The Federal Reserve Bank of Chicago Detroit Branch Office is the only branch office of the Federal Reserve Bank of Chicago.[1] It is part of the 7th district and its code is 7-G.[1] 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.[2] The Detroit branch was founded in 1927[3] and is currently headed by Timothy M. Manganello.[4] 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.[5] The Detroit branch is responsible for destroying paper currency and replacing it with new currency.[6] There are four billion dollars stored in each vault.[6]
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The following people are on the board of directors as of 2011:[4]
| Name | Title | Term Expires |
|---|---|---|
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President Michigan AFL-CIO Lansing, Michigan |
2011 |
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President and Chief Executive Officer Herman Miller, Inc. Zeeland, Michigan |
2011 |
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President and Chief Executive Officer Neighborhood Service Organization Detroit, Michigan |
2012 |
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Chief Executive Officer Henry Ford Health System Detroit, Michigan |
2013 |
| Name | Title | Term Expires |
|---|---|---|
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(Chair) |
Chairman and Chief Executive Officer BorgWarner Inc. Auburn Hills, Michigan |
2011 |
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President Michigan State University East Lansing, Michigan |
2012 |
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President and Chief Executive Officer Kelly Services, Inc. Troy, Michigan |
2013 |
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.[8] 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.[9] A developer purchased the building with the intention of creating loft space.[9]
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.[10] The building covers 240,000 square feet (22,000 m2) and cost 76.5 million USD to build. It also contains state of the art surveillance.[11]
The Detroit Branch currently coordinates the annual Michigan Money Smart Week.[12] 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.[13] 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.[14] Overall, there are more than 100 sponsors and 200 hundred events.[15]
There were several End the Fed fed protests held outside the Detroit Branch Office in late November 2008 that attracted several hundred protesters.[16]
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