Federal Reserve Bank of Chicago Detroit Branch Announces New Board Member
CHICAGO-- (December 18, 2012) – The Federal Reserve Bank of Chicago Detroit Branch today announced a new member of its board of directors, the reappointment of its current board chair, and the reappointment of two current directors. All are effective January 1, 2013.
New Board Member
Susan M. Collins, the Joan and Sanford Weill Dean of Public Policy, Gerald R. Ford School of Public Policy at the University of Michigan in Ann Arbor, was appointed to serve an unexpired term that will end on December 31, 2014. Collins replaces Brian Walker, President and CEO of Herman Miller, Inc. in Zeeland, Mich.
Reappointed Board Chair
Carl T. Camden, President and CEO of Kelly Services, Inc. in Troy, Mich., was reappointed to serve as Chair of the Detroit Branch Board of Directors in 2013.
Reappointed Board Members
Sheilah P. Clay, President and CEO of the Neighborhood Service Organization in Detroit, was reappointed to serve a second three-year term.
Lou Anna K. Simon, President of Michigan State University in Lansing, Mich., was reappointed 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.