Executive Committee Charter

Federal Reserve Bank of Minneapolis
December 2011

Purpose

The Executive Committee is a permanent committee of the Federal Reserve Bank of Minneapolis (Bank) as specified in the Bank’s bylaws. In the intervals between meetings of the Board of Directors (Board), the Executive Committee is empowered to act on behalf of the full Board.

Membership

The Executive Committee consists of the Board chair, who serves as chair of the Executive Committee, and two or more other members of the Board (typically Class C directors) who serve during the calendar year or until their successors are appointed. Other directors may participate in meetings of the Executive Committee, and while in attendance are members of the Committee for all purposes, including the requirements with respect to a quorum.

Two members of the Executive 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 Executive Committee typically meets in the interim period between regular Board meetings to establish the discount rate. The Executive Committee may fix the time and place of holding regular and special meetings and the method of giving notice. Notice of all meetings will be provided to the Board.

Any action which might be taken at a meeting of the Executive Committee may be taken without a meeting if authorized by a writing or writings signed by all of the members of the Executive Committee. Such action shall be effective on the date on which the last signature is placed on such writing or writings or such earlier effective date as is set forth therein. An electronic transmission sent by a member of the Executive Committee shall be regarded to be a writing signed by such member.

Responsibilities

The Executive Committee’s specific responsibilities are outlined below.

  1. Subject to the supervision and control of the Board, the Executive Committee shall have the general power, during intervals between meetings of the Board, to supervise and control the business of the Bank.
  2. Subject to review and determination of the Board of Governors of the Federal Reserve System, the Executive Committee shall have the power, during intervals between meetings of the Board, to fix the discount rate of the Bank.
  3. All actions of the Executive Committee shall be reported to the Board at the meeting next succeeding such action.
 
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