2024 Director Election
- 2024 Advisory Committee Recommendation
- 2024 Nomination Circular
- 2024 Balloting Brochure
- 2024 Class A Recommended Nominee
- 2024 Class B Recommended Nominee
- 2024 Election Results Memo
Electing directors to the Minneapolis Fed board
Who makes up the Minneapolis Fed board of directors?
The Board is composed of nine directors, three in each of these three classes:
- Class A directors are elected by and representative of member banks, which are a Reserve Bank’s shareholders.
- Class B directors are also elected by member banks, but represent the public.
- Class C directors are appointed by the Board of Governors to represent the public and cannot be affiliated with or invest in a bank.
How does the election process work?
- Member banks register to vote by authorizing one of their executives to participate in the election.
- Member banks then nominate candidates for board positions. The Minneapolis Fed has an advisory committee to assist in this process. The advisory committee recommends a candidate for nomination, but member banks can nominate anyone who is qualified.
- Each member bank casts a ballot for the candidate of their choice. The candidate who receives the most votes becomes the next Bank director.
Who are the candidates?
Candidates are business and community leaders from the Ninth District. It is important that Bank directors be diverse across a variety of factors, including gender, race, and background. Directors represent the diverse types of communities and industries that make up the Ninth District economy.
Directors should also be well-connected in their communities and industries. They are leaders who actively engage with many types of people and enterprises to understand our region’s economic trends. This allows us to gather the most accurate and current information about our district.
Once elected, then what?
Directors serve 3-year terms and may be re-elected once (for a total of 6 years). Directors serve staggered terms, which means elections occur annually because one or two directors are ending terms each year.
Also, Reserve Bank directors are not allowed to be politicians. This rule keeps the Fed focused on our economy and independent from the political process.