Chicago Fed Announces New Chairman and Deputy Chairman
CHICAGO - The Federal Reserve Bank of Chicago today announced the appointment of a new chairman and deputy chairman of its Board of Directors effective January 1, 2008.
John A. Canning, Jr. was designated Chairman of the Board for 2008. He held the position of Deputy Chairman of the Board for 2007 and 2006. He is Chairman of Madison Dearborn Partners, LLC.
William C. Foote was designated Deputy Chairman of the Board for 2008. He joined the Board as a director in 2007. He is Chairman and CEO of Chicago-based USG Corporation.
Background about the Federal Reserve Bank of Chicago Board of Directors
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. Reserve Bank and Branch directors serve staggered three-year terms.
Federal Reserve Bank of Chicago Background
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up 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.