DETROIT - (September 14, 2017) – The Federal Reserve Bank of Chicago’s Detroit Branch today announced a new member of its board of directors, effective immediately.
New board member
Sandy K. Baruah, president and chief executive officer of the Detroit Regional Chamber, in Detroit, MI, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a term that expires on December 31, 2017 followed by a three-year term from January 1, 2018-December 31, 2020.
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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