Chicago Fed Announces New Director; Federal Advisory Council Representative Reappointed
CHICAGO — The Federal Reserve Bank of Chicago today announced one new member of its board of directors and one current member re-elected to the board, as well as the reappointment of its Federal Advisory Council representative. All are effective January 1, 2009.
New Board Member
Frederick H. Waddell, President and CEO of The Northern Trust Corporation and The Northern Trust Company, was elected as a Class A (banker) director. He was elected by Group 1 banks, which have capital and surplus of $100 million or more. Waddell replaces Dennis J. Kuester, Chairman of Marshall and Ilsley Bank.
Re-Elected Board Member
Anthony K. Anderson, Vice Chairman and Midwest Area Managing Partner of Ernst & Young, has been re-elected as a Class B (non-banker) director. He was elected by Group 3 banks, which have capital and surplus of less than $5 million.
Federal Advisory Council Representative
William A. Downe, President and CEO of BMO Financial Group, has been reappointed to serve a third 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 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. Commercial 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.