What Is the Federal Reserve Bank of Chicago?

The Federal Reserve Bank of Chicago is one of 12 reserve banks in the Federal Reserve System (FRS). The bank is responsible for the seventh district, whose territory includes Iowa and parts of the states of Indiana, Illinois, Wisconsin and Michigan.

Understanding the Federal Reserve Bank o🦋f Chicago

The Federal Reserve Bank of Chicago is responsible for executing the central bank's monetary policy by reviewing price inflation and economic growth and by regulating the banks within its territory. In addition, it supports the U.S. central bank’s mission to maintain the stability of the financial system, foster payment and settlement system safety and efficiency and promote consumer protection and community development.

Like the 11 other reserve banks, the Federal Reserve Bank of Chicago provides cash to banks within its district, as well as monitoring electronic deposits. The president of the Federal Reserve Bank of Chicago is part of a rotation of bank presidents who, along with the seven governors of the Federal Reserve Board, meet to set open market operations. This is referred to as the 澳洲幸运5官方开奖结果体彩网:Feꦡderal Open Market Com🤪mittee (FOMC).

As with all reserve banks, the Federal Reserve Bank of Chicago has a nine-member board of directors, six of which are elected by member banks in the district and the remaining three appointed by the Federal Reserve Board of Governors or the reserve bank itself. Its president is appointed to a five-year term, which may be renewed.

Characteristics and Organization

The Federal Reserve Bank of Chicago has been led by president and chief executive officer Austan D. Goolsbee since January 9, 2023.

The Federal Reserve Bank maintains the Money Museum at its headquarters in Chicago. The museum features a section on counterfeiting, a million-dollar cube, and interactive displays.

Every bank has its own research staff which is responsible for conducting and publishing academic-level economic research related to Fed policy. Every month, the Federal Reserve Bank of Chicago releases the Chicago Fed National Activity Index, a gauge of 85 monthly indicators. Each bank also has a staff that tracks economic activity in their district, compiled in a publication known as the 澳洲幸运5官方开奖结果体彩网:Beige Book that is published eight times per year.

The Bottom Line

The Federal Reserve Bank of Chicago is one of the twelve banks that makes up the United States' central banking system. In addition to lending and borrowing money, it is also responsible for researching economic and business conditions in within its geographical area. This research is then used to inform the policy decisions of the Fed as a whole.