Susan M. Collins has been elected to the board of directors of the Federal Reserve Bank of Chicago, one of 12 regional Federal Reserve Banks that, along with the Federal Reserve Board of Governors in Washington, DC, conduct the nation’s monetary policy and help to maintain a stable financial system.
Across the Federal Reserve System, there are 12 district banks (with 108 board members) and 25 branch banks (with 166 board members). Collins has just concluded three years of service as a director of the Detroit Branch of the Federal Reserve Bank of Chicago and recently served as a member of the search committee for the Bank’s first vice president.
On December 3, Collins received a Citation for Distinguished Service on the Detroit branch, commending her insights on the educational system and public policy; her deep knowledge of economics and support and promotion of the mission of the Federal Reserve; and her reporting on the perspectives of the emerging generations of public policy leaders.
Collins will now begin a three-year term as a public (non-banker) director at the Chicago district level, and will serve on the district’s governance and human resources committees (read the Chicago Fed press release).
Directors like Collins are selected to represent a cross-section of the regional economy, including consumers, industry, agriculture, the service sector, labor, and commercial banks of various sizes. Together, directors participate in the formulation of monetary policy and act as a link between the Federal Reserve System and the public.
In addition to participation in the formulation of monetary policy, each Reserve Bank supervises district member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its district. The Federal Reserve Bank of Chicago serves northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa.
For more information about the roles and responsibilities of Federal Reserve Bank directors, read this primer.