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Federal Reserve Bank of Chicago Detroit Branch

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

The Federal Reserve Bank of Chicago Detroit Branch Office is the only branch office 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

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The following people are on the board of directors as of April 2019:[5]

Appointed by the Federal Reserve Bank

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Appointed by the Federal Reserve Bank
Name Title Term Expires
Michael L. Seneski Chief Financial Officer
Credibly
Troy, Michigan 		2019
Sandra E. Pierce Chairman & Senior Executive Vice President,
Private Client Group and Regional Banking Director
Huntington Michigan
Southfield, Michigan 		2020
Sandy K. Baruah President and Chief Executive Officer
Detroit Regional Chamber
Detroit, Michigan 		2020
Rip Rapson President and Chief Executive Officer
The Kresge Foundation
Troy, Michigan 		2021

Appointed by the Board of Governors

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Appointed by the Board of Governors
Name Title Term Expires
Linda P. Hubbard President and Chief Operating Officer
Carhartt, Inc.
Dearborn, Michigan 		2019
Joseph B. Anderson Jr.
(chair) 		Chairman and Chief Executive Officer
TAG Holdings, LLC
Wixom, Michigan 		2020
James M. Nicholson Co-Chairman
PVS Chemicals, Inc.
Detroit, Michigan 		2021

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]

Money Smart Week

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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

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References

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  1. ^ a b "Maps of the Federal Reserve System". The Federal Reserve Board. July 18, 2008. Retrieved 2009-03-04.
  2. ^ "Work Starts on Detroit's New Federal Reserve Bank Branch". Knight Ridder/Tribune Business News. February 10, 2004. Retrieved 2009-03-04.[dead link‍]
  3. ^ "FAQs: Federal Reserve Banks". Federal Reserve Bank of Richmond. Retrieved 2014-05-16.
  4. ^ "About the Directors of Federal Reserve Banks and Branches". The Federal Reserve Board. 5 February 2013. Retrieved 2014-05-16.
  5. ^ "Directors of Federal Reserve Banks and Branches". Board of Governors of The Federal Reserve. 29 April 2019. Retrieved 2019-04-29.
  6. ^ Hill, Eric J.; Gallagher, John (2003). AIA Detroit. Wayne State University Press. p. 90. ISBN 0-8143-3120-3. federal reserve.
  7. ^ Kavanaugh, Kelli B. (22 January 2008). "Reserve Lofts to bring 84 apartments to financial district". Model D. Retrieved 2014-05-16.
  8. ^ Gallagher, John (15 July 2011). "Is Federal Reserve building another Dan Gilbert deal?". Detroit Free Press. Retrieved 2014-05-16.
  9. ^ Oosting, Jonathan (30 January 2012). "Dan Gilbert purchases Federal Reserve Building, continues Monopoly game in downtown Detroit". Mlive.com. Retrieved 2014-05-16.
  10. ^ Zaniewski, Ann; Gallagher, John (20 February 2014). "Free Press, News moving to new home in core of downtown Detroit". Detroit Free Press. Retrieved 2014-05-16.
  11. ^ Aguilar, Louis (23 April 2014). "Detroit News, Free Press, DMP will occupy 6 floors in old Federal Reserve building". The Detroit News. Archived from the original on 25 April 2014. Retrieved 2014-05-16.
  12. ^ "Federal Reserve Bank of Chicago — Detroit Branch and Michigan Business Organizations Announce Sixth Annual Michigan Money Smart Week, April 18–25, 2009" (Press release). Federal Reserve Bank of Chicago. 2 April 2009. Retrieved 2014-05-16.
  13. ^ "Chrysler Financial – News". Money Smart Week. Chrysler Financial. December 11, 2007. Archived from the original on October 15, 2008. Retrieved 2009-03-04.
  14. ^ "Record Attendance at Fourth Annual Teacher Conference!" (PDF). financial smarts for students. Michigan Jumpstart. 6 March 2008. Archived from the original (PDF) on 2008-11-20. Retrieved 2013-09-10.
  15. ^ "2007 Annual Report" (PDF). Federal Reserve Bank of Chicago. 20 March 2008. p. 5. Retrieved 2014-05-16.