J. Alfred "Al" Broaddus Jr.

1939 - 2025

J. Alfred "Al" Broaddus, Jr.

July 8, 1939 - October 26, 2025

J. Alfred "Al" Broaddus, Jr., a distinguished public servant and civic leader, passed away peacefully in his hometown of Richmond, VA. He was 86.

Al served as the sixth President of the Federal Reserve Bank of Richmond from January1,1993, until his retirement on July31,2004.

Al was born in Richmond to Dr. J. Alfred Broaddus, Sr. and Norma Coleman Broaddus. He graduated from Thomas Jefferson High School, where his mother was an English teacher and a tough grader. Al then went on to receive a bachelor's degree in political science from Washington & Lee University ('61) on a ROTC scholarship, where he was elected to Omicron Delta Kappa and Phi Beta Kappa. After college, he studied abroad on a Fulbright Fellowship, earning a graduate degree from the Center for Advanced European Studies at the University of Strasbourg. Al then served as a lieutenant in the U.S. Army (1962 - '64). Considering a career in the U.S. Foreign Service, he accepted a position as a researcher with the Defense Intelligence Agency (1964 - '66).

At this point, two consequential things happened. First, Al began lobbing York peppermint patties over his desk partition to catch the attention of his colleague, Margaret Lemley. A brief courtship in DC and Rehoboth Beach ensued, and six weeks later, they were engaged, launching a loving 60-year union. A second fateful turn was heeding the advice of close mentor and W&L professor, John Gunn, to consider a career in economics. To that end, he took graduate night classes at Georgetown University and then went on to complete his MA and PhD in economics at Indiana University on a full scholarship, kicking off years of IU basketball and football fandom.

Al returned to his native Richmond to begin his career with the Federal Reserve Bank of Richmond's research department in 1970, where he rose through the ranks from staff economist to Research Director before his tenure as President.

As Fed President, Al participated in the Federal Open Market Committee, and was known as an inflation "hawk" advocating a transparent, low-inflation monetary policy anchored by central bank credibility. 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. 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. Al spoke, testified, and published regularly on topics of monetary policy, transparency, inflation control, and the European Monetary Union.

Traveling through his five-state Mid-Atlantic Fed district, he enjoyed initiating his talks with a joke, some of which landed. Al relished his time at the Fed. He was known for his warmth, humility, and self-deprecating humor and forged lifelong friendships with colleagues from all corners of the bank. After his retirement, he continued working with the Fed on the Economic Advisory Panel for the Federal Reserve Bank of New York.

Beyond his Fed career, Al was deeply involved in civic, educational, and corporate governance roles in his beloved Richmond community. He was a longstanding board member at Albemarle Corporation, Faison Enterprises, Markel Corporation, Owens & Minor, and T. Rowe Price. In the civic arena, Al sat on the advisory board for the VCU Massey Cancer Center, and served in leadership and board roles at the Richmond Renaissance executive committee, the Virginia Museum of History & Culture, the United Way of Richmond (Chair), the Virginia Council on Economic Education, Venture Richmond, the Richmond SPCA, the Richmond Symphony, and the American Civil War Center at Historic Tredegar. He was a founding board member of the Richmond Memorial Health Foundation.

A lifelong learner who believed strongly in the transformative impact of education, Al invested significant time and energy working in leadership positions at several institutions. He served as trustee of Virginia Commonwealth University and Board Chair at St. Christopher's School in addition to working on boards associated with Gallaudet University and the University of Richmond. Al delivered the 2004 commencement address at Hampden-Sydney College and received honorary Doctor of Laws degrees from both Hampden-Sydney and Washington & Lee University.

While he made a significant impact in public service, Al will be most remembered for his easy warmth, humility, and a genuine interest that drew people in. Having lived in the same Hanover Avenue house since 1973, Al and Margaret formed close personal friendships with generations of great neighbors. Al cherished the camaraderie of his Sunday morning running crew, as well as the expansive conversations of his Wednesday lunch group. He loved all kinds of music, ranging from classical to rock & roll. Al was a regular at the Richmond Symphony, VCU basketball games, and any of his grandkids' performances and sports contests.

Al was the beloved patriarch of his family. He is survived by his wife of 59 years, Margaret "Mana" Lemley Broaddus; and two sons, John A. "Jay" (Molly) and Christopher M. "Chris" (Alice). He was treasured "Grandpal" to his four grandchildren, Anna (23), Maggie (23), Mac (19), and Mills (11). Al is also survived by his first cousin, William G. Broaddus.

Visitation will be held at Bliley's Funeral Home, 3801 Augusta Avenue, Richmond, on Monday, November 3rd, from 4 to 7 pm. A funeral mass will be held on Tuesday, November 4th, at noon at Cathedral of the Sacred Heart in Richmond, followed by interment at Hollywood Cemetery and a reception at the Commonwealth Club.