Black as president in 1993.2
As Richmond Fed president, Broaddus frequently spoke on issues such as the stance of monetary policy, inflation targeting, and policy credibility.3 He often traveled the Fifth Federal Reserve District to speak with banking, business and community leaders, as well as university and college students about FOMC policy decisions, banking, the economy, and his role as a central banker. He wrote extensively about monetary policy issues, particularly price stability.4
Broaddus retired in 2004.5
- 1 John M. Berry. "Meeting Challenges at the Richmond Fed." Washington Post, July 12, 1993.
- 2 Federal Reserve Bank of Richmond. "1992 Annual Report: Progress Against Inflation." Annual Report, 1992.
- 3 See, for example, Bloomberg News. "One Dissenter at Fed Urged Rate Increase." New York Times, December 19, 1997; Nicholas Kulish. "Federal Reserve Official Signals Interest-Rate Rises." Wall Street Journal, June 16, 2000; Bloomberg News. "3 Fed Officials Say Rates Are Low Enough." New York Times, October 3, 2002.
- 4 Federal Reserve Bank of Richmond. "J. Alfred Broaddus, Jr. [Publications list]," n.d.
- 5 Alfred Broaddus. "Parting Shots." NoteWorthy, Federal Reserve Bank of Richmond, Summer 2004.