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News Releases, January 2025
Federal Reserve Bank of Chicago Announces Updates to Chicago and Detroit Board of Directors, Federal Advisory Council Representation

CHICAGO- (January 14, 2025) – The Federal Reserve Bank of Chicago today announced updates to its Chicago and Detroit boards of directors, as well as the reappointment of the Bank’s representative to the Federal Advisory Council of the Federal Reserve Board of Governors. Roles were effective January 1.

As part of the Federal Reserve Act, the Federal Reserve Bank of Chicago is subject to the supervision of a nine-member board of directors. Directors play a critical role in the effective functioning of the Federal Reserve System, supervising the administration of their respective Reserve Bank’s operations, performing an important corporate governance function, and providing insights to help inform deliberations of the Federal Open Market Committee.

In Chicago, Jennifer Scanlon, president and CEO of UL Solutions, and Juan Salgado, chancellor of the City Colleges of Chicago, have been re-designated as Chair and Deputy Chair, respectively, for one-year terms. Salgado was also reappointed to a second three-year term from 2025-2027.

Linda Hubbard, president and CEO of Carhartt, was re-elected to a second three-year term from 2025-2027, and Kristin Pruitt, president of Lake City Bank, was newly elected to her first three-year term for the same time period.

The Federal Reserve Bank of Chicago has a seven-member board of directors for its Detroit Branch office. Its members also provide insights to help inform FOMC deliberations.

Rick Keyes, president and CEO of Meijer, was newly appointed to the Detroit Branch Board in July 2024, filling an unexpired term from 2024-2026, and Lisa Lunsford, CEO of Global Strategic Supply Solutions, was appointed in October 2024 to her first term for the same time period. Ronald E. Hall, president and CEO of Bridgewater Interiors, was re-designated to serve as Detroit Branch Board Chair for a one-year term in 2025. Anika Goss, CEO of Detroit Future City, was re-appointed to serve a second three-year term from 2025-2027.

Additionally, Darrel Hackett, U.S. CEO of BMO Financial Group, was reappointed as Federal Advisory Council representative to the Federal Reserve Board for a one-year term in 2025. 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.

To learn more about the roles and responsibilities of Federal Reserve Directors, and to view the full slate of Chicago and Detroit directors, visit chicagofed.org.

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 Federal Reserve System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the Chicago 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

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.

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