MINNEAPOLIS, January 23, 2006—Peter J. Haddeland, president, First National Bank of Mahnomen, Mahnomen, Minn., and Jake Marvin, chairman and chief executive officer, Marvin Windows and Doors, Warroad, Minn., were elected to the board of directors of the Federal Reserve Bank of Minneapolis for three-year terms beginning Jan. 1.
As board members, Haddeland and Marvin will help oversee the general operations of the Minneapolis Fed and report on district economic conditions. This information helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.
The Minneapolis Fed has a nine-member board. Three directors represent the interests of banking in the district and are elected by banks that are members of the Federal Reserve System. The other six represent the general public, which includes business, agriculture, labor and consumers. Of these, three are elected by member banks and three are appointed by the Board of Governors of the Federal Reserve System in Washington, D.C. Haddeland was elected by member banks, and Marvin was appointed by the Federal Reserve Board of Governors.
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. 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.