Chicago Fed and Detroit Branch Announce New Directors
CHICAGO - The Federal Reserve Bank of Chicago announced today a new member of its board of directors and a new member of its Detroit Branch board of directors, both effective January 1.
Federal Reserve Bank of Chicago Board of Directors - New Member
Valerie B. Jarrett has been elected a director through 2008. She is a Managing Director and Executive Vice President of The Habitat Company (Habitat). Prior to joining Habitat in 1995, Jarrett served eight years in the City of Chicago government in a variety of roles. From 1995 to 2003, Jarrett served as Chairman of the Chicago Transit Board. She currently serves as the Chairman of the Chicago Stock Exchange Board. Jarrett will replace Connie E. Evans, President and Chief Executive Officer, WSEP Ventures.
Federal Reserve Bank of Chicago Detroit Branch Board of Directors -- New Member
Timothy M. Manganello has been appointed as a director through 2008. He is Chairman and Chief Executive Officer, BorgWarner Inc. (BorgWarner). He also serves as a member of the company's Board of Directors. Prior to joining BorgWarner in 1989, Manganello held positions at Chrysler Corporation and PT-Components-LinkBelt. He is a member of the Board of Directors of Bemis Co., Inc. Manganello will replace Edsel B. Ford II, Director, Ford Motor Company.
Background about the Two Boards
Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor, and commercial banks of various sizes. The Federal Reserve Bank of Chicago board has nine members. Commercial banks that are members of the Fed System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board's chair and deputy chair from among its three appointees. The bank's Detroit Branch has a seven-member board of directors. The Board of Governors appoints three non-bankers, and the Federal Reserve Bank of Chicago board appoints four additional directors. Subject to the approval of the Chicago board, the Detroit Branch board selects its own chair each year. All Reserve Bank and Branch directors serve three-year terms with a two-term maximum.
Background about the Federal Reserve Bank of Chicago
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.