The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Federal Reserve Board of Governors, make up the United States'

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

. 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

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s and

bank holding companies A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

Responsibilities

As one of the Reserve Banks that make up the

Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...

, the Chicago Fed is responsible for: * Helping to formulate national monetary policy. The Chicago Fed's CEO,

Charles L. Evans Charles L. Evans (born January 15, 1958) was the ninth president and chief executive officer of the Federal Reserve Bank of Chicago from 2007 to 2023. In that capacity, he serves on the Federal Open Market Committee (FOMC), the Federal Reserve Sys ...

, helps formulate monetary policy by taking part and voting in meetings of the Federal Open Market Committee (FOMC). * Providing financial services such as

cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-imm ...

, check clearing and electronic payment processing. Each day the Federal Reserve System processes millions of payments in the form of both paper checks and electronic transfers. These payments services are offered to institutions in the Seventh District on a fee basis. Because of a nationwide reduction in the use of checking instruments, the Chicago Fed and most other Reserve Banks ceased processing paper checks on November 17, 2009 and electronic checks in 2010. Items previously routed to this facility are now routed to the Federal Reserve Bank of Cleveland or to the Federal Reserve Bank of Atlanta. * 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.

Leadership

is the current president of the Chicago Fed. He took office on September 1, 2007 as the ninth president and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of the Federal Reserve Bank of Chicago. Ellen Bromagen is first vice president and chief operating officer of the Chicago Fed. Anna Paulson is Executive Vice President and Director of Research. 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 Photo identification or photo ID is an identity document that includes a photograph of the holder, usually only their face. The most commonly accepted forms of photo ID are those issued by government authorities, such as driver's licenses, ide ...

, 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. The rest of the Money Museum is accessible at any time during open hours. The museum includes a free kiosk, which takes a guest's picture in front of a million dollars in $100 bills. A million dollars in $1 bills and a million dollars in $20 bills are on display. The museum has been known for giving out bags of shredded money as souvenirs.

Branch

The Federal Reserve Bank of Chicago has a branch office in Detroit.

Board of directors

The following people are on the board of directors . 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.

References

External links

Federal Reserve Bank of Chicago

Historical resources by and about the Federal Reserve Bank of Chicago
available on

FRASER Fraser may refer to: Places Antarctica * Fraser Point, South Orkney Islands Australia * Fraser, Australian Capital Territory, a suburb in the Canberra district of Belconnen * Division of Fraser (Australian Capital Territory), a former federal e ...

{{DEFAULTSORT:Federal Reserve Bank Of Chicago Office buildings in Chicago Chicago Tourist attractions in Chicago Economy of the Midwestern United States