Federal Reserve Bank of Chicago

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The Federal Reserve Bank of Chicago is located at the corner of LaSalle Street and Jackson Boulevard in the city's financial district.
Map of the Seventh District

The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve 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.

Responsibilities

As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for:

  • Helping to formulate national monetary policy. The Chicago Fed's CEO, Charles L. Evans, helps formulate monetary policy by taking part and voting in meetings of the Federal Open Market Committee (FOMC).
  • Providing financial services such as cash, check clearing and electronic payment processing. Each day the Federal Reserve System processes millions of payments in the form of both paper checks and electronic transfers. These payments services are offered to institutions in the Seventh District on a fee basis. Because of a nationwide reduction in the use of checking instruments, the Chicago Fed and most other Reserve Banks ceased processing paper checks on November 17, 2009 and electronic checks in 2010.[1] Items previously routed to this facility are now routed to the Federal Reserve Bank of Cleveland or to the Federal Reserve Bank of Atlanta.
  • Supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, and financial holding companies. These organizations are located within the Seventh Federal Reserve District.

Leadership

Charles L. Evans is the president of the Chicago Fed. He took office on September 1, 2007 as the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. Gordon Werkema is first vice president and chief operating officer of the Chicago Fed and product director of the Federal Reserve System's National Customer Relations and Support Office.[2]

The Chicago Fed annually co-hosts in Chicago an international banking conference to examine cross-national banking and finance issues.[3]

Current Board of Directors

The following people serve on the board of directors as of 2013:[4] All terms expire December 31.[4]

Class A

The Federal Reserve Bank of Chicago's entrance is on LaSalle Street.
Class A
Name Title Term Expires
Mark C. Hewitt President and Chief Executive Officer
Clear Lake Bank & Trust Company
Clear Lake, Iowa		 2013
Frederick H. Waddell Chairman and Chief Executive Officer
Northern Trust Corporation and The Northern Trust Company
Chicago, Illinois		 2014
William M. Farrow President and Chief Executive Officer
Urban Partnership Bank
Chicago, Illinois		 2015

Class B

Class B
Name Title Term Expires
Jorge Ramirez President
Chicago Federation of Labor
Chicago, Illinois		 2013
Nelda J. Connors Chairwoman and Chief Executive Officer
Pine Grove Holdings, LLC
Chicago, Illinois		 2014
Terry Mazany President and Chief Executive Officer
The Chicago Community Trust
Chicago, Illinois		 2015

Class C

Class C
Name Title Term Expires
Vacant 2013
Jeffrey A. Joerres

(Chair)

 Chairman and Chief Executive Officer
Manpower Inc.
Milwaukee, Wisconsin		 2014
Greg Brown

(Deputy Chair)

 Chairman and Chief Executive Officer
Motorola Solutions, Inc.
Schaumburg, Illinois		 2015

Money Museum

The Money Museum traces the history of the Federal Reserve Bank and also displays currency used in the past.

The Bank's Money Museum [5] is free and open to the public year-round from 8:30am to 5pm, Monday through Friday, except on Bank holidays.[6] All visitors must show a photo identification, walk through a metal detector and have their bags x-rayed before entering the Money Museum. No food or drink are allowed in the museum. Guided tours lasting roughly 45 minutes are available at 1pm on Monday through Friday, or by appointment. You can also visit the Money Museum on your own at any time during open hours. The museum includes a free kiosk, which takes your picture in front of a million dollars in $100 bills. Also, a million dollars in ones as well as twenties is on display. The museum has been known for giving out bags of shredded money as souvenirs.[7]

Branches

The Federal Reserve Bank of Chicago Detroit Branch is the only branch of the Federal Reserve Bank of Chicago.

See also

References

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External links

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