Federal Reserve Bank of Chicago

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Federal Reserve Bank of Chicago

Founded	1914
Headquarters	Chicago, IL
Key People	President and CEO Charles L. Evans
Employees	1,410
Web site	http://www.chicagofed.org/

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The Federal Reserve Bank of Chicago (Chicago Fed) is one of 12 regional Federal Reserve system banks and serves the Seventh Federal Reserve District. The Chicago Fed regulates over 2,000 financial institutions in the northeastern Midwest and has offices in Des Moines, Chicago and Detroit.

History

The Chicago Fed was created with the Federal Reserve Bank system in 1913 and is one of 12 regional banks that reports to the U.S. Federal Reserve Bank in Washington, D.C. It currently oversees 2,640 depository institutions in Iowa, Wisconsin, Illinois, Indiana and Michigan.^[1]

Key People

President and Chief Executive Officer Charles L. Evans (left) was named in July 2007 as successor to the high-profile Michael Moskow to direct the Chicago Fed and serve on the Federal Open Markets Committee (FOMC,) which sets U.S. short-term interest rates.^[2] Evans was previously director of research and a senior vice-president at the Chicago Fed and supervised its Consumer and Community Affairs unit and its Public Affairs Department. He has also taught at the University of Chicago and the University of Michigan and received a Ph. D. in economics from Carnegie-Mellon University.^[3]