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Last Updated: 02/02/04

News Release

John A. Canning, Jr. Appointed to Chicago Fed Board

CHICAGO - The Federal Reserve Bank of Chicago announced today the appointment of John A. Canning, Jr. to its board of directors.

Mr. Canning, who is chairman and chief executive officer of Madison Dearborn Partners, Inc., Chicago, Illinois, replaces Robert Darnall, retired chairman and chief executive officer, Inland Steel Industries, Chicago, Illinois. Mr. Canning has been appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director and fulfill Mr. Darnall's unexpired term on the Chicago Fed board through 2005.

Prior to founding Madison Dearborn Partners in 1993, Mr. Canning spent 24 years with First Chicago Corporation, most recently as executive vice president of The First National Bank of Chicago and president of First Chicago Venture Capital.

Mr. Canning currently serves on the Boards of Directors of The Economic Club of Chicago, Jefferson Smurfit Group plc, Milwaukee Brewers Baseball Club, Norfolk Tides Baseball Club, Northwestern Memorial Hospital and Children's Inner City Educational Fund. He also serves on the Boards of Trustees of the Big Shoulders Fund, The Chicago Community Trust, Denison University, Dublin City University Educational Trust, The Field Museum, Northwestern University, and as an Honorary Life Member on the Board of Visitors of Duke University School of Law.

Mr. Canning has an A.B. from Denison University and a J.D. from Duke University.

The nine-member board of directors that Mr. Canning joins 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.

The Federal Reserve Bank of Chicago is one of twelve 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.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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