New Board Member
Brian C. Walker, President and CEO of Herman Miller, Inc., was appointed to serve a three-year term that will run through the end of 2011. Walker replaces Tommi White, CEO of ER-One, Inc.
Timothy M. Manganello, Chairman and CEO of BorgWarner, Inc., was reappointed to serve as Chairman of the Detroit Branch board for 2009. He served as chairman of the board in 2007 and 2008. He was also reappointed to serve a second three-year term that will run through the end of 2011.
Reappointed Board Member
Roger A. Cregg, Executive Vice President and CFO of Pulte Homes, Inc., was reappointed to serve an additional year that will run through the end of 2009.
Background about the Detroit Branch Board of Directors
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 of Directors appoints four additional directors. Subject to the approval of the Chicago board, the Detroit Branch board selects its own chair each year.
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.