Federal Reserve Bank of Chicago Detroit Branch Board Announces New Director; In Addition, Current Director and Chairman Reappointed
CHICAGO - (December 3, 2010) - The Federal Reserve Bank of Chicago’s Detroit Branch today announced one new member of its Board of Directors, as well as the reappointment of a current director and the chairman. All are effective January 1, 2011.
New Board Member
Nancy M. Schlichting, President and CEO of the Henry Ford Health System in Detroit, Michigan, was appointed to serve a three-year term. Schlichting replaces Michael M. Magee, Jr., President and CEO of Independent Bank Corporation in Ionia, Michigan.
Reappointed Board Member
Carl T. Camden, President and CEO of Kelly Services, Inc. in Troy, Michigan, was reappointed to serve a second three-year term.
Timothy M. Manganello, Chairman and CEO of BorgWarner, Inc. in Auburn Hills, Michigan, was reappointed to serve as Chairman for 2011. He has served as Chairman since 2007.
The Federal Reserve Bank of Chicago Board of Directors appointed Schlichting and reappointed Manganello. Camden was reappointed by the Board of Governors of the Federal Reserve System.
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.