Federal Reserve Bank of Chicago Announces Board Chairman, Deputy Chairman, Re-election of Two Directors, FAC Reappointment
CHICAGO- The Federal Reserve Bank of Chicago today announced the re-designation of the chairman of its board of directors, the designation of a new board deputy chairman, the re-election of two directors, and the reappointment of its Federal Advisory Council Representative. All are effective January 1, 2012.
William C. Foote was re-designated Chairman of the Board of Directors for 2012. He is the Retired Chairman of Chicago-based USG Corporation.
Jeffrey A. Joerres was designated Deputy Chairman of the Board of Directors for 2012. He has been a director since 2010. He is Chairman and CEO of Manpower Group in Milwaukee, Wisconsin.
Re-elected Board Members
Frederick H. Waddell, Chairman and CEO of The Northern Trust Corporation and The Northern Trust Company in Chicago, Illinois, was re-elected by Group 1 banks as a Class A (banker) director to serve a second three-year term.
Nelda J. Connors, Chairwoman and CEO of Pine Grove Holdings in Chicago, Illinois, was re-elected by Group 3 banks as a Class B (non-banker) director to serve a three-year term.
Federal Advisory Council Representative
David W. Nelms, Chairman and CEO of Discover Financial Services in Riverwoods, Illinois, has been reappointed to serve a third one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District. 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 Directors 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. Seventh District banks that are members of the Fed System elect three bankers and three non-bankers to serve as Chicago Fed directors. The Federal Reserve Board of Governors appoints three additional non-banker directors 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.