Contact: Rosie Cataldo 612-204-5261 Date: February 7, 2001 FOR IMMEDIATE RELEASE

Swendseid Promoted at Minneapolis Fed

MINNEAPOLIS—The Federal Reserve Bank of Minneapolis promoted Claudia Swendseid to senior vice president with responsibility for Federal Reserve Financial Services, customer services, business development and the Helena branch.

Swendseid joined the Federal Reserve Bank in 1985 as a senior marketing research analyst. Subsequent positions included assistant vice president in charge of facilities, protection and office services, and vice president of customer services with responsibility for electronic payments, network services and contingency planning. Swendseid has a bachelor's degree from Concordia College, Moorhead, Minn., and a master's degree in business administration from the University of Minnesota.

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 the Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors.

-30-