DETROIT - (July 16, 2024) –- The Federal Reserve Bank of Chicago’s Detroit Branch today announced a new member of its board of directors, effective July 1, 2024.

Appointed Detroit Branch Board Member

Richard Keyes, President and Chief Executive Officer, Meijer, Grand Rapids, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve the remainder of an unexpired term concluding December 31, 2026.

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

At the Chicago Fed, we serve the public, fostering economic opportunity by advancing a healthy economy and promoting a trusted financial system. We contribute to the formulation and implementation of national monetary policy, supervise and regulate designated financial institutions, and provide financial services to depository institutions and the U.S. government. We serve the Seventh Federal Reserve District, which comprises Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. We are part of the Federal Reserve System, which is made up of 12 regional Reserve Banks and the Board of Governors in Washington, D.C.