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Board of Directors

Minneapolis Fed Board of Directors
Minneapolis Fed Board of Directors—Standing (left to right): Harry D. Melander, Sarah Walsh, Jeanne Crain, David R. Emery, Thomas W. Armstrong; Seated: Srilata Zaheer, Kendall J. Powell, Kathleen Neset, Catherine T. Kelly

Created as a private corporation under the Federal Reserve Act, the Minneapolis Fed is overseen by a board of directors. Fed directors represent the breadth and diversity of the Ninth District’s geography and economy. The nine members give voice to our district’s many business sectors, including consumers, commerce, industry, agriculture, services, labor, and banks of various sizes. They meet with the Bank’s leadership and staff eight times a year.

See a graphic of the Minneapolis Directors' structure [pdf]

* =eligible to serve a second term

Class C Directors – appointed by the Board of Governors to represent the public

Kendall J. Powell

Chair, Class C Director
Term end: December 31, 2019
Chairman (retired)
General Mills Inc.

Minneapolis, Minnesota USA

Harry D. Melander

Deputy Chair, Class C Director
Term end: December 31, 2021
Minnesota Building and Construction Trades Council

St. Paul, Minnesota USA

Srilata Zaheer

Class C Director
Term end: December 31, 2020*
Carlson School of Management, University of Minnesota

Minneapolis, Minnesota USA

Class B Directors – elected by member banks to represent the public

David R. Emery

Class B Director
Executive Chairman of the Board
Black Hills Corporation

Rapid City, South Dakota USA

Sarah Walsh

Class B Director
PayneWest Insurance

Helena, Montana USA

Kathleen Neset

Class B Director
Neset Consulting Service

Tioga, North Dakota USA

Class A Directors

Elected by member banks to represent member banks

Thomas W. Armstrong

Class A Director
SVP / Market President
Forward Bank

Park Falls, Wisconsin USA

Jeanne Crain

Class A Director
President and CEO
Bremer Financial Corporation

St. Paul, Minnesota USA

Catherine T. Kelly

Class A Director
Regional President
PNC Financial Services Group, Inc.

Minneapolis, Minnesota USA

Helena Branch Board

Each branch of a Federal Reserve Bank also has its own board of directors. Located in Helena, Montana, the Bank’s only branch has a five-member board. Its members share their perspectives on economic conditions with Bank leadership, and they also serve as liaisons between the Fed and their communities.

Helena Branch Directors - appointed by the Board of Governors of the Federal Reserve System

Norma Nickerson

Helena Board Chair
Research Professor & Director
Institute for Tourism and Recreation Research, University of Montana

Missoula, Montana USA

Bobbi Wolstein

Helena Board Deputy Chair
Chief Financial Officer/Corporate Secretary
LHC Inc.

Kalispell, Montana USA

Helena Branch Directors - appointed by the Federal Reserve Bank of Minneapolis

Jason Adams

Helena Branch Director
Chief Financial Officer
Energy Keepers Inc.

Polson, Montana USA

William E. Coffee

Helena Branch Director
President and CEO
Stockman Financial Corporation and Stockman Bank of Montana

Billings, Montana USA

Mary Rutherford

Helena Branch Director
President and CEO
Montana Community Foundation

Helena, Montana USA

Roles, Responsibilities, and Structure

Our directors’ roles and responsibilities have some similarities to  directors at other organizations, but also some key differences. That’s because the Federal Reserve System strikes a balance of public and private entities, as well as a balance of centralized and decentralized authority.

The 12 Reserve Banks that are dotted across the country operate with a fair amount of independence, each serving the needs of its respective district, more so than would a single central bank with 12 branches. Current, on-the-ground economic insights our directors bring from their Upper Midwest communities and industries aid Minneapolis Fed leaders in conducting monetary policy that helps to realize the Federal Reserve’s mandates: to achieve maximum employment, stable prices, and moderate long-term interest rates.

There’s also a unique public-private balance in play. While the Board of Governors in Washington, D.C., is a federal agency, the Reserve Banks are private corporations authorized by federal statute. Our directors provide oversight of the Minneapolis Fed—just like the directors of any private corporation. For example, the board of directors reviews and approves the Bank’s annual budget, appoints Bank officers, and oversees the Bank’s internal audit function.

The makeup of the Minneapolis Fed’s board of directors also reflects the public-private balance.  By law, the board consists of nine directors: three directors—called Class C directors—are appointed by the Board of Governors. Their role is to represent the public. Three others—Class B—are business or community leaders elected by member banks in the Ninth District—the shareholders of the Minneapolis Fed—to represent the public. Three more—Class A—are bankers elected by member banks to represent the district’s member banks. As for the Helena board, two of the members are appointed by the Board of Governors, and three are appointed by the board of directors of the Minneapolis Fed.