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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As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for:
Charles L. Evans is the president of the Chicago Fed. He took office on 1 September 2007 as the ninth 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.
The Chicago Fed annually co-hosts in Chicago an international banking conference to examine cross-national banking and finance issues.[2]
The following people serve on the board of directors as of 2011:[3] All terms expire December 31.[3]
| 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 |
2012 |
| Mark C. Hewitt | President and Chief Executive Officer Clear Lake Bank & Trust Company Clear Lake, Iowa |
2013 |
| 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 |
2013 |
| Name | Title | Term Expires |
|---|---|---|
| Jeffrey A. Joerres | Chairman and Chief Executive Officer Manpower Inc. Milwaukee, Wisconsin |
2011 |
| William C. Foote
(Chair) |
Chairman and Chief Executive Officer USG Corporation Chicago, Illinois |
2012 |
| Thomas J. Wilson
(Deputy Chair) |
Chairman, President and Chief Executive Officer The Allstate Corporation Northbrook, Illinois |
2013 |
The Bank's Money Museum [4] is free and open to the public year-round from 8:30am to 5pm, Monday through Friday, except on Bank holidays.[5] 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. 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.
The Federal Reserve Bank of Chicago Detroit Branch is the only branch of the Federal Reserve Bank of Chicago.
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