Federal Reserve Bank of Chicago Detroit Branch

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For the historical building see Federal Reserve Bank of Chicago Detroit Branch Building

The Federal Reserve Bank of Chicago Detroit Branch Office is one of two branch offices 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 at 1600 East Warren Avenue, 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]


Current Board of Directors

The following people are on the board of directors as of Nov. 2014:[5]

Appointed by the Federal Reserve Bank

Appointed by the Federal Reserve Bank
Name Title Term Expires
Nancy M. Schlichting
 Chief Executive Officer
Henry Ford Health System
Detroit, Michigan		 2016
Susan M. Collins
 Joan and Sanford Weill Dean of Public Policy
University of Michigan
Ann Arbor, Michigan		 2017
Fernando Ruiz
 Corporate Vice President and Treasurer
The Dow Chemical Company
Midland, Michigan		 2017
Sheilah P. Clay
 President and Chief Executive Officer
Neighborhood Service Organization
Detroit, Michigan		 2015

Appointed by the Board of Governors

Appointed by the Board of Governors
Name Title Term Expires
Michael E. Bannister
 Chairman and Chief Executive Officer
Ford Motor Credit Company
Detroit, Michigan		 2014
Lou Anna K. Simon

(Chair)

 President
Michigan State University
East Lansing, Michigan		 2015
Douglas W. Stotlar
 President and Chief Executive Officer
Con-way, Inc.
Ann Arbor, Michigan		 2016

Historic Building

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Main article: Federal Reserve Bank of Chicago Detroit Branch Building
Federal Reserve Bank of Chicago Detroit Branch 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, the bank added an eight-story glass-and-marble annex, designed by Minoru Yamasaki.[6] 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 its new building on Warren Avenue, leaving the building on Fort empty. A developer purchased the building with the intention of creating loft space.[7]

In July 2011, Quicken Loans representatives were visiting the building, leading to speculation that Dan Gilbert would purchase the space.[8] Gilbert announced the purchase on January 30, 2012.[9]

In February 2014, the Detroit Media Partnership, parent of the Detroit Free Press and The Detroit News, announced all three organizations would occupy six floors in both the old and new sections of the building. The partnership anticipated completing the move before September and expected to place a sign on the exterior.[10][11]

Conference and Meeting Center

With more than 12,000 square feet of space, the Conference and Meeting Center can easily host up to 400 guests in a variety of room setup styles. This space is available (and free) to all nonprofit organizations or groups/institutions looking to host community group meetings, economic forums, educational outreach programs, bank meetings, and much, much more. As an added bonus, the Federal Reserve Bank of Chicago Detroit Branch offers state-of-the-art technology, including wireless internet, built-in A/V equipment, and video conferencing, free of charge to groups with room reservations. Tours of the cash-processing system are also available to all guests, along with in-house economists who can speak on a variety of financial or economic topics. On-site catering is available, with an extensive menu and all food prepared on-site through a professional chef. Food selections range from simple continental breakfasts to five-course dinners.

Money Smart Week

The Detroit Branch currently coordinates the annual Michigan Money Smart Week.[12] 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.[13] 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.[14] Overall, more than 100 sponsors participate in 200 events.[15]

See also

References

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External links

Videos

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