Federal Reserve Bank of Chicago

{{Short description|Member Bank of Federal Reserve}} {{Use American English|date=April 2026}} {{Use mdy dates|date=April 2026}} {{Infobox central bank | name = Federal Reserve Bank of Chicago | logo = Federal Reserve Bank of Chicago seal.svg | logo_size = 155 | image = Federal_Reserve_Bank_of_Chicago_(51574643886).jpg | image_size = 250 | caption = The Federal Reserve Bank of Chicago in 2021 | headquarters = 230 S LaSalle Street<br />Chicago, IL, USA | coordinates =  | established = {{Start date and age|p=y|1914|5|18}} | ownership =  | executive_title = President | executive = Austan Goolsbee | bank_of = {{Collapsible list |title=Seventh District |{{flag|Iowa}}<br />Parts of: |{{flag| Illinois}} |{{flag| Indiana}} |{{flag| Michigan}} |{{flag| Wisconsin}} }} | currency = | currency_iso =  | reserves = | reserve_requirements =  | borrowing_rate =  | interest_rate_target =  | deposit_rate =  | excess_reserves =  | website = {{URL|https://www.chicagofed.org/|chicagofed.org}} | predecessor = | successor = | footnotes = The Federal Reserve Bank of Chicago is one of 12 regional banks that make up the Federal Reserve System }}

The '''Federal Reserve Bank of Chicago''' (informally the '''Chicago Fed''') is one of twelve Federal Reserve Banks that, along with the Federal Reserve Board of Governors, make up the Federal Reserve System, the United States' central bank. The Chicago Fed serves the Seventh 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.

The Chicago Fed was established on May 18, 1914, when representatives from five Seventh District banks formally signed the Chicago Fed's organization certificate.<ref name=":0">{{Cite web |title=Chicago Fed History: 1907-1914 - Federal Reserve Bank of Chicago |url=https://www.chicagofed.org/utilities/about-us/history/chicago-fed-history-1907-1914 |access-date=2023-12-11 |website=www.chicagofed.org |language=en}}</ref> The Bank officially opened for business on Monday, November 16, 1914.<ref name=":1">{{Cite web |title=Federal Reserve Bank of Chicago {{!}} Federal Reserve History |url=https://www.federalreservehistory.org/essays/chicago-fed |access-date=2023-12-11 |website=www.federalreservehistory.org}}</ref>

== Responsibilities == thumb|Map of the Seventh District As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for: * Helping to formulate national monetary policy. The Chicago Fed's CEO, Austan Goolsbee, helps formulate monetary policy by taking part and voting in meetings of the Federal Open Market Committee (FOMC). * Providing financial services such as cash, 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.<ref>{{cite web |url=http://www.frbservices.org/communications/check_restructuring.html |title=Check restructuring |date=December 29, 2012 |publisher=The Federal Reserve |access-date=July 6, 2010 |archive-url=https://web.archive.org/web/20100713132942/https://www.frbservices.org/communications/check_restructuring.html |archive-date=July 13, 2010 |url-status=dead }}</ref> 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 District.

== Leadership == Austan Goolsbee is the current president of the Chicago Fed. He took office on January 9, 2023, as the tenth president and chief executive officer of the Federal Reserve Bank of Chicago.<ref>{{cite web |url=https://www.chicagofed.org/people/e/evans-charles |title=Charles Evans |date=July 27, 2016 |publisher=The Federal Reserve |access-date=July 27, 2016 |archive-date=January 22, 2019 |archive-url=https://web.archive.org/web/20190122144223/https://www.chicagofed.org/people/e/evans-charles |url-status=live }}</ref><ref>{{cite web | url=https://www.chicagofed.org/people/chicago-fed-presidents | title=Chicago Fed Presidents, 1914 - Present - Federal Reserve Bank of Chicago }}</ref>

Ellen Bromagen is first vice president and chief operating officer of the Chicago Fed.<ref>{{cite web |url=https://www.chicagofed.org/people/b/bromagen-ellen |title=Ellen Bromagen |date=July 27, 2016 |publisher=The Federal Reserve |access-date=July 27, 2016 |archive-date=October 5, 2016 |archive-url=https://web.archive.org/web/20161005091909/https://www.chicagofed.org/people/b/bromagen-ellen |url-status=live }}</ref>

