News Release
Appointments Announced to Boards of Chicago Fed and Its Detroit Branch
CHICAGO - Two appointments have been announced for the board of directors of the Federal Reserve Bank of Chicago as well as three appointments for the board of its Detroit Branch.
Federal Reserve Bank of Chicago Board Appointments
Mark T. Gaffney has been elected to the board of directors of the Federal Reserve Bank of Chicago, the Chicago Fed announced today. Mr. Gaffney, who is president of the Michigan State AFL-CIO, Lansing, Michigan, had served since January 2000 as a director on the Chicago Fed's Detroit Branch board of directors.
Mr. Gaffney replaces Jack Evans, president, The Hall-Perrine Foundation, Cedar Rapids, Iowa. Mr. Gaffney was elected by Seventh Federal Reserve District member banks as a Class B director and will serve on the Chicago Fed board through 2006.
Michael L. Kubacki, chairman, president and chief executive officer of Lake City Bank and Lakeland Financial Corporation, Warsaw, Indiana, has been elected as a Class A director. Mr. Kubacki replaces Bob Yohanan, managing director and chief executive officer, First Bank & Trust and First Evanston Bancorp, Inc., Evanston, Illinois. Kubacki will serve a three-year term through 2006.
The nine-member board of directors has governance responsibilities for the management of the Chicago Fed's operations and acts on the Bank's discount rate, the interest rate charged for loans to depository institutions. The directors also contribute to the formulation of U.S. monetary policy by advising on regional economic conditions.
Three of the members are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Seventh Federal Reserve District. Class A directors are members of the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.
Detroit Branch Board Appointments
Roger A. Cregg, executive vice president and chief financial officer, Pulte Homes, Inc., Bloomfield Hills, Michigan, has been appointed by the Board of Governors of the Federal Reserve System to serve on the board of directors of the Federal Reserve Bank of Chicago's Detroit Branch. Mr. Cregg will serve a three-year term through 2006 and will replace Tim Leuliette, chairman, president and chief executive officer, Metaldyne Corporation, Plymouth, Michigan.
Linda S. Likely, executive director, Kalamazoo Neighborhood Housing Services, Kalamazoo, Michigan, has been appointed by the Chicago Board as a Detroit Branch director. Ms. Likely replaces Mark T. Gaffney, president, Michigan State AFL-CIO, Lansing, Michigan, who became a member of the Chicago Fed's board.
Ms. Likely will serve the remainder of Gaffney's unexpired term beginning January 1, 2004 through 2005.
Ralph W. Babb Jr., chairman, president and chief executive officer, Comerica Incorporated, Detroit, Michigan, has been appointed by the Chicago Fed Board as a Detroit Branch director. Mr. Babb will serve a three-year term through 2006 and replaces David Wagner, former chairman, Fifth Third Bank-Western Michigan, Grand Rapids, Michigan.
The Detroit Branch of the Federal Reserve Bank of Chicago serves the Lower Peninsula of Michigan. Its board of directors consists of seven members, four of whom are appointed by the Chicago Reserve Bank's board of directors and three by the Board of Governors of the Federal Reserve System. The Detroit board has governance responsibility for management of the Branch's operations and monitors and reports on economic conditions in the region.
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Federal Reserve Board in Washington, D.C., constitute the nation's central bank. The Federal Reserve Bank of Chicago 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. Each Reserve Bank supervises member banks and bank holding companies, serves as a bank for depository institutions and the U.S. government, monitors economic conditions in the District, and participates in formulating national monetary policy.
