Former Richmond Fed President Broaddus dies at 86

SUMMARY:

J. Alfred "Al" Broaddus Jr., former president of the Federal Reserve Bank of Richmond, known for his strong advocacy of low inflation and monetary policy transparency, died Oct. 26 in his hometown of Richmond at age 86.

Broaddus served as the Richmond Fed's sixth president, from Jan. 1, 1993, until his retirement on July 31, 2004. While president, he sat on the powerful interest rate-setting Federal Open Market Committee and earned a reputation as an "inflation hawk," advocating for transparent and low-inflation monetary policy.

"Known for his principled positions, he was an active contributor at the FOMC, sometimes expressing dissenting views or casting dissenting votes during pivotal economic moments," according to his obituary. "He took great pride in collaborating with his team of valued senior economists, who together advanced the Richmond Fed's profile in macroeconomic research and policy."

Broaddus frequently spoke, testified, and published papers on monetary policy, transparency, inflation control and the European Monetary Union.

"Al's leadership left a lasting imprint, not only through his expertise in monetary policy, but also in the thoughtful and principled way he guided the bank and its employees through complex economic times with positivity and graciousness," said current Fed President Tom Barkin, who early in his tenure got to know Broaddus, in a statement.

Broaddus received a bachelor's degree in political science from Washington and Lee University in 1961 and went on to earn a graduate degree from the Center for Advanced European Studies at the University of Strasbourg. He served as a lieutenant in the U.S. Army from 1962 to 1964 and later received a master's degree and doctorate in economics at Indiana University.

He began his career with the Richmond Fed in 1970 as a staff economist before rising through the ranks to eventually become president.

The Richmond Fed is one of 12 independent regional reserve banks that make up the operating arm of the Federal Reserve. It serves the Fifth District, which includes North and South Carolina, Virginia, Maryland, Washington, D.C. and most of West Virginia. It sets monetary policy, monitors financial systems and provides payment systems.

Broaddus' obituary notes that, outside his career with the Richmond Fed, he was deeply involved in civic, educational and corporate governance roles in the Richmond community, serving on the boards of companies such as Albemarle Corp., Faison Enterprises, Markel, Owens & Minor, and T. Rowe Price. He also served as a board member for Virginia Commonwealth University and board chair at St. Christopher's School, along with holding board positions supporting Gallaudet University and the University of Richmond.

"Al's leadership was a powerful reminder of the importance of steadfast guidance," Richmond Fed First Vice President Becky Bareford said in a statement. "No matter the situation, he was an empathetic and reassuring presence for employees while also remaining focused on our public service mission to strengthen the economy and the communities we serve across our region."

Broaddus is survived by his wife of 59 years, Margaret, two sons and four grandchildren. Visitation will be held at Bliley's Funeral Home on Monday, Nov. 3, from 4 to 7 p.m., with a funeral mass scheduled for Tuesday, Nov. 4, at noon at Richmond's Cathedral of the Sacred Heart, followed by interment at Hollywood Cemetery and a reception at the Commonwealth Club.

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