Federal Reserve Bank of Chicago Announces New Board Chair and Three New Directors
CHICAGO-- (December 3, 2012) – The Federal Reserve Bank of Chicago today announced three new members of its board of directors, a new board chair, the re-election of a current director, and the reappointment of its Federal Advisory Council representative. All are effective January 1, 2013.
New Board Members
Greg Brown, Chairman and CEO of Motorola Solutions, Inc. in Schaumburg, Ill., was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for a three-year term. Brown will also serve as the board of directors’ Deputy Chair in 2013.
Jorge Ramirez, President of the Chicago Federation of Labor in Chicago, was elected a Class B (non-banker) director to serve an unexpired term that will end on December 31, 2013. He was elected by Group 2 banks, which have a capital and surplus level between $10 million and $250 million.
William M. Farrow III, President and CEO of Urban Partnership Bank in Chicago, was elected as a Class A (banker) director to serve a three-year term. He was elected by Group 2 banks, which have a capital and surplus level between $10 million and $250 million.
New Board Chair
Jeffrey A. Joerres, Chairman and CEO of ManpowerGroup in Milwaukee, was designated Chair of the Board of Directors for 2013. He currently serves as Deputy Chair of the Board of Directors.
Re-elected Board Member
Terry Mazany, President and CEO of The Chicago Community Trust in Chicago, was re-elected as a Class B (non-banker) director to serve a second three-year term. He was elected by Group 1 banks, which have a capital and surplus level over $250 million.
Re-appointed Federal Advisory Council Representative
David W. Nelms, Chairman and CEO of Discover Financial Services in Riverwoods, Ill., was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a 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. The Federal Reserve Bank of Chicago Board has nine members. Seventh District banks that are members of the Fed System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers 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.
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