The Federal Reserve Bank of Chicago (informally the Chicago Fed ) is one of twelve regional Reserve Banks that, together with the Board of Governors in Washington, DC, form the nation's Bank center. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which covers northern Illinois and Indiana, southern Wisconsin, the Lower Michigan Peninsula, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank oversees the member banks and parent company of the bank, provides financial services to the depository and the US government, and monitors the economic conditions in its District.
Video Federal Reserve Bank of Chicago
Responsibility
As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for:
- Helps to formulate a national monetary policy. The CEO of the Chicago Fed, Charles L. Evans, helped formulate monetary policy by taking part and voting at the Federal Open Market Committee (FOMC) meeting.
- Provide financial services such as cash, clearing checks and electronic payment processing. Every day, the Federal Reserve System processes millions of payments in the form of paper checks and electronic transfers. This payment service is offered to institutions in the Seventh District on a cost basis. Due to the reduced use of nationwide checking instruments, the Chicago Fed and most other Reserve Banks stopped processing paper checks on November 17, 2009 and electronic checks in 2010. The items previously transferred to this facility are now transferred to the Federal Reserve Bank of Cleveland or to the Federal Reserve Bank of Atlanta.
- Supervise and regulate leased banks that are members of the Federal Reserve System, the parent company of the bank, and the holding company. These organizations are located in the Federal Reserve's Seventh District.
Maps Federal Reserve Bank of Chicago
Leadership
Charles L. Evans is president of the Chicago Fed. He took office on September 1, 2007 as the ninth president and chief executive of the Federal Reserve Bank of Chicago.
Ellen Bromagen was the first vice president and chief operating officer at the Chicago Fed.
The Chicago Fed every year as a co-host in Chicago an international banking conference to examine cross-country banking and finance issues.
Money Museum
The Bank Money Museum is free and open for public throughout the year from 08.30 to 17.00, Monday through Friday, except on Bank holidays. All visitors must show photo identification, walk through metal detectors and have their x-ray bags before entering the Money Museum. No food or drink is allowed in the museum. Presentations lasting approximately 45 minutes are available at 1 pm on Mondays to Fridays, or by appointment. The remainder of the Money Museum can be accessed anytime during opening hours. The museum includes a free kiosk, which takes guest photos in front of a million dollars in $ 100 bills. A million dollars in $ 1 and $ 1 million in $ 20 denominations are on display. The museum is known for distributing bags of bribe money as a souvenir.
Branch
The Federal Reserve Bank of Chicago The Detroit Branch is the only branch of the Federal Reserve Bank of Chicago.
Board of directors
The following persons are on the board of directors by 2016. Class A directors are selected by member banks to represent member banks. Class B Directors are selected by member banks to represent the public. Class C Director is appointed by the Board of Governors to represent the public.
See also
- Federal Reserve Act
- Federal Reserve System
- Federal Reserve District
- Federal Reserve Branch
- Federal Reserve Bank Chicago Branch of Detroit
- The Federal Reserve System Structure
References
External links
- Federal Reserve Bank of Chicago
- YouTube
- Historical resources by and about the Federal Reserve Bank of Chicago, available at FRASER
Source of the article : Wikipedia
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