News Release
Chicago Fed and Detroit Branch Announce New Chairmen, Deputy Chairman
CHICAGO - The Federal Reserve Bank of Chicago announced today a new chairman and deputy chairman of its board of directors and a new chairman of its Detroit Branch board of directors, all effective January 1.
Federal Reserve Bank of Chicago Board of Directors - New Chairman
Miles D. White has been appointed Chairman of the Board for 2006. He is Chairman and Chief Executive Officer of Abbott Laboratories (Abbott). Prior to joining Abbott in 1984, White was a management consultant with McKinsey & Co.
Federal Reserve Bank of Chicago Board of Directors - New Deputy Chairman
John A. Canning, Jr. has been appointed Deputy Chairman of the Board for 2006. He is Chairman and Chief Executive Officer of Madison Dearborn Partners, LLC. (MDP). Prior to co-founding MDP in 1993, Canning spent 24 years at First Chicago Corporation in various roles.
Federal Reserve Bank of Chicago Detroit Branch Board of Directors - New Chairman
Roger A. Cregg has been appointed Chairman of the Board for 2006. He is Executive Vice President and Chief Financial Officer of Pulte Homes, Inc. (Pulte). Prior to joining Pulte in 1998, Cregg was executive vice president and CFO of Zenith Electronics Corporation.
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.
