News Release: Federal Reserve Bank of Chicago Announces Two New Directors, Re-election of a Director, Re-appointment of a Director, Board Chair and Deputy Chair
CHICAGO- (December 21, 2015) – The Federal Reserve Bank of Chicago today announced two new members of its board of directors, the re-election of a current director, the re-appointment of a current director, the appointment of its board chair and deputy chair and the reappointment of its Federal Advisory Council representative. All are effective January 1, 2016.
New Board Members
Susan M. Collins, Joan and Sanford Weill Dean of Public Policy, University of Michigan, Ann Arbor, Michigan, was elected as a Class B (non-banker) director to serve a three-year term. She was elected by Group 1 banks, which have a capital and surplus level of more than $250 million.
E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works, Glenview, Illinois, was appointed by the Board of Governors of the Federal Reserve System as a Class C (non-banker) director to serve an unexpired term.
Re-elected Board Member
William M. Farrow, President and Chief Executive Officer, Urban Partnership Bank, Chicago, Illinois, was re-elected as a Class A (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.
Re-appointed Board Member
Greg Brown, Chairman and Chief Executive Officer, Motorola Solutions, Inc., Schaumburg, 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
Greg Brown, Chairman and CEO of Motorola Solutions Inc., Schaumburg, Illinois, was designated Chair of the Board of Directors for 2016.
Anne R. Pramaggiore, President and Chief Executive Officer, ComEd, Chicago, Illinois, was designated Deputy Chair of the Board of Directors for 2016.
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 reappointed 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.
