Federal Reserve Bank of Chicago Announces Two New Directors, Re-election of a Director, Board Chair and Deputy Chair, and FAC Reappointment
CHICAGO - The Federal Reserve Bank of Chicago today announced two new members of its board of directors, the re-election of a current director, the reappointment of its board chair and deputy chair, and the reappointment of its Federal Advisory Council representative. All are effective January 1, 2014.
New Board Members
Anne Pramaggiore, President and CEO of ComEd in Chicago, was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for a three-year term.
Abram Tubbs, Chairman and CEO of Ohnward Bank and Trust in Cascade, Iowa, was elected as a Class A (banker) director to serve a three-year term. He was elected by Group 3 banks, which have a capital and surplus level of less than $10 million.
Re-elected Board Member
Jorge Ramirez, President of the Chicago Federation of Labor, was re-elected as a Class B (non-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.
Board Chair and Deputy Chair
Jeffrey A. Joerres, Chairman and CEO of ManpowerGroup in Milwaukee, was re-designated chair of the Board of Directors for 2014.
Greg Brown, Chairman and CEO of Motorola Solutions Inc. in Schaumburg, Ill., was re-designated deputy chair of the Board of Directors for 2014.
Re-appointed Federal Advisory Council Representative
David W. Nelms, Chairman and CEO of Discover Financial Srvices in Riverwoods, Ill., 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.