Federal Reserve Bank of Chicago Announces Director Reappointment, Re-election of Two Others, and Federal Advisory Council Representative Reappointment
CHICAGO- (December 3, 2010) - The Federal Reserve Bank of Chicago today announced the reappointment of a member of its Board of Directors, the re-election of two others, and the reappointment of its Federal Advisory Council representative. All are effective January 1, 2011.
Reappointed Board Member
Thomas J. Wilson, Chairman, President and CEO of The Allstate Corporation in Northbrook, Illinois, was reappointed to serve as a Federal Reserve Bank of Chicago Class C director for a second three-year term. He was reappointed by the Board of Governors of the Federal Reserve System.
Reelected Board Members
Ann D. Murtlow, President and CEO of Indianapolis Power & Light Company, Indianapolis, Indiana, was re-elected as a Class B (non-banker) director to serve a second three-year term. She was re-elected by Group 2 banks, which have a capital and surplus level of between $10 million and $250 million.
Mark C. Hewitt, President and CEO of Clear Lake Bank and Trust in Clear Lake, Iowa, was re-elected as a Class A (banker) director to serve a second three-year term. He was elected by Group 3 banks, which have a capital and surplus level of less than $10 million.
Federal Advisory Council Representative
David W. Nelms, Chairman and CEO of Discover Financial Services in Riverwoods, Illinois, was reappointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a second 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.