Today, the Federal Reserve Bank of Chicago announced Detroit Regional Chamber President and Chief Executive Officer, Sandy K. Baruah, will serve as Chair of the Federal Reserve Bank of Chicago – Detroit Branch Board of Directors. This appointment was approved by the Board of Governors of the Federal Reserve Bank System. Baruah has served on the Detroit Branch Board since 2017 and will conclude his term-limited service at the end of 2023.
Chamber President and Chief Executive Officer Named Chair of Federal Reserve Bank of Chicago – Detroit Branch Board of Directors
January 12, 2023
“The Federal Reserve Bank of Chicago has been a tremendous resource for our region and to the Detroit Regional Chamber. I am exceptionally pleased to be associated with this institution so critical to our economy as they work to advance their dual mandate of maximum employment and stable prices,” said Baruah. “Serving on the Board allows me to provide the real world perspective of Chamber members into the Fed’s business intelligence apparatus.”
Chamber Board member Ron Hall of Bridgewater Interiors serves on the Fed Board with Baruah. Other recent Federal Reserve Bank Board members have included Chamber Board members Carl Camden of Kelly Services, Sandra Pierce of Huntington Bank, and Wright L. Lassiter III, formerly of Henry Ford Health.
Baruah has been President and Chief Executive Officer of the Chamber since 2010. Previously, he served as Administrator of the U.S. Small Business Administration and U.S. Assistant Secretary of Commerce under President George W. Bush.
View the full announcement below.
Federal Reserve Bank of Chicago Announces the Re-election of Two Directors, Election of One Director, Appointment of One Director, Appointment of the Board Chair and Deputy Chair, Re-appointment of One Detroit Branch Director, Appointment of Two Detroit Branch Directors, Appointment of the Detroit Branch Chair, and Re-appointment of the Federal Advisory Council Representative
CHICAGO- (January 2023) –- The Federal Reserve Bank of Chicago today announced the re-election of two Directors, election of one Director, appointment of one Director, appointment of the Board Chair and Deputy Chair, re-appointment of one Detroit Branch Director, appointment of two Detroit Branch Directors, appointment of the Detroit Branch Chair, and re-appointment of the Federal Advisory Council representative. All are effective January 1, 2023*.
Re-elected Board Members
Linda Jojo, Executive Vice President and Chief Customer Officer, United Airlines, Inc., Chicago, Illinois, was elected as a Class B (non-banker) director to serve a second three-year term. She was elected by Group 2 banks, which have a capital and surplus level of $16.6 million and over but less than $460 million.
Susan Whitson, Chief Executive Officer, First Bank, and President, First of Waverly Corporation, Waverly, Iowa, was elected as a Class A (banker) director to serve a second three-year term. She was elected by Group 3 banks, which have a capital and surplus level of less than $16.6 million.
Elected Board Member
Linda P. Hubbard, President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan, was elected as a Class B (non-banker) director to serve the remaining years of an unexpired three-year term, from October 25, 2022, through 2024. She was elected by Group 1 banks, which have a capital and surplus level of $460 million and over.
Appointed Board Member
Maurice Smith, President and Chief Executive Officer, Health Care Service Corporation, Chicago, Illinois, was appointed by the Board of Governors of the Federal Reserve System to serve a three-year term.
Board Chair and Deputy Chair
Jennifer F. Scanlon, President and Chief Executive Officer, UL Solutions, Northbrook, Illinois, was designated Chair of the Board of Directors for 2023.
Juan Salgado, Chancellor, City Colleges of Chicago, Chicago, Illinois, was designated Deputy Chair of the Board of Directors for 2023.
Re-appointed Detroit Branch Board Member
Ronald E. Hall, President and Chief Executive Officer, Bridgewater Interiors, LLC, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a second three-year term.
Appointed Detroit Branch Board Members
Sandy K. Baruah, President and Chief Executive Officer, Detroit Regional Chamber, Detroit, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve one year of a three-year term.
JoAnn Chavez, Senior Vice President and Chief Legal Officer, DTE Energy, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve the remaining one year of an unexpired term.
Detroit Branch Chair
Sandy K. Baruah, President and Chief Executive Officer, Detroit Regional Chamber, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the chair of the Detroit Branch Board of Directors for 2023.
Federal Advisory Council Representative
David R. Casper, U.S. Chief Executive Officer, BMO Financial Group, Chicago, Illinois, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District.
The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts.
Background about the Board of Directors of the Federal Reserve Bank of Chicago
Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. The Federal Reserve Bank of Chicago Board has nine members. Seventh District banks that are members of the Federal Reserve System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board’s chair and deputy chair from among its three appointees.
Background about the Detroit Branch Board of Directors
The Board of Governors in Washington appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints the four additional Detroit Branch directors. Members of the Chicago Board also approve the Detroit Branch board chair.
Federal Reserve Bank of Chicago Background
At the Chicago Fed, we serve the public, fostering economic opportunity by advancing a healthy economy and promoting a trusted financial system. We contribute to the formulation and implementation of national monetary policy, supervise and regulate designated financial institutions, and provide financial services to depository institutions and the U.S. government. We serve the Seventh Federal Reserve District, which is comprised of Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. We are part of the Federal Reserve System, which is made up of 12 regional Reserve Banks and the Board of Governors in Washington, D.C.
*Linda Hubbard’s term was effective October 25, 2022.