CHICAGO - (June 21, 2022) The Federal Reserve Bank of Chicago today announced the appointment of one Class C Director effective June 9, 2022.

Appointed Board Member

Juan Salgado, Chancellor, City Colleges of Chicago, Chicago, Illinois, was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for the remainder of an unexpired three-year term concluding December 31, 2024.

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 Federal Reserve 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.

About the Federal Reserve Bank of Chicago

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.