Federal Reserve Bank of Chicago - AbsoluteAstronomy.com

The Federal Reserve Bank of Chicago (informally the Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

Fed) is one of twelve regional Reserve Banks

Federal Reserve System

The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...

that, along with the Board of Governors

Board of governors

Board of governors is a term sometimes applied to the board of directors of a public entity or non-profit organization.Many public institutions, such as public universities, are government-owned corporations. The British Broadcasting Corporation was managed by a board of governors, though this role...

in Washington, D.C., make up the nation's central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

.
The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois

Illinois

Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

and Indiana

Indiana

Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

, southern Wisconsin

Wisconsin

Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...

, the Lower Peninsula of Michigan

Lower Peninsula of Michigan

The Lower Peninsula of Michigan is the southern of the two major landmasses of the U.S. state of Michigan. It is surrounded by water on all sides except its southern border, which it shares with Ohio and Indiana. Geographically, the Lower Peninsula has a recognizable shape that many people...

, and the state of Iowa

Iowa

Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...

.
In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

s 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
Charles L. Evans
Charles L. Evans is the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. In that capacity, he serves on the Federal Open Market Committee , the Federal Reserve System's monetary policy-making body.Before becoming president in September 2007, Evans served as...

, helps formulate monetary policy by taking part and voting in meetings of the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...

(FOMC).
Providing financial services such as cash Cash
Cash
In common language cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately...

, check clearing
Clearing (finance)
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction....

and electronic payment
Electronic money
Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...

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. 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

Charles L. Evans is the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. In that capacity, he serves on the Federal Open Market Committee , the Federal Reserve System's monetary policy-making body.Before becoming president in September 2007, Evans served as...

is the president of the Chicago Fed. He took office on 1 September 2007 as the ninth president and chief executive officer

Chief executive officer

A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...

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.

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

Current Board of Directors

The following people serve on the board of directors as of 2011: All terms expire December 31.

Class A

Class A
Name	Title	Term Expires
Frederick H. Waddell	Chairman, President and Chief Executive Officer Northern Trust Corporation and The Northern Trust Company Chicago, Illinois	2011
Stephen J. Goodenow	President and Chief Executive Officer Bank Midwest Spirit Lake, Iowa Spirit Lake, Iowa Spirit Lake is a city in Dickinson County, Iowa, United States. The population was 4,261 at the 2000 census. It is the county seat of Dickinson County.The town is located along the western shore of East Okoboji Lake, in the Iowa Great Lakes region....	2012
Mark C. Hewitt	President and Chief Executive Officer Clear Lake Bank & Trust Company Clear Lake, Iowa Clear Lake, Iowa Clear Lake is a city in Cerro Gordo County, Iowa, United States. The population was 8,161 at the 2000 census. The city is named for the large lake on which it is located. It is the home of a number of marinas, state parks and tourism-related businesses. Clear Lake is also a major stop on Interstate...	2013

Class B

Class B
Name	Title	Term Expires
Nelda J. Connors	Chairwoman and Chief Executive Officer Pine Grove Holdings, LLC Chicago, Illinois	2011
Terry Mazany	President and Chief Executive Officer The Chicago Community Trust Chicago, Illinois	2012
Ann D. Murtlow	President and Chief Executive Officer Indianapolis Power & Light Company Indianapolis, Indiana Indianapolis, Indiana Indianapolis is the capital of the U.S. state of Indiana, and the county seat of Marion County, Indiana. As of the 2010 United States Census, the city's population is 839,489. It is by far Indiana's largest city and, as of the 2010 U.S...	2013

Class C

Class C
Name	Title	Term Expires
Jeffrey A. Joerres Jeffrey A. Joerres Jeffrey A. Joerres has been the President and Chief Executive Officer of Manpower Inc. since April 1999 and Chairman of Manpower since May 2001. From July 1998 to April 1999, he was the Senior Vice President - European Operations and Marketing and Major Account Development of Manpower...	Chairman and Chief Executive Officer Manpower Inc. Manpower Inc. ManpowerGroup is a workforce solutions and services provider company headquartered in Milwaukee, Wisconsin, United States. It was established by Elmer Winter and Aaron Scheinfeld in 1948. It was acquired by Blue Arrow of Britain in 1987, but became independent again in 1991.The directors include... Milwaukee, Wisconsin Milwaukee, Wisconsin Milwaukee is the largest city in the U.S. state of Wisconsin, the 28th most populous city in the United States and 39th most populous region in the United States. It is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. According to 2010 census data, the...	2011
William C. Foote (Chair)	Chairman and Chief Executive Officer USG Corporation Chicago, Illinois	2012
Thomas J. Wilson Thomas J. Wilson Thomas J. Wilson is chairman, president and chief executive officer of The Allstate Corporation and Allstate Insurance Company.Wilson is also a member of the corporation's board of directors... (Deputy Chair)	Chairman, President and Chief Executive Officer The Allstate Corporation Northbrook, Illinois Northbrook, Illinois Northbrook is a village located at the northern edge of Cook County, Illinois, which is also a North Shore suburb of Chicago. The population was 33,170 at the 2010 census....	2013

Money Museum

The Bank's Money Museum is free and open to the public year-round from 8:30am to 5pm, Monday through Friday, except on Bank holidays. All visitors must show a photo identification

Photo identification

Photo identification is generally used to define any form of identity document that includes a photograph of the holder.Some countries use a government issued card as a proof of age or citizenship.Types of photo ID cards include:*Passports...

, 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.

Branches

The Federal Reserve Bank of Chicago Detroit Branch

Federal Reserve Bank of Chicago Detroit Branch

The Federal Reserve Bank of Chicago Detroit Branch Office is the only branch office of the Federal Reserve Bank of Chicago. It is part of the 7th district and its code is 7-G. It is currently located near I-75 in Detroit's Eastern Market District. The office occupies and cost $80 million to build....

is the only branch of the Federal Reserve Bank of Chicago.

External links

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