New Federal Advisory Council Member Appointed
The Federal Reserve Bank of Chicago's Board of Directors has appointed William A. Downe as the new Seventh District representative to the Federal Advisory Council for 2007. The council meets quarterly to discuss business and financial conditions with the Federal Reserve's Board of Governors in Washington, D.C. The council is made up of one person from each of the 12 Federal Reserve Districts. The Federal Reserve Bank of Chicago serves the Seventh District.
Downe is replacing Dennis J. Kuester, Chairman and Chief Executive Officer of Marshall & Ilsley Corporation.
Downe is Chief Operating Officer of BMO Financial Group, and is responsible for all operating units at BMO. On November 28, 2006, BMO announced that Downe will succeed Tony Comper as its President and Chief Executive Officer effective March 1, 2007.
Since September 2002, Downe has been responsible for all of BMO's U.S. operations, including Harris Bank, BMO's Chicago-based retail banking division.
Downe is Chairman of the Board of Directors of St. Michael's Hospital in Toronto. Downe is also a past board member of Goodwill Industries of Chicago.
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization with 35,000 employees.
Background about the Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.