Al Broaddus Biography

On January 1, 1993, Alfred Broaddus became the Federal Reserve Bank of Richmond's sixth president. He left the company on July 31, 2004. Broaddus is a Richmond, Virginia native. Broaddus earned a bachelor's degree in political science from Washington & Lee University in 1961. He got a Fulbright Fellowship to study in France for a year and a master's degree from the University of Strasbourg's Center for Advanced European Studies. Broaddus served in the United States Army from 1962 to 1964 before graduating from Indiana University with a master's degree and a doctorate in economics. From 1964 to 1966, Broaddus served as a US Official Researcher at the Defense Intelligence Agency. In 1970, he returned to Richmond to work as a staff economist for the Richmond Fed's Research Department. From 1972 to 1975, he was an assistant vice president, and from 1975 to 1985, he was vice president. In 1985, he was named research director and senior vice president, and in 1993, he took over as president of Robert P. Black. The Federal Reserve grappled with "The Great Inflation" of the 1970s, as well as the expansion and consolidation of state and national banks and financial institutions in the 1980s and 1990s, during Broaddus' term. During his eleven years as the Bank's chairman, he sat on the Federal Open Market Committee (FOMC) for many cycles, debating topics such as inflation targeting and policy credibility. Broaddus toured extensively throughout the Fifth Federal Reserve District, speaking with banking, business, and community leaders, as well as university and college students, on his role as a central banker, FOMC policy choices, banking, and the economy. “Central Banking: Then and Now;” “Central Banking: Then and Now;” “Central Banking: Then and Now;” and “Central Banking: Then and Now “Macroeconomic Principles and Monetary Policy,” and “Banking Competition: Finding the Right Balance.” Broaddus was a prolific writer on monetary policy, particularly price stability. He regularly handled challenges ahead of time, working with former Research Director Marvin Goodfriend, his policy advisor. “Sustaining Price Stability,” “What Assets Should the Federal Reserve Buy?” and “Base Drift and M1 Longer Run Growth: Experience from a Decade of Monetary Targeting” are among the papers. Broaddus serves on the boards of numerous firms and organizations in the Greater Richmond region as a valued advisor. He is a trustee at Virginia Commonwealth University and a member of the Massey Cancer Center's advisory board. Albemarle Corp., Faison Enterprises, Inc., Markel Corp., Owens & Minor, and T. Rowe Price are all on his board of directors. He is a member of the Federal Reserve Bank of New York's Economic Advisory Panel. Broaddus has previously served on the executive committee of the Richmond Renaissance, the board of directors of the Virginia Historical Society, 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 well as being the chairman of United Way Richmond. Broaddus has two grown boys with his wife Margaret.

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