Federal Reserve Bank of Chicago Detroit Branch
Encyclopedia
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 17 acres (6.9 ha) and cost $80 million to build. The Detroit branch was founded in 1927 and is currently headed by Timothy M. Manganello
.
Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank
; the others are appointed by the Board of Governors
. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.
The Detroit branch is responsible for destroying paper currency and replacing it with new currency. There are four billion dollars stored in each vault.
The Federal Reserve Bank of Chicago Detroit Branch Building
is a bank building located at 160 W. Fort Street in Detroit, Michigan
.
The building was constructed in 1927 in a Classical Revival style.
In 1951, an eight-story glass-and-marble annex, designed by Minoru Yamasaki
, was added to the building. The Modern
annex is clearly designed not to mimic the original building, but to make a statement all its own.
In 2004, the Federal Reserve Bank moved to a new building on Warren Avenue, leaving the building on Fort empty. A developer purchased the building with the intention of creating loft space.
Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago 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....
. 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 17 acres (6.9 ha) and cost $80 million to build. The Detroit branch was founded in 1927 and is currently headed by Timothy M. Manganello
Timothy M. Manganello
Timothy M. Manganello is an American automotive business person. He is currently the chief executive officer and chairman of BorgWarner.- Education :...
.
Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
; the others are appointed by 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...
. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.
The Detroit branch is responsible for destroying paper currency and replacing it with new currency. There are four billion dollars stored in each vault.
Appointed by the Federal Reserve Bank
| Name | Title | Term Expires |
|---|---|---|
| President Michigan AFL-CIO Lansing, Michigan Lansing, Michigan Lansing is the capital of the U.S. state of Michigan. It is located mostly in Ingham County, although small portions of the city extend into Eaton County. The 2010 Census places the city's population at 114,297, making it the fifth largest city in Michigan... |
2011 | |
| President and Chief Executive Officer Herman Miller, Inc. Zeeland, Michigan Zeeland, Michigan Zeeland is a city in Ottawa County in the U.S. state of Michigan. The population was 5,805 at the 2000 census. The city is located at the western edge of Zeeland Charter Township which is politically independent. Its name is derived from the Dutch province of Zeeland... |
2011 | |
| President and Chief Executive Officer Neighborhood Service Organization Detroit, Michigan Detroit, Michigan Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River... |
2012 | |
| Chief Executive Officer Henry Ford Health System Henry Ford Health System The Henry Ford Health System is a comprehensive, integrated, non-profit, managed care, health care organization located in Southeast Michigan. The corporate office is in Detroit, Michigan... Detroit, Michigan Detroit, Michigan Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River... |
2013 |
Appointed by the Board of Governors
| Name | Title | Term Expires |
|---|---|---|
Timothy M. Manganello Timothy M. Manganello is an American automotive business person. He is currently the chief executive officer and chairman of BorgWarner.- Education :... (Chair) |
Chairman and Chief Executive Officer BorgWarner Inc. Auburn Hills, Michigan Auburn Hills, Michigan Auburn Hills is a city in Metro Detroit, Oakland County, in the U.S. state of Michigan. The population was 21,412 at the 2010 census. The city was formed in 1983 when Pontiac Township became the City of Auburn Hills.-Economy:... |
2011 |
| President Michigan State University Michigan State University Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,... East Lansing, Michigan East Lansing, Michigan East Lansing is a city in the U.S. state of Michigan. The city is located directly east of Lansing, Michigan, the state's capital. Most of the city is within Ingham County, though a small portion lies in Clinton County. The population was 48,579 at the time of the 2010 census, an increase from... |
2012 | |
| President and Chief Executive Officer Kelly Services, Inc. Troy, Michigan Troy, Michigan Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County... |
2013 |
Historic Building
Federal Reserve Bank of Chicago Detroit Branch Building
The Federal Reserve Bank of Chicago Detroit Branch Building is a bank building located at 160 W. Fort Street in Detroit, Michigan. It was listed on the National Register of Historic Places in 2008....
is a bank building located at 160 W. Fort Street in Detroit, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
.
The building was constructed in 1927 in a Classical Revival style.
In 1951, an eight-story glass-and-marble annex, designed by Minoru Yamasaki
Minoru Yamasaki
was a Japanese-American architect, best known for his design of the twin towers of the World Trade Center, buildings 1 and 2. Yamasaki was one of the most prominent architects of the 20th century...
, was added to the building. The Modern
Modern architecture
Modern architecture is generally characterized by simplification of form and creation of ornament from the structure and theme of the building. It is a term applied to an overarching movement, with its exact definition and scope varying widely...
annex is clearly designed not to mimic the original building, but to make a statement all its own.
In 2004, the Federal Reserve Bank moved to a new building on Warren Avenue, leaving the building on Fort empty. A developer purchased the building with the intention of creating loft space.
Conference and Meeting Center
The Conference and Meeting Center, built in 2006 was designed as an executive facility to meet the Bank's growing needs, ranging from larger employee meetings and Reserve System groups to customer and community outreach programs. As part of the community outreach program, the Federal Reserve welcomes non profit and groups affiliated with Bank business to utilize the Conference and Meeting Center. The building covers 240000 square feet (22,296.7 m²) and cost 76.5 million USD to build. It also contains state of the art surveillance.Money Smart Week
The Detroit Branch currently coordinates the annual Michigan Money Smart Week. Coordinated by the Detroit Branch, partner organizations and the Money Smart Advisory Council (MAC), Money Smart Week is designed to promote financial literacy and provide greater personal finance education to consumers. It provides free events which are designed to provide financial education to consumers. The events are overseen by the Money Smart Advisory Council (MAC). The main event is a gathering of several hundred educators at the Detroit Branch office where they receive educational material from various sponsors. Overall, there are more than 100 sponsors and 200 hundred events.End the Fed Protests
There were several End the Fed fed protests held outside the Detroit Branch Office in late November 2008 that attracted several hundred protesters.See also
- Federal Reserve ActFederal Reserve ActThe Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...
- Federal Reserve SystemFederal Reserve SystemThe 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...
- Federal Reserve Districts
- Federal Reserve BranchesFederal Reserve BranchesThere are 24 Federal Reserve Branches. As late as 2008, there were 25 branches, but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed.List of Federal Reserve Branches* Boston* New York...
- Federal Reserve Bank of ChicagoFederal Reserve Bank of ChicagoThe Federal Reserve Bank of Chicago 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....
External links
- Federal Reserve Bank of Chicago Detroit Branch Conference Center
- Federal Reserve Bank of Chicago, Detroit Branch Building
- List of counties in the 7th district
- Money Smart Week
- 2007 Money Smart Week Annual Report
- List of Federal Reserve Branches and contact details
- Federal Reserve System Online