In Brief

The Federal Reserve Bank of Chicago's Detroit Branch announces a new chairman and the re-appointment of three members of its board of directors effective January 1.

Last Updated: 12/19/06

News Release

Federal Reserve Bank of Chicago Detroit Branch Announces Board of Directors Appointments

The Federal Reserve Bank of Chicago's Detroit Branch announces a new chairman and the re-appointment of three members of its board of directors effective January 1.

Timothy M. Manganello, chairman and chief executive officer of Auburn Hills, Michigan-based BorgWarner Inc., was appointed to a one-year term as chairman of the Federal Reserve Bank of Chicago Detroit Branch board of directors. Manganello has served as a member of the board since the beginning of 2006.

In addition, Ralph W. Babb, Jr., Roger A. Cregg, and Linda Likely were re-appointed to serve on the board.

Ralph W. Babb, Jr. is chairman, president and chief executive officer of Detroit, Michigan-based Comerica Incorporated and Comerica Bank.

Roger A. Cregg is executive vice president and chief financial officer of Bloomfield Hills, Michigan-based Pulte Homes, Inc.

Linda Likely is the director of Housing and Community Development for the Community Development Department and Housing Commission in Grand Rapids, Michigan.

Background about the Detroit Branch Board

The Federal Reserve Bank of Chicago's Detroit Branch has a seven-member board of directors. The Board of Governors appoints three members, 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.

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.