Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago , also known as the Chicago Fed , is one of twelve regional banks that make up the United States Federal Reserve System . It is headquartered in Chicago ( Illinois ) in 230 S LaSalle Street. The bank serves the seventh Federal Reserve District, which includes northern parts of Illinois and Indiana , southern Wisconsin , the lower peninsula of Michigan, and the entire state of Iowa . In addition to its headquarters in Chicago, the bank has a branch in Detroit . In addition to participating in monetary policy formulation, she oversees member banks and bank holding companies, provides financial services to custodians and the US government, and monitors economic conditions in the district. With the Chicago Fed National Activity Index , the bank has also developed an instrument for measuring the entire American economy .
The Chicago Fed, along with the other eleven regional district banks, has three main functions: supporting monetary policy, maintaining the functioning of the nationwide payment system, and regulating or monitoring the local banking system. The bank is set up similar to a private bank. It stores assets, processes checks and issues loans to private banks in its regulated area. Its job is also to work with the other branches of the Fed to set interest rates, and its president meets regularly with other bank presidents and board members of the Federal Reserve System.
The bank's Money Museum is open Monday through Friday from 8:30 a.m. to 5:00 p.m., excluding bank holidays. All visitors are required to show photo identification, pass a metal detector and have their pockets screened before they can enter the Money Museum. The museum has a section where a guest can snap a picture of a million dollars in $ 100 bills. One million dollars in dollar bills and one million dollars in twenty dollar bills are also on display. The museum is known for giving away bags of shredded scraps of money as souvenirs.
Charles L. Evans is currently the President of the Chicago Fed. He took office on September 1, 2007, as the ninth President and Chief Executive Officer of the Federal Reserve Bank of Chicago.
Previous presidents
Presidents since the bank was founded in 1914:
- James B. McDougal, 1914-1934
- George J. Schaller, 1934-1941
- Clifford S. Young, 1941-1956
- Carl E. Allen, 1956-1961
- Charles J. Scanlon, 1962-1970
- Robert P. Mayo, 1970-1981
- Silas Keehn, 1981-1994
- Michael H. Moskow, 1994-2007
- Charles L. Evans, since 2007
Web links
Individual evidence
- ↑ Chicago Fed National Activity Index (CFNAI) - Federal Reserve Bank of Chicago. Retrieved October 26, 2019 .
- ↑ Kimberly Amadeo: Who Really Owns the World's Most Powerful Central Bank? Retrieved October 21, 2019 .
- ↑ Chicago Fed's Money Museum - Federal Reserve Bank of Chicago. Retrieved October 26, 2019 .
- ^ Charles Evans - Federal Reserve Bank of Chicago. Retrieved October 26, 2019 .
- ^ Chicago Fed Presidents, 1914 - Present - Federal Reserve Bank of Chicago. Retrieved October 26, 2019 .