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January 2018
Federal Reserve Bank of Chicago Announces 2018 Chicago Fed and Detroit Branch Board Changes

 

CHICAGO- (January 10, 2018) – The Federal Reserve Bank of Chicago today announced the election of a Director, Re-election of a Director, Re-appointment of a Director, Board Chair and Deputy Chair, Detroit Branch Board Appointment, Detroit Branch Chair, and the appointment of its Federal Advisory Council representative. All are effective January 1, 2018.

Re-elected Board Member

David W. Nelms, Chairman and Chief Executive Officer, Discover Financial Services, Riverwoods, Illinois, was re-elected as a Class A (banker) director to serve a second three-year term. He was elected by Group 1 banks, which have a capital and surplus level of $250 million and over.

Elected Board Member

Wright L. Lassiter III, President and Chief Executive Officer, Henry Ford Health System, Detroit, Michigan, was elected as a Class B (non-banker) director to serve a three-year term. He was elected by Group 3 banks, which have a capital and surplus level of less than $10 million.

Re-appointed Board Member

E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works Inc., Glenview, Illinois, was re-appointed by the Board of Governors of the Federal Reserve System to serve a second three-year term.

Board Chair and Deputy Chair

Anne R. Pramaggiore, President and Chief Executive Officer, ComEd, Chicago, Illinois, was designated Chair of the Board of Directors for 2018.

E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works Inc., Glenview, Illinois, was designated Deputy Chair of the Board of Directors for 2018.


Re-appointed Detroit Branch Board Members

Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve a three-year term.

Sandy K. Baruah, President and CEO, Detroit Regional Chamber, Detroit, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a three-year term.

Sandra Pierce, Chairman and Senior Executive Vice President, Huntington Michigan, Detroit, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a three-year term.

Michael L. Seneski, Former Director of Mobility, Ford Motor Company, Dearborn, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve an unexpired two-year term.

Detroit Branch Chair

Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan, was appointed to serve as chair of the Detroit Branch Board of Directors in 2018.

Federal Advisory Council Representative

Jeffrey J. Brown, Chief Executive Officer, Ally Financial Inc., Detroit, Michigan, 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 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. 

 

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

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up 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.


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