MINNEAPOLIS, December 20, 2011—Kenneth A. Palmer, chairman, president and CEO, Range Financial Corporation & Range Bank, N.A., Negaunee, Mich., has been elected to the board of directors of the Federal Reserve Bank of Minneapolis. He will serve a three-year term.
Palmer has been with Range Financial Corporation and Range Bank since 1998. He is chairman of the advisory board for Northern Michigan University College of Business and the Catholic Diocese of Marquette finance committee. He serves on the board of the Negaunee City Police Retirement Fund and the advisory board for the Upper Peninsula Medical Center. Palmer is also a member of the Marquette County Economic Club.
The Minneapolis Fed has a nine-member board of directors. 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. Palmer was elected to the Minneapolis board by member banks.
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.
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.