Chicago Fed Announces New Directors; Federal Advisory Council Representative Reappointed
CHICAGO — The Federal Reserve Bank of Chicago today announced three new members of its board of directors and one current member re-elected to the board, as well as the reappointment of its Federal Advisory Council representative. All are effective January 1, 2008.
Thomas J. Wilson, President and CEO of The Allstate Corporation, was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for a three-year term that will run through the end of 2010. Wilson replaces Miles D. White, Chairman and CEO of Abbott.
Anthony K. Anderson, Vice Chair & Midwest Managing Partner of Ernst & Young, was elected as a Class B (non-banker) director. He was elected by Group 3 banks, which have capital and surplus of less than $5 million. Anderson is serving the remainder of Valerie Jarrett's unexpired term. Jarrett is the President and CEO of the Habitat Company.
Mark Hewitt, President and Chief Executive Officer, Clear Lake Bank & Trust Company, Clear Lake, Iowa, was elected as a Class A (banker) director for a three-year term. Hewitt was also elected by Group 3 banks. He replaces Jeff Plagge, Chairman, CEO, and President of Midwest Heritage Bank, in Clive, Iowa.
Re-Elected Board Member
Ann D. Murtlow, President and CEO of Indianapolis Power & Light Company, Indianapolis, IN., was re-elected as a Class B director for a three-year term. She was elected by Group 2 banks, which have capital and surplus of between $5 and $100 million.
Federal Advisory Council Representative
William A. Downe was reappointed to serve a second one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District. Downe is the President and CEO of BMO Financial Group, parent of Chicago-based Harris Bank. 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 Board of the Federal Reserve Bank of Chicago
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.
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.