Federal Reserve Bank Of Chicago Detroit Branch
The Federal Reserve Bank of Chicago Detroit Branch Office is the only branch office of the Federal Reserve Bank of Chicago. It is part of the 7th district and its code is 7-G. It is currently located near I-75 in Detroit's Eastern Market Historic District. The office occupies 17 acres (6.9 ha) and cost $80 million to build. The Detroit branch was founded in 1927 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. The Detroit branch is responsible for destroying paper currency and replacing it with new currency. There are four billion dollars stored in each vault.
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