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Pramaggiore resigns from Federal Reserve Bank of Chicago

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Anne Pramaggiore has resigned from her position as chairwoman of the board of directors overseeing the Federal Reserve Bank of Chicago, the bank confirmed Wednesday.

The Chicago Fed said that Ms. Pramaggiore stepped down from her position on Oct. 25. The resignation wasn’t made public by the Chicago Fed until it was confirmed by a bank spokesperson in response to a question from The Wall Street Journal. The U.S. Federal Reserve referred questions about Ms. Pramaggiore to the Chicago Fed.

* Ray Long at the Tribune…

The Exelon Utilities CEO who retired abruptly two weeks ago amid a wide-ranging federal investigation of lobbyist activities now has stepped down as chair of the Federal Reserve Bank of Chicago.

Anne Pramaggiore’s latest move follows Exelon and ComEd receiving two federal grand jury subpoenas in the probe. A source with knowledge of the case has told the Tribune that Pramaggiore is one focus of the ongoing federal investigation.

Pramaggiore released a statement on Wednesday that did not address the federal investigation, saying the Chicago Fed is “well-positioned to execute on its important mission.” A Pramaggiore spokesman said her Oct. 25 departure was voluntary. Her term as chair was scheduled to end at year’s end.

Even so, she’s leaving as federal authorities are looking into two companies where she had been a top executive.

posted by Rich Miller
Thursday, Oct 31, 19 @ 9:15 am

Comments

Hint. The Feds like it when your resign and show contrition.

Comment by Not a Billionaire Thursday, Oct 31, 19 @ 9:19 am
This is going to be very big. ComEd and Exelon made a lot of friends while Anne ran the operation.

Comment by CW 437 Thursday, Oct 31, 19 @ 9:27 am
Not exactly a great end to a distinguished career. Recognized as one of Chicago’s most powerful female executives one minute, under a growing cloud of suspicion the next. Must be interesting conversation around that dinner table these days.

Just a guess, but I think we’ll see her name in the press again in the not too distant future.

Comment by SSL Thursday, Oct 31, 19 @ 9:30 am
I am always surprised when paid employees, even highly paid employees, risk their careers and freedom to illegally advance the interests of their corporation. I had to operate in the gray area when in Saudi Arabia, but worked hard to stay within the boundaries of the Foreign Corrupt Practices Act.

Comment by Last Bull Moose Thursday, Oct 31, 19 @ 10:02 am
I think for the C suite is that their massive compensation is so tied to the stock market….and they go anything to get quick returns.

Comment by Not a Billionaire Thursday, Oct 31, 19 @ 10:48 am