Contact: Media Representative 612-204-5261 Date: May 19, 2000 FOR IMMEDIATE RELEASE

Minneapolis Fed Names Advisory Council Members

MINNEAPOLIS—The Federal Reserve Bank of Minneapolis named three new members to its Advisory Council on Small Business, Labor and Agriculture, for three-year terms beginning in May 2000.

• J. Terry Anderson, president, Anderson Chemical Co., Litchfield, Minn.
• Carrie Holmen, rancher, Billings, Mont.
• Karl D. Murch, chief financial officer, Encor Technologies, Eau Claire, Wis.

The council was established in 1985 to allow representatives of small business, agriculture and labor to advise the bank's senior officers and economists on regional economic conditions. All six district states are represented on the council, which meets twice a year. The summaries of these meetings are presented to the Minneapolis Fed board of directors and the Board of Governors of the Federal Reserve System in Washington, D.C. New members are appointed by Minneapolis Fed President Gary H. Stern.

As one of the 12 Federal Reserve Banks, the Federal Reserve Bank of Minneapolis contributes to a variety of Federal Reserve System functions, including operation of a nationwide payments system, distribution of the nation’s currency and coin, supervision and regulation of member banks and bank holding companies, and serving as a fiscal agent for the U.S. Treasury. Additionally, the president of Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors. Together with its branch in Helena, Mont., the Minneapolis Fed serves the Ninth Federal Reserve District, which includes Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.

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