Former Exelon CEO Out At Chicago Fed Amid Corruption Probe
Updated: 7:09 p.m.
A former top official with Exelon Corp. has resigned her post atop the board of the Federal Reserve Bank of Chicago, a spokesman for the agency confirmed Wednesday.
The Oct. 25th departure of Anne Pramaggiore as chairman of the federal panel adds another layer of mystery to the rapid descent of someone who once was regarded as one of Chicago’s most powerful business executives.
Pramaggiore, the former CEO of Commonwealth Edison, abruptly left as senior executive vice president and CEO of Exelon’s regulated utilities earlier this month amid a growing federal criminal investigation into both companies’ Illinois lobbying practices.
“Serving on the Board of the Federal Reserve Bank of Chicago has been one of the highest honors of my professional career," Pramaggiore said in a statement to WBEZ. "As I retire following nearly six years of service, I have every confidence that the Board and all of the employees at the Chicago Fed are well-positioned to execute on its important mission.”
Pramaggiore has not been accused of criminal wrongdoing.
In two separate filings with the federal Securities and Exchange Commission, Exelon has disclosed that it and its subsidiary, ComEd, received two federal grand jury subpoenas since May.
The most recent disclosure came after federal agents raided the statehouse office and home of state Sen. Martin Sandoval, D-Chicago, in late September, carting away records and
computer equipment. Part of what agents sought in their search warrant were documents
related to electricity rate hikes and four unidentified officials with Exelon, among other things.
WBEZ also has reported that federal agents raided the offices of the City Club of Chicago in May. The public affairs organization is headed by Jay Doherty, a lobbyist for ComEd.
A spokesman for the Chicago Federal Reserve Bank did not offer any details surrounding Pramaggiore’s departure from its board other than to confirm her resignation on Oct. 25th.