News Release
Chicago Fed Detroit Branch Announces New Directors; Chairman Reappointed
CHICAGO—The Federal Reserve Bank of Chicago's Detroit Branch today announced three new members of its Board of Directors, as well as the reappointment of its Chairman. All are effective January 1, 2010.
New Board Members
Sheilah P. Clay, President and CEO of the Neighborhood Service Organization in Detroit, Michigan, was appointed by the Federal Reserve Bank of Chicago Board of Directors to serve a three-year term. Clay replaces William R. Hartman, former Chairman of Citizens Republic Bancorp in Flint, Michigan.
Mark T. Gaffney, President of the Michigan State AFL-CIO in Lansing, Michigan, was appointed by the Federal Reserve Bank of Chicago Board of Directors to serve an unexpired term that will run through the end of 2011. Gaffney replaces Roger A. Cregg, Executive Vice President and CFO of Pulte Homes, Inc. in Bloomfield Hills, Michigan.
Lou Anna K. Simon, President of Michigan State University in East Lansing, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve a three-year term. Simon replaces Linda S. Likely, Director of Housing and Community Development of the Kent County Community Development Department and Housing Commission in Grand Rapids, Michigan.
Reappointed Chairman
Timothy M. Manganello, Chairman and CEO of BorgWarner, Inc. in Auburn Hills, Michigan, was reappointed to serve as Chairman of the Detroit Branch Board for 2010. He has served as Chairman since 2007.
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. The Chicago Board approves the Detroit Branch board chair.
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.
