Mr. Shaffer is Vice President and General Auditor of the Federal Reserve Bank of Philadelphia. He has worked for the bank since his graduation from Lycoming College. He is responsible for the internal audit function, reporting to the Audit Committee of the Board of Directors. He began his career at the bank in 1971 as an assistant examiner in the Supervision and Regulation department. He held increasingly responsible positions, including controller, vice president of General Administrative Services, and vice president of cash. He holds a B.A. in Economics from Lycoming College and a M.B.A. from Weidner University and had done additional postgraduate work at Temple University. He is on the board of the local chapter of the Institute of Internal Auditors.