J. Alfred Broaddus
John Alfred Broaddus Jr. | |
|---|---|
| Born | July 8, 1939 Richmond, Virginia, U.S. |
| Occupation | Economist |
| Years active | 1970–2004 |
| Known for | Sixth president of the Federal Reserve Bank of Richmond |
John Alfred Broaddus Jr. (born July 8, 1939, in Richmond, Virginia) served as the sixth president of the Federal Reserve Bank of Richmond. He was responsible for overseeing the Fifth District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and nearly all of West Virginia except for the Northern Panhandle.
Broaddus took over from Robert P. Black and held the presidency at the Richmond Fed from January 1, 1993, until his retirement on July 31, 2004. His successor was Jeffrey M. Lacker.
Education
Broaddus completed his secondary education at Thomas Jefferson High School (Richmond, Virginia), later recognized in 2012 by Richmond Public Schools as a distinguished alumnus. He obtained a bachelor's degree in political science from Washington and Lee University in 1961, where he earned membership in both Omicron Delta Kappa and Phi Beta Kappa honor societies.
He pursued graduate studies abroad in France through a Fulbright Fellowship, earning an advanced degree from the Center for Advanced European Studies at the University of Strasbourg. Subsequently, Broaddus achieved his master's and doctoral degrees in economics from Indiana University Bloomington. In recognition of his accomplishments, Washington and Lee awarded him an honorary Doctor of Laws in 1993, and Indiana University presented him with a Distinguished Alumnus Award in 1996.
Bibliography
In 2000, Broaddus delivered a lecture on the European Monetary Union (EMU) at Davidson College, which was later published in the Journal of Law and Business by the University of Richmond. He co-wrote "Sustaining Price Stability" with Marvin Goodfriend in 2004. That same year, he authored "Macroeconomic Principles and Monetary Policy" for the Economic Quarterly of the Federal Reserve Bank of Richmond. Additional significant works include "Monetary Policy in a Low Inflation Environment" (2003) and "Transparency in the Practice of Monetary Policy" (2001). A collection of his speeches and writings can be accessed via the Federal Reserve Bank of Richmond’s official website.
Civic service and corporate boards
Broaddus was honored as the commencement speaker at Hampden-Sydney College in 2004. He has served as a trustee for Virginia Commonwealth University and contributed to its Massey Cancer Center advisory board. His affiliations with corporate boards encompass positions at Albemarle Corp., Faison Enterprises, Inc., Markel Corporation, Owens & Minor, and T. Rowe Price. Furthermore, he participates on the Economic Advisory Panel for the Federal Reserve Bank of New York.
His engagement in civic leadership includes membership on the executive committee of Richmond Renaissance and a seat on the board of the Virginia Historical Society. Previously, he chaired the United Way chapter in Richmond and has been active with organizations such as the World Affairs Council of Greater Richmond, the American Civil War Center at Historic Tredegar, the Virginia Council on Economic Education, and Venture Richmond. As one of the founding directors of Richmond Memorial Health Foundation (RMHF), he also contributed to its establishment. His board service extends to St. Christopher's School and currently includes roles with the Tredegar National Civil War Center Foundation, Gallaudet University, and the University of Richmond.
Biography
Originally from Richmond, Virginia, Broaddus served in the United States Army between 1962 and 1964 before taking on the role of US Official Researcher at the Defense Intelligence Agency from 1964 to 1966. In 1970, he began his career at the Federal Reserve Bank of Richmond within the Research Department as a staff economist. He progressed through several positions, becoming assistant vice president from 1972 to 1975, then vice president from 1975 until 1985, and subsequently was appointed research director and senior vice president in 1985. Throughout his service, he attended FOMC meetings and gained a reputation as a staunch advocate for controlling inflation. On March 10, 1993, he appeared before the Committee on Banking, Housing, and Urban Affairs in the United States Senate to provide testimony.
Both during and following his presidency, Broaddus offered economic commentary on platforms such as Bloomberg Television and Bloomberg Radio. Additionally, he delivered presentations at various industry gatherings and economic symposiums, including those organized by the American Furniture Manufacturers Association and the Levy Economic Institute at Bard College.
He currently lives in Richmond with his wife, Margaret Lemley Broaddus, along with their two sons.