Boards of Directors
A nine-member Board of Directors oversees the operations of the Federal Reserve Bank of Chicago. Our Detroit Board of Directors serve in a similar capacity at our Branch office.
In addition to the general duties of the Board, members may also participate in committees responsible for oversight of specific Bank functions and responsibilities.
The Executive Committee is available to act for the Board between Board meetings or whenever a quorum is not present at a Board meeting.
The Audit Committee assists the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, risk management process, the audit process, compliance with laws, regulations and the code of conduct, including System activities for which the District has responsibility. Charter
Governance and Human Resources Committee
The Governance and Human Resources Committee assists the Board of Directors in considering director candidates and makes recommendations for Board membership as well as Federal Advisory Council membership. Additionally, the committee provides oversight for District governance and human resources matters. Charter
System Activities, Bank Operations and Risk Committee
The System Activities, Bank Operations and Risk Committee provides oversight for the consolidated activities that the Seventh District performs for other Federal Reserve Banks, services provided to the District by other Reserve Banks, as well as the operations of the Federal Reserve Bank of Chicago. Charter