Metra Director Jack Schaffer, who has been a member of the commuter rail agency’s board since 2006, has been elected treasurer by his fellow board members.
Mr. Schaffer was elected by unanimous vote to replace Director Larry Huggins, who was elected vice chairman of the board. Huggins is filling the vacancy left when Director Elonzo Hill died in February.
Mr. Schaffer was appointed to the Commuter Metra Board in 2006 by the chairmen of the Kane, Lake, Will and McHenry county boards. He is currently the owner of Liberty Outdoor Advertising and Liberty Self Storage, both located in Crystal Lake, Ill.
From 1999 to 2003, Mr. Schaffer worked as a consultant and lobbyist for Zack Stamp Consulting in Springfield, Ill., specializing in insurance industry issues.
Prior to his work as a consultant, Mr. Schaffer served as commissioner of the State of Illinois Office of Banks and Real Estate. The agency was responsible for regulating more than 600 banks, thrifts and trust companies with total assets of $1.3 trillion. The agency also oversaw 84,000 real estate agents, 1,300 mortgage companies and all Illinois licensed appraisers, time share companies and pawn shops.
In addition to his role as commissioner, Mr. Schaffer served as a member of the board of the American Association of State Savings Regulators, the American Association of Residential Mortgage Regulators, and the Conference of State Bank Supervisors.
From 1973 to 1999, Mr. Schaffer served as an Illinois State Senator holding several leadership positions including: caucus chairman, minority whip and minority leader. During his time in the Illinois General Assembly, Senator Schaffer was deeply involved in the 1983 reorganization of the Regional Transportation Authority. He also served as chairman and member of the Illinois Toll Highway Advisory Committee and was voted one of the 10 best members of the Illinois General Assembly by Chicago Magazine.
From 1968 to 1972, Mr. Schaffer worked as an auditor for McHenry County conducting special audits, assisting the board in drafting and implementing the county budget and serving as a financial advisor for the board and other elected officials.
Mr. Schaffer is a graduate of northern Illinois University with a B.S. in Business management and is a veteran of the U.S. Army.
He and his wife, Mary Ann Louderback, reside in Cary, Ill. He is the father of five children.