CHICAGO- (January 5, 2024) –- The Federal Reserve Bank of Chicago today announced the re-election of two Directors, re-appointment of one Director, appointment of the Board Chair and Deputy Chair, re-appointment of two Detroit Branch Directors, appointment of two Detroit Branch Directors, appointment of the Detroit Branch Chair, and appointment of the Federal Advisory Council representative. All are effective January 1, 2024.
Re-elected Board Members
Michael O'Grady, Chairman, President and Chief Executive Officer, Northern Trust, Chicago, Illinois, was elected as a Class A (banker) director to serve a second three-year term. He was elected by Group 1 banks, which have a combined capital and surplus of $460 million or greater.
David C. Habiger, President and Chief Executive Officer, J.D. Power, was elected as a Class B (non-banker) director to serve a second three-year term. He was elected by Group 3 banks, which have a combined capital and surplus of less than $16.6 million.
Re-appointed Board Member
Jennifer F. Scanlon, President and Chief Executive Officer, UL Solutions, Northbrook, Illinois, was appointed by the Board of Governors of the Federal Reserve System to serve a second three-year term.
Board Chair and Deputy Chair
Jennifer F. Scanlon, President and Chief Executive Officer, UL Solutions, Northbrook, Illinois, was designated Chair of the Board of Directors for 2024.
Juan Salgado, Chancellor, City Colleges of Chicago, Chicago, Illinois, was designated Deputy Chair of the Board of Directors for 2024.
Re-appointed Detroit Branch Board Members
JoAnn Chavez, Senior Vice President and Chief Legal Officer, DTE Energy, Detroit, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a three-year term.
Kevin Nowlan, Executive Vice President and Chief Financial Officer, BorgWarner Inc., Auburn Hills, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a second three-year term.
Appointed Detroit Branch Board Members
Ronald E. Hall, President and Chief Executive Officer, Bridgewater Interiors, LLC, Detroit, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve the remaining two years of an unexpired term.
Kofi Bonner, Chief Executive Officer, Bedrock Management Service LLC, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve the remaining two years of an unexpired term.
Detroit Branch Chair
Ronald E. Hall, President and Chief Executive Officer, Bridgewater Interiors, LLC, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the chair of the Detroit Branch Board of Directors for 2024.
Federal Advisory Council Representative
Darrel Hackett, U.S. Chief Executive Officer, BMO Financial Group, Chicago, Illinois, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District.
The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts.
Background about the Board of Directors of the Federal Reserve Bank of Chicago
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 Federal Reserve Bank of Chicago Board has nine members. Seventh District banks that are members of the Federal Reserve System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board's chair and deputy chair from among its three appointees.
Background about the Detroit Branch Board of Directors
The Board of Governors in Washington appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints the four additional Detroit Branch directors. Members of the Chicago Board also approve the Detroit Branch board chair.
Federal Reserve Bank of Chicago Background
At the Chicago Fed, we serve the public, fostering economic opportunity by advancing a healthy economy and promoting a trusted financial system. We contribute to the formulation and implementation of national monetary policy, supervise and regulate designated financial institutions, and provide financial services to depository institutions and the U.S. government. We serve the Seventh Federal Reserve District, which is comprised of Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. We are part of the Federal Reserve System, which is made up of 12 regional Reserve Banks and the Board of Governors in Washington, D.C.
