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Philadelphia Fed names internal economist as new No. 2

June 3 (Reuters) - The U.S. Federal Reserve's Philadelphia branch on Tuesday named internal policy advisor Michael Dotsey as its director of research, effectively the No. 2 position after Philadelphia Fed President Charles Plosser.

Dotsey, formerly a senior economic policy adviser who has worked in the U.S. central bank's regional branches for more than 25 years, replaces Loretta Mester, who on Sunday became president of the Cleveland Fed.

As a senior vice president, Dotsey will head up economic research at the Philadelphia Fed and will accompany Plosser to meetings of the central bank's policy-setting Federal Open Market Committee (FOMC) in Washington. Plosser, a member of the FOMC, is a longtime critic of aggressive post-financial crisis policy accommodation.

(Reporting by Jonathan Spicer; Editing by Jonathan Oatis)