Founded 1914 | ||
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Headquarters Chicago, Illinois, United States Similar Federal Reserve Bank of C, Federal Reserve Bank of C, Federal Reserve Bank of A, Federal Reserve Bank of S, Federal Reserve Bank of N Profiles | ||
A day at the federal reserve bank of chicago
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.
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Federal reserve bank of chicago
Responsibilities
As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for:
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.
Ellen Bromagen is first vice president and chief operating officer of the Chicago Fed.
The Chicago Fed annually co-hosts in Chicago an international banking conference to examine cross-national banking and finance issues.
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, 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. A presentation lasting roughly 45 minutes is 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. A million dollars in ones and a million dollars in twenties are 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 is the only branch of the Federal Reserve Bank of Chicago.
Board of Directors
The following people are on the board of directors as of 2016. All terms end on Dec 31. Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public.