04/27/2012 03:15 pm ET

Detroit Mayor Dave Bing Names Eddie Munson, Sandra Pierce To Financial Advisory Board

Detroit's consent agreement-mandated financial advisory board is beginning to fill out, as Mayor Dave Bing announced his two appointments to the nine-member body Friday afternoon.

Bing chose Eddie Munson, a certified public accountant and member of the Skillman Foundation board, and Sandra Pierce, president and CEO of Charter One, Michigan. The picks must be approved by City Council.

"These individuals exceed the qualifications established by the Financial Stability Agreement," Bing said in a statement. "I sincerely thank both Eddie and Sandy for their sacrifice and commitment to the future of the City of Detroit."

Modeled after smilier initiatives in New York City and Washington, D.C., the financial advisory board will have power of the purse, with the right to approve city budgets and contracts.

State officials announced the first three appointments to the financial advisory board last week. Gov. Rick Snyder will get two more appointments, and Detroit City Council will also name two members.

So far, none of the appointed board members are current Detroit residents, though Pierce was born in Detroit and is a graduate of Wayne State University. She now lives in Northville. Munson lives in Rochester Hills.