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Federal Reserve Bank of Chicago Detroit Branch

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Federal Reserve Bank of Chicago Detroit Branch

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 Historic 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 Robert Wiley. 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.[4] The Detroit branch is responsible for destroying paper currency and replacing it with new currency.[5] There are four billion dollars stored in each vault.[5]

Current Board of Directors

The following people are on the board of directors as of 2012:[6]

Appointed by the Federal Reserve Bank

Appointed by the Federal Reserve Bank
Name Title Term Expires
Sheilah P. Clay
President and Chief Executive Officer
Neighborhood Service Organization
Detroit, Michigan
2012
Nancy M. Schlichting
Chief Executive Officer
Henry Ford Health System
Detroit, Michigan
2013
Brian C. Walker
President and Chief Executive Officer
Herman Miller, Inc.
Zeeland, Michigan
2014
Fernando Ruiz
Corporate Vice President and Treasurer
The Dow Chemical Company
Midland, Michigan
2014

Appointed by the Board of Governors

Appointed by the Board of Governors
Name Title Term Expires
Lou Anna K. Simon
President
Michigan State University
East Lansing, Michigan
2012
Carl T. Camden

(Chair)

President and Chief Executive Officer
Kelly Services, Inc.
Troy, Michigan
2013
Michael E. Bannister
Chairman and Chief Executive Officer
Ford Motor Credit Company
Detroit, Michigan
2014

Notable Employees

Historic Building

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.[7] 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.[8] A developer purchased the building with the intention of creating loft space.[8]

Conference and Meeting Center

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.[9] 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.[10]

Money Smart Week

The Detroit Branch currently coordinates the annual Michigan Money Smart Week.[11] 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.[12] 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.[13] Overall, there are more than 100 sponsors and 200 events.[14]

End the Fed Protests

There were several End the Fed fed protests held outside the Detroit Branch Office in late November 2008 that attracted several hundred protesters.[15]

See also

References

External links

  • Federal Reserve Bank of Chicago Detroit Branch Conference Center
  • Federal Reserve Bank of Chicago, Detroit Branch Building
  • List of counties in the 7th district
  • Money Smart Week
  • 2007 Money Smart Week Annual Report
  • List of Federal Reserve Branches and contact details
  • Federal Reserve System Online

Videos

  • Federal Reserve Bank of Chicago YouTube Channel
  • Detroit News-Detroit's Federal Reserve, where currency becomes confetti
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