CHICAGO- (January 9, 2026) – 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 Maurice Smith, Chairman, President and CEO of Health Care Service Corporation, have been designated as Chair and Deputy Chair, respectively, for one-year terms. Smith was also reappointed to a second three-year term from 2026-2028.
Jonas Prising, Chair and CEO of ManpowerGroup, and Heather Miller, Chair and CEO of VisionBank of Iowa and Freedom Financial Bank, were elected by Seventh District member banks to three-year terms from 2026-2028.
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.
Richard Keyes, President and CEO of Meijer, was appointed as Chair of the Detroit Branch Board for a one-year term in 2026. Tina Freese Decker, President and CEO of Corewell Health, was appointed to a three-year term from 2026-2028.
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 2026. 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.
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.
