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Employee Code of Conduct

As a staff member of the Federal Reserve Bank of Minneapolis, you have a responsibility to help ensure that the Bank, as part of the nation's central banking system, maintains the public's trust and confidence. Below is a summary of the Bank's Code of Conduct, which contains the standards of conduct that you must meet while working for the Bank. If you have any specific questions, please contact either the Human Resources Department or the Law Department.

Full document:
Code of Conduct for the Federal Reserve Bank of Minneapolis [PDF]


Summary:

Employee Conduct Bank Property and Information
Use of Position Conflicts of Interest
Other Employment Outside Activities
Post Employment Activities Reporting Violations, Disciplinary Action

 

Employee Conduct

Gambling and Lotteries. You may not gamble or participate in illegal lotteries at the Bank.

Alcohol. You may not sell or drink alcoholic beverages at the Bank except at approved functions. You may not report to work or perform job duties under the influence of alcohol.

Illegal Drugs. You may not use, sell, or possess illegal drugs at the Bank or while conducting Bank business. Misusing over-the-counter or prescription drugs is also prohibited.

Guns and Hazardous Materials. You may not use or possess guns, knives, or other lethal weapons or hazardous materials at the Bank, unless your job requires it.

Bank Property and Information

Part of your responsibility to the Bank is to protect and conserve Bank property and use it only for proper purposes.

In performing your job, you may have access to information that is not generally available to the public or that is considered confidential. This may include information related to banks, federal agencies, suppliers, and current and former employees, as well as System- and Bank-related information. You may not disclose this information unless authorized by your supervisor. You may not use nonpublic information for any purpose other than Bank business.

Use of Position

You may not use your position at the Bank, either directly or indirectly, for private gain. This includes using your title or position to endorse products, services, or enterprises other than Bank products and services.

Conflicts of Interest

You have a responsibility to avoid any situation that would result in a conflict of interest or the appearance of a conflict of interest. For example, a conflict of interest might arise if you were to work on a matter involving the awarding of a contract and a relative or close friend works for one of the bidders.

In addition, it is a federal crime for you to participate in Bank matters in which you have a financial interest. A financial interest is anything that could result in a financial benefit to you or to certain people whose interests are imputed to you, including your spouse, minor child, general partner, or an organization in which you serve as an officer, director, trustee, or employee. A financial interest can include ownership of stock, an interest in a business or property, or future or current outside employment.

Prohibited Financial Interests. In general you are prohibited from holding stock or debt securities of any bank, thrift, other depository institution, or their affiliates. You will be regarded as holding any such interest owned by your spouse or minor child. Staff members with access to Class I FOMC information are subject to additional investment restrictions.

However, the Code of Conduct includes several exceptions to this prohibition, including: interests in some mutual funds; interests acquired by your spouse before your marriage; interests acquired by your spouse in connection with his/her employment. Under certain circumstances, including acquiring such interest by gift or inheritance or before the bank hired you, you may seek a waiver of these prohibitions from the Bank's Ethics Officer.

Gifts, Meals, and Entertainment. You, your spouse and your minor children may not accept gifts, meals, favors, services, entertainment, or anything else of monetary value from any person or organization that does or seeks to do business with the Bank, is supervised by the Federal Reserve, or may be affected by your work at the Bank.

The Code of Conduct has some exceptions to this rule, which for example, permit staff members to accept meals or gifts worth $20 or less on infrequent occasions and to accept meals that are furnished as part of a widely attended business conference.

Seeking Other Employment

You may not participate in any Bank matter that will affect the financial interests of any organization or person with whom you are seeking employment or have an arrangement for future employment.

Outside Activities

General. As a staff member of the Bank, your activities outside the Bank, including outside employment, should not harm the Bank's reputation or interfere with your Bank duties.

Teaching, Public Speaking, and Publishing. In general, you may not accept compensation (including honoraria or travel expenses) from any source other than the Bank for teaching, speaking, or writing on a subject that relates to your responsibilities at the Bank. There are some exceptions to this rule, including for example, teaching a course as part of the regularly established curriculum of an educational entity.

Political Activities. A staff member may undertake public service that does not raise questions about the independent and nonpartisan character of the Bank. For example, you may serve on a board of education, a parks commission, or a university board, if the office is not elected under a party label. Since it is important that the Bank not be viewed as taking part in or sponsoring political campaigns or partisan activities, you may not: run for political office; solicit or accept any political contributions on behalf of any candidate, party or organization; engage in political activity while on duty or on Bank premises; or publicize your association with the Bank in connection with any political activities. Bank officers are subject to additional restrictions.

Post Employment Activities

Contact With Former Co-Workers. If a former staff member of the Bank contacts you about a Bank matter in which he or she participated while at the Bank, you may not discuss the matter unless authorized to do so by Bank management.

Non-Public Information. You must leave all Bank documents, files, computer diskettes, reports and records containing any Bank or nonpublic information, and all copies of such information, with the Bank when your employment ends.

Reporting Violations; Disciplinary Action

It is important that the public have confidence in the honesty and integrity of all Bank staff members. Therefore, we encourage you to report violations of the Code of Conduct to the Bank's Ethics Officer.

A violation that involves corruption, fraud, or theft should also be reported to the Bank's General Auditor. Employees that violate any provision of the Bank's Code of Conduct are subject to disciplinary action that can include dismissal from the Bank.

Banking Supervision

Bank examiners and other staff members whose jobs involve the supervision and regulation of financial institutions are subject to additional rules. These rules may be found in Appendix B to the Code of Conduct and in the Federal Reserve Administrative Manual.

 
Did You Know…
  • The Federal Reserve Bank of Minneapolis is not a federal employer.
  • CNNMoney named “Bank Examiner” as one of the Top 20 Best Jobs in America.
  • According to a recent employee survey, most employees indicated that they are proud to work for the Bank and would recommend the Fed as a good place to work.