Anna Paulson is Executive Vice President and Director of Research.<ref>{{Cite web|title=Anna Paulson - Federal Reserve Bank of Chicago|url=https://www.chicagofed.org/people/p/paulson-anna|url-status=live|access-date=2022-01-12|website=www.chicagofed.org|language=en|archive-date=2022-01-12|archive-url=https://web.archive.org/web/20220112183021/https://www.chicagofed.org/people/p/paulson-anna}}</ref>

The Chicago Fed annually co-hosts in Chicago an international banking conference to examine cross-national banking and finance issues.<ref>{{cite web |url=http://www.chicagofed.org/events/international-series |title=International Series |date=July 27, 2016 |publisher=The Federal Reserve |access-date=July 27, 2016 |archive-date=June 12, 2016 |archive-url=https://web.archive.org/web/20160612015146/https://www.chicagofed.org/events/international-series |url-status=live }}</ref>

== History == thumb|The Chicago Fed's headquarters is 17 stories high The Chicago Fed was established on May 18, 1914, when representatives from five Seventh District banks formally signed the Chicago Fed's organization certificate.<ref name=":0" /> The Bank officially opened for business with 41 employees on Monday, November 16, 1914.<ref name=":0" /><ref name=":1" /><ref name=":2">{{Cite web |title=History of the Chicago Fed - Federal Reserve Bank of Chicago |url=https://www.chicagofed.org/utilities/about-us/history/history-overview |access-date=2023-12-11 |website=www.chicagofed.org |language=en}}</ref>

Bankers in Michigan, frustrated by business delays caused by travel time to Chicago, lobbied the Chicago Fed to create a branch office in Detroit (then the second largest industrial area in the Seventh District).<ref name=":1" /><ref name=":2" /> The Bank's board of directors agreed to establish a Detroit Branch in a vote in November 1917.<ref name=":1" />

By 1919, the Chicago Fed had expanded to 1,200 employees and outgrown its office spaces, which were scattered across various buildings in the Loop.<ref name=":1" /> The Bank purchased a lot on LaSalle Street and commissioned the architectural firm of Graham, Anderson, Probst and White—which also designed the Continental Illinois Building across the street—to design its new headquarters.<ref name=":2" /> The landmark Beaux-Arts building opened in 1922.<ref name=":2" />

The Bank opened its Money Museum in 2001.<ref>{{Cite web |title=100 Years At LaSalle |url=https://www.chicagofed.org/utilities/about-us/about-our-building |access-date=December 11, 2023 |website=Federal Reserve Bank of Chicago}}</ref>

== Money Museum == thumb|Money Museum entrance. thumb|$1 million in cash on display. thumb|Interactive exhibit.The bank's '''Charles L. Evans Money Museum'''<ref>{{cite web |url=http://www.chicagofed.org/webpages/education/money_museum/index.cfm |title=Money Museum |date=December 29, 2012 |publisher=The Federal Reserve |access-date=February 24, 2010 |archive-date=January 8, 2010 |archive-url=https://web.archive.org/web/20100108223514/http://www.chicagofed.org/webpages/education/money_museum/index.cfm |url-status=live }}</ref> is free and open to the public year-round from 8:30am to 5pm, Monday through Friday, except on Bank holidays.<ref>{{cite web |url=http://www.chicagofed.org/webpages/utilities/about_us/bank_holidays.cfm |title=Bank Holidays |date=December 29, 2012 |publisher=The Federal Reserve |access-date=March 1, 2011 |archive-date=November 22, 2010 |archive-url=https://web.archive.org/web/20101122112709/http://chicagofed.org/webpages/utilities/about_us/bank_holidays.cfm |url-status=live }}</ref> 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. 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 $20 bills is on display alongside a cube which is described as a million dollars in $1 bills. However, there is evidence that the number of $1 bills in the cube is closer to 1.5 million<ref>{{Cite web |last=Liang |first=Calvin |date=2025-07-01 |title=The Fed says this is a cube of $1M. They're off by half a million. |url=https://calvin.sh/blog/fed-lie/ |url-status=live |archive-url=https://web.archive.org/web/20251111074436/https://calvin.sh/blog/fed-lie/ |archive-date=2025-11-11 |access-date=2026-01-02}}</ref> which some claim is due to contractors building the cube in the wrong dimensions.<ref>{{cite web |author=u/TheSuitsSaidNein |date=2014-09-02 |title=Comment on "One Million Dollars in Singles" |url=https://www.reddit.com/r/pics/comments/2f9sp7/comment/ck7arkb/ |access-date=January 2, 2026 |website=Reddit}}</ref> The museum has been known for giving out bags of shredded money as souvenirs.<ref>{{cite web|url=https://www.chicagofed.org/education/money-museum/index|title=Bags of shredded money given as souvenirs to students|date=July 27, 2016|publisher=The Federal Reserve|access-date=July 27, 2016|archive-date=September 9, 2016|archive-url=https://web.archive.org/web/20160909221950/https://www.chicagofed.org/education/money-museum/index|url-status=live}}</ref>

