CHICAGO- (January 3, 2017) –- The Federal Reserve Bank of Chicago today announced the re-election of two current directors, the re-appointment of a current director, the appointment of its board chair and deputy chair, Detroit branch board appointments, Detroit branch Chair, and the re-appointment of its Federal Advisory Council representative. All were effective January 1, 2017.
Re-elected board members
Jorge Ramirez, President, Chicago Federation of Labor, Chicago, Illinois, was re-elected as a Class B (non-banker) director to serve a second three-year term. He was elected by Group 2 banks, which have a capital and surplus level of more than $10 million but less than $250 million.
Abram A. Tubbs, Chairman and Chief Executive Officer, Ohnward Bank &Trust, Monticello, Iowa, was re-elected as a Class A (banker) director to serve a second three-year term. He was elected by Group 3 banks, which have a capital and surplus level of less than $10 million.
Re-appointed board member
Anne R. Pramaggiore, President and Chief Executive Officer, ComEd, Chicago, Illinois, was re-appointed by the Board of Governors of the Federal Reserve System to serve a second three-year term.
Board chair and deputy chair
Anne R. Pramaggiore, President and Chief Executive Officer, ComEd, Chicago, Illinois, was designated Chair of the Board of Directors for 2017.
E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works Inc., Glenview, Illinois, was designated Deputy Chair of the Board of Directors for 2017.
New Detroit branch board member
Linda P. Hubbard, President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve a three-year term.
Re-appointed Detroit branch board member
Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a three-year term.
Detroit branch chair
Michael L. Seneski, Director, Corporate Strategy, Ford Motor Company, Dearborn, Michigan, was appointed to serve as chair of the Detroit Branch Board of Directors in 2017.
Re-appointed Federal Advisory Council representative
Frederick H. Waddell, Chairman and Chief Executive Officer of Northern Trust Corporation and The Northern Trust Company, Chicago, Illinois, 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.
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.
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