Board of Directors

Each Reserve Bank and Branch has a board of directors from the private sector. Although being a director is not a full-time job, the responsibilities are broad - ranging from the supervision of the Bank to making recommendations on monetary policy. One of the board of directors' responsibilities is setting the Bank's discount rate every two weeks, subject to approval by the Federal Reserve Board. The directors bring a regional perspective, an independent assessment of the business outlook, and advice on regional credit conditions.

Chicago Board of Directors

Chair
John A. Canning, Jr.

Deputy Chair
William C. Foote

Directors
Anthony K. Anderson
Mark T. Gaffney
Mark C. Hewitt
Michael L. Kubacki
Dennis J. Kuester
Ann D. Murtlow
Thomas J. Wilson

Detroit Branch Board of Directors

Chair
Timothy M. Manganello

Directors
Carl T. Camden
Roger A. Cregg
William R. Hartman
Linda Likely
Michael M. Magee, Jr.
Tommi A. White

How Directors are Selected

Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor, and commercial banks of various sizes. The Chicago Fed board consists of nine members. Commercial banks that are members of the Fed System elect three bankers and three nonbankers. The Federal Reserve Board of Governors appoints three additional nonbankers and designates the board's chair and deputy chair from among its three appointees. The Detroit Branch has a seven-member board of directors. The Board of Governors appoints three nonbankers, and the Chicago Fed board appoints four additional directors. The Branch board selects its own chair each year. All Reserve Bank and Branch directors serve three-year terms, with a two-term maximum.