== Branch == The Federal Reserve Bank of Chicago has a branch office in Detroit.<ref>{{Cite web |title=About Us - Federal Reserve Bank of Chicago |url=https://www.chicagofed.org/utilities/about-us/index |access-date=2022-01-25 |website=www.chicagofed.org |archive-date=2022-01-29 |archive-url=https://web.archive.org/web/20220129121848/https://www.chicagofed.org/utilities/about-us/index |url-status=live }}</ref>

==Board of directors== The following people are on the board of directors {{As of|2023|lc=yes}}.<ref name="board">{{cite web |url=https://www.chicagofed.org/people/person-listing?filter_role=5 |title=Directors of Federal Reserve Banks and Branches |date=July 27, 2016 |publisher=The Federal Reserve |access-date=July 27, 2016 |archive-date=November 29, 2016 |archive-url=https://web.archive.org/web/20161129215456/https://chicagofed.org/people/person-listing?filter_role=5 |url-status=live }}</ref> 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. The current chair is Jennifer Scanlon and the current deputy chair Juan Salgado.

{| class="wikitable sortable" |+ Members of board of directors ! Director ! Title ! Director<br />Class ! Term<br />Expires |- align="center" !Christopher J. Murphy III |Chairman and chief executive officer, 1st Source Bank, South Bend, Indiana |A |2024 |-align="center" !Michael O'Grady |Chairman and chief executive officer, Northern Trust, Chicago, Illinois |A |2023 |-align="center" !Susan Whitson |Chief Executive Officer, First Bank, Waverly, Iowa |A |2025 |-align="center" !David C. Habinger |President & Chief Executive Officer, J.D. Power, Troy, Michigan |B |2023 |-align="center" !Linda Hubbard |President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan |B |2024 |-align="center" !Linda Jojo |Executive Vice President, Chief Customer Officer, United Airlines, Inc., Chicago, Illinois |B |2025 |- align="center" !Juan Salgado, Deputy Chair |Chancellor, City Colleges of Chicago, Chicago, Illinois |C |2024 |-align="center" !Jennifer Scanlon, Chair |President & Chief Executive Officer, UL Solutions, Northbrook, Illinois |C |2024 |- align="center" !Maurice Smith |President, CEO and Vice Chair, Health Care Service Corporation, Chicago, Illinois |C |2025 |}

{| class="wikitable sortable" |+Detroit Branch Board of Directors !Director !Title !Term Expires |- |Kofi Bonner |Chief Executive Officer, Bedrock Management Services, Detroit, Michigan |2025 |- |Chávez, JoAnn |Senior Vice President and Chief Legal Officer, DTE Energy, Detroit, Michigan |2023 |- |Anika Goss |Chief Executive Officer, Detroit Future City, Detroit, Michigan |2024 |- |Ronald E. Hall |President and chief executive officer, Bridgewater Interiors, LLC, Detroit, Michigan |2025 |- |James M. Nicholson |Chairman, PVS Chemicals, Inc., Detroit, Michigan |2024 |- |Kevin Nowlan |Executive Vice President and Chief Financial Officer, BorgWarner Inc., Auburn Hills, Michigan |2023 |- |Dr. M. Roy Wilson |President, Wayne State University, Detroit, Michigan |2023 |}

==References== {{Reflist|2}}

== External links == * [https://www.chicagofed.org Federal Reserve Bank of Chicago] * [https://fraser.stlouisfed.org/theme/federal-reserve-bank-chicago Historical resources by and about the Federal Reserve Bank of Chicago], available on FRASER

{{Clear}} {{Federal Reserve System}} {{Federal Reserve Banks}} {{Chicago mci}} {{Chicago Loop}} {{coord|41.878484|N|87.631567|W|region:US-IL_type:landmark|format=dms|display=title}} {{Authority control}}

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