The Federal Reserve Bank of Chicago today announced the appointment of Detroit Regional Chamber president and CEO Sandy Baruah to its Detroit branch board of directors, effective immediately.
Baruah will contribute to the formulation of national monetary policy, provide economic information to the Board of Governors in Washington, D.C., and act as a link between the Federal Reserve Bank and the private sector.
Baruah’s initial appointment will go through the end of the year, and be followed by an additional three-year term through 2021. The Board of Governors in Washington, D.C. appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago’s board of directors appoints four additional branch directors.
Baruah was appointed chair of Michigan’s 21st Century Economy Commission last year, and also serves on the boards of the U.S. Council on Competitiveness, Automotive Hall of Fame in Dearborn, and the Detroit Economic Club. Prior to joining the chamber in 2010, Baruah served President George W. Bush as administrator of the U.S. Small Business Administration and as U.S. Assistant Secretary of Commerce.
The Detroit board of directors is comprised of seven business leaders from across metro Detroit, including Detroit Regional Chamber board members Wright Lassiter III, president and CEO of Henry Ford Health System, and Sandra Pierce, senior executive vice president of Huntington National Bank. Other directors include chair Michael Seneski of Ford Motor Co. in Dearborn, Joseph Anderson, Jr. of TAG Holdings in Troy, Linda Hubbard of Carhartt Inc. in Dearborn, and Rip Rapson of The Kresge Foundation in Troy.
The Federal Reserve Bank of Chicago is one of 12 regional reserve banks that, with the Board of Governors, make up the nation’s central bank. The Chicago Reserve Bank serves the northern parts of Illinois and Indiana, southern Wisconsin, Michigan’s Lower Peninsula, and Iowa.