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January 2021
Chicago Fed Announces Board Updates

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 three Detroit Branch Directors, re-appointment of the Detroit Branch Chair, and the re-appointment of the Federal Advisory Council representative. All are effective January 1, 2021.

Elected Board Members

Dave Habiger, President and Chief Executive Officer, J.D. Power, office in Troy, Michigan, was re-elected as a Class B (non-banker) director to serve a three-year term, after serving one year of an unexpired term. He was elected by Group 3 banks, which have a capital and surplus level of less than $16.6 million.

Michael O’Grady, Chairman, President and Chief Executive Officer, Northern Trust, Chicago, Illinois, was re-elected as a Class A (banker) director to serve a three-year term, after serving one year of an unexpired term. He was elected by Group 1 banks, which have a capital and surplus level of more than $460 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 the first year of a three-year term concluding in his 6th and final year of service.

Board Chair and Deputy Chair

E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works Inc., Glenview, Illinois, was designated Chair of the Board of Directors for 2021.

Dr. Helene D. Gayle, President and Chief Executive Officer, The Chicago Community Trust, Chicago, Illinois, was designated Deputy Chair of the Board of Directors for 2021.

Re-appointed Detroit Branch Board Members

Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan was re-appointed by the Board Governors to serve the first year of a three-year term concluding in his 6th and final year of service.

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

Sandra E. Pierce, Senior Executive Vice President, Private Client Group and Regional Banking Director, Chair of Michigan, Huntington Bank, Southfield, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve the first year of a three-year term concluding in her 6th and final year of service.

Detroit Branch Chair

Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan, was re-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 2021.

Federal Advisory Council Representative

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