Budget, Evaluation, and Risk Committee Charter

Federal Reserve Bank of Minneapolis
December 2011

Purpose

The Budget, Evaluation, and Risk Committee is a permanent committee of the Federal Reserve Bank of Minneapolis (Bank) as specified in the Bank’s bylaws. The Committee shall provide oversight for the Bank’s budget, evaluation, and risk management activities.

Membership

The Budget, Evaluation, and Risk Committee is composed of three or more Minneapolis directors who serve during the calendar year or until their successors are appointed. The deputy chair of the Board typically serves as chair of the Budget, Evaluation, and Risk Committee.

Two members of the Budget, Evaluation, and Risk Committee shall constitute a quorum for the transaction of business, and action of the Committee shall be upon vote of a majority of those present at any meeting of the Committee.

Meetings

The Budget, Evaluation, and Risk Committee meets periodically with meetings scheduled prior to submission of the (1) Bank’s budget and (2) self evaluation to the Board of Governors.

Responsibilities

The Budget, Evaluation, and Risk Committee’s specific responsibilities are outlined below.

1. Review the Bank’s strategy and goals, and monitor progress on these goals.
2. Provide oversight of the Bank’s risk management activities including review of the risk management program, key risks, mitigants, and significant risk events.
3. Provide oversight of the Bank’s budget and financial performance reports.
4. Review the Bank’s annual planning and budgeting prior to consideration by the Board of Directors.
5. Receive information from Bank management regarding Board of Governors’ evaluations of Bank performance and with the rationale for Bank responses to such evaluations, including resource tradeoffs and unique needs of the District.

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