Bank One Chairman Jamie Dimon Appointed to Federal Advisory Council
CHICAGO - The board of directors of the Federal Reserve Bank of Chicago announced today that Bank One Chairman and Chief Executive Officer Jamie Dimon has been appointed to the Federal Reserve System's Federal Advisory Council.
As one of the 12 council members, Dimon will advise members of the Federal Reserve Board on all matters within the Board's jurisdiction, including economic and banking topics.
Each of the 12 Federal Reserve Banks chooses one council representative. Council members customarily serve three one-year terms and must meet at least four times a year with the Board members in Washington, D.C. In his advisory role, Dimon also will meet quarterly with the Chicago Fed's board of directors to discuss current banking and economic issues.
"We are honored to have Mr. Dimon on the Federal Advisory Council," said Chicago Fed President and Chief Executive Officer Michael Moskow. "His knowledge of the banking industry will be an asset to this important group."
Dimon will replace outgoing Chicago district council member and Harris Bankcorp Chairman Alan G. McNally, who also served as the council's vice president.
In March, 2000, Dimon became chairman and chief executive officer of Bank One, the nation's sixth-largest bank holding company. He previously was president of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp in 1998. He had served in executive roles at Travelers and predecessor companies, including Primerica and Commercial Credit. He began his professional career at American Express Company in 1982.
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute 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.