Marshall & Ilsley Corporation's Dennis J. Kuester Appointed
CHICAGO - The board of directors of the Federal Reserve Bank of Chicago announced today that Dennis J. Kuester, president and chief executive officer of Milwaukee-based Marshall & Ilsley Corporation, has been appointed to the Federal Reserve System's Federal Advisory Council.
As one of the 12 council members, Kuester 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, Kuester also will meet quarterly with the Chicago Fed's board of directors to discuss current banking and economic issues.
"We are pleased to have Mr. Kuester represent the Chicago district on the Federal Advisory Council," said Chicago Fed President and Chief Executive Officer Michael Moskow. "His background in banking and the payments system will be of great benefit to the Council."
Kuester replaces Bank One Chairman and Chief Executive Officer Jamie Dimon. Dimon took over for Harris Bankcorp Chairman Alan G. McNally, who also served as the council's vice president.
In addition to his position as president and chief executive officer of Marshall & Ilsley Corporation, Kuester is also chairman and chief executive officer of M&I Marshall & Ilsley Bank, as well as chairman of Metavante Corporation. Both are located in Milwaukee.
In 2001, Kuester was appointed president and chief executive officer of Marshall & Ilsley Corporation. Prior to that, he was named to the company's board of directors in 1994 and was appointed president in 1987. Before that, he was president of Milwaukee-based M&I Data Services, Inc., now Metavante Corporation, and was regional manager of marketing support for IBM Corporation.
Kuester received a bachelor's degree in accounting and finance from the University of Wisconsin-Milwaukee's School of Business.
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.