Chicago Fed Announces New Director
CHICAGO - The Federal Reserve Bank of Chicago announces that William C. Foote, chairman and chief executive officer of Chicago-based USG Corporation, joined its board of directors effective January 1, 2007.
Foote replaces James Farrell, former chairman of Glenview, Ill.-based Illinois Tool Works. Farrell completed his second three-year term on the Chicago Fed board of directors at the end of 2006. Farrell served as chairman of the board from 2004 to 2005.
Foote joined USG in 1984 as vice president, strategy, and was elected chairman and CEO in 1996. Before joining United States Gypsum Company, Foote was a senior engagement manager at McKinsey & Company and assistant treasurer at Chase Manhattan Bank. Foote graduated from Williams College with a bachelor's degree in economics. He also holds a master's degree from Harvard Business School. Mr. Foote is a member of the Boards of Directors for Walgreen Co. and Kohler Co.
Foote was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for a three-year term that will run through the end of 2009.
Background about the Board 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. Commercial banks that are members of the Fed 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. All Reserve Bank and Branch directors serve three-year terms with a two-term maximum.
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.