MINNEAPOLIS, December 5, 2011—The Federal Reserve Bank of Minneapolis announced the designation of the chair and deputy chair of its board of directors for 2012.
Mary K. Brainerd was named chair of the board of directors for 2012. She has been a member of the board since 2008 and was deputy chair for 2010 and 2011. Brainerd is president and chief executive officer of HealthPartners in Minneapolis.
Randall J. Hogan was named deputy chair of the board of directors for 2012. He has been a member of the board since 2010. Hogan is chairman and chief executive officer of Pentair, Inc., in Minneapolis.
Minneapolis Fed directors are selected to represent a cross section of the Ninth District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. The Federal Reserve Bank of Minneapolis Board has nine members. Commercial banks that are members of the Federal Reserve System elect three bankers and three nonbankers. The Federal Reserve Board of Governors in Washington, D.C., appoints three additional nonbankers and designates the board's chair and deputy chair from among its three appointees.
The responsibilities of directors are broad, ranging from overseeing the general operations of the Minneapolis Fed to reporting 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 Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.