New Directors Announced for Federal Reserve Bank of Chicago and its Detroit Branch; Board Chairmen and Federal Advisory Council Representative Reappointed
CHICAGO - Two new members of the Federal Reserve Bank of Chicago's board of directors have been announced as well as one new member of the bank's Detroit Branch board. In addition, the chairmen of both boards and the Seventh District representative to the Federal Advisory Council have been re-appointed.
Federal Reserve Bank of Chicago Board of Directors Announcements
- Mindy C. Meads has been elected a director through 2007. She is the president and CEO of Lands' End, Inc. and also serves as executive vice president at Sears, Roebuck and Co. Meads replaces James H. Keyes, former chairman and CEO of Johnson Controls, Inc.
- Jeff Plagge has been elected a director through 2007. He is president and CEO of The First National Bank of Waverly in Waverly, Iowa; president of the First of Waverly Corporation; and CEO of the First National Bank of Cedar Falls and First Insurance Services. Plagge replaces Alan R. Tubbs, president of the Maquoketa State Bank and Ohnward Bancshares, Inc. in Maquoketa, Iowa.
- W. James Farrell has been reappointed to a second one-year term as board chairman. He is chairman and chief executive officer of Illinois Tool Works Inc. (ITW).
- Miles D. White has been reappointed to a second three-year term as a director and a second one-year term as deputy chairman. He is chief executive officer of Abbott Laboratories.
Federal Reserve Bank of Chicago Detroit Branch Board of Directors Announcements
- Michael M. Magee, Jr. has been appointed a director through 2007. He is president and CEO of Independent Bank Corporation in Ionia, Michigan. Magee replaces Robert E. Churchill. Churchill, former CEO of Citizens National Bank in Cheboygan, Michigan, is current chairman of the Citizens National Bank board and CNB Corporation.
- Irvin D. Reid has been reappointed to serve a second three-year term as a director. He is president of Wayne State University.
- Edsel B. Ford II has been reappointed to a second one-year term as board chairman. He is a member of the board of directors at Ford Motor Company.
Federal Advisory Council Announcement
- Dennis J. Kuester has been reappointed to serve a second one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District. Kuester is the president and CEO of Marshall & Ilsley Corporation. The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts.
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. The 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 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.