Established in 1914 pursuant to the Federal Reserve Act, the Minneapolis Fed operates pursuant to the oversight of its own board of directors, in addition to the general oversight of the Board of Governors of the Federal Reserve System in Washington D.C. The duties and responsibilities of the Minneapolis Fed’s directors are set forth in the Federal Reserve Act, the Minneapolis Fed’s bylaws, the charters for the board committees, and Board of Governors’ policies. We operate pursuant to principles of sound corporate governance, which is necessary to foster the public’s trust. This page provides information related to our corporate governance.
In addition to board service, Minneapolis Fed directors serve on one or more of the following committees: the executive committee, the audit committee, the nominating and governance committee, and the strategy and risk committee. Through committee and board deliberations, the board of directors provides oversight for all Minneapolis Fed functions, including appointing officers such as the president and first vice president, reviewing and approving Bank strategy and performance, as well as the Bank’s annual budget, and overseeing the internal audit program and risk assessment/mitigation functions.
Importantly, the Minneapolis Fed’s directors do not oversee the banking supervision and regulation function, which is conducted by Reserve Banks under delegated authority from the Board of Governors. Accordingly, directors are not involved in institution-specific supervision and regulation matters and do not have access to confidential supervisory information.
Even though they have important roles and responsibilities, Reserve Bank directors receive only a very modest stipend for their services. They are also reimbursed for travel expenses incurred in the performance of their duties.
Bylaws
Bylaws of the Federal Reserve Bank of Minneapolis govern the corporation’s operation and its activities.
Committee charters and assignments
The Minneapolis Fed Board of Directors has four committees. As part of their oversight, the directors serve on various committees.
- Audit Committee Charter
- Executive Committee Charter
- Nominating and Governance Committee Charter
- Strategy and Risk Committee Charter
- 2024 Committee Assignments
Policies and oaths of office
Learn more about the policies and requirements [off-site] governing Reserve Bank directors. In October 2011, the Government Accountability Office released a report [off-site] on Reserve Bank governance.
Reserve Bank directors are required to make oaths of office, which generally require them to carry out their duties impartially. View sample Oaths of Office for Reserve Bank Directors [PDF].
Meeting minutes
Transparency is important to the Minneapolis Fed and our mission. Consistent with our commitment to public transparency, we will publish the minutes of our board meetings beginning in 2024. The minutes for each board meeting are typically approved at the following meeting then finalized for publication. Accordingly, minutes are generally available on a rolling basis within 90 to 120 days of a board meeting.
2024
[January 2024] [March 2024] [April 2024] [May 2024] [July 2024] [September 2024] [October 2024] [December 2024]