New Director on Federal Reserve Bank of Chicago Detroit Branch Board Announced; New Board Chairman Appointed; Current Director Reappointed
CHICAGO- The Federal Reserve Bank of Chicago’s Detroit Branch today announced a new member of its Board of Directors and a new board chairman as well as the re-appointment of a current director. All are effective January 1, 2012.
New Board Member
Michael E. Bannister, Chairman and CEO of Ford Motor Credit Company in Detroit, Michigan, was appointed to serve a three-year term. Bannister replaces Tim Manganello, Chairman and CEO of BorgWarner in Auburn Hills, Michigan.
New Board Chairman
Carl T. Camden, President and CEO of Kelly Services, Inc. in Troy, Michigan, was appointed to serve as Board of Directors Chairman for 2012.
Re-appointed Board Member
Brian C. Walker, President and CEO of Herman Miller, Inc. in Zeeland, Michigan, was re-appointed to serve a second three-year term.
Background about the Detroit Branch Board of Directors
The Board of Governors in Washington appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints the four additional Detroit Branch directors. Members of the Chicago Board also approve 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.