Federal Reserve Bank of Chicago
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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.
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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[edit] 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, Michael Moskow, helps to formulate monetary policy by taking part in meetings of the Federal Open Market Committee (FOMC). Although Moskow serves as a voting member of the FOMC only every other year, he participates in all meetings by bringing the Chicago Fed's information and views about the economy to the decision-making process.
- Providing financial services such as check clearing and electronic payment processing. Each day the Chicago Fed processes millions of payments in the form of both paper checks and electronic transfers. These services are offered to institutions in the Seventh District on a fee basis.
- 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.
[edit] Leadership
Michael H. Moskow is the president of the Chicago Fed. He took office on 1 September 1994 as the eighth 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.
[edit] Money Museum
The Bank's Money Museum [1] is free and open to the public year-round from 9am to 4pm, Monday through Friday, except on Bank holidays. All visitors must show a photo identification 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.
[edit] Branches
There is a branch of the Federal Reserve Bank of Chicago in Detroit, Michigan. There is also a regional check processing center in Des Moines, Iowa. Other check processing centers closed in 2004: Milwaukee, Wisconsin; Peoria, Illinois; and Indianapolis, Indiana. [2]. Check processing has moved to the center near Chicago Midway International Airport.
[edit] References
[edit] External links
- Chicago Fed's website
- More about the Chicago Fed
- Sign up for a guided tour
- Chicago Fed President Michael Moskow's bio
- Money Museum
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