Board of Directors

The responsibilities of directors are broad, ranging from overseeing the general operations of the Reserve Bank to reporting on district economic conditions. This information helps prepare the Reserve Bank president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.

Under the Federal Reserve Act, the Head Office of each Reserve Bank has a board of nine directors, all chosen from outside the Bank. They are divided into three classes—designated A, B, and C—of three persons each. The Class A and Class B directors are elected by member banks of each district—banks that own stock of the Reserve Bank. The Class C directors are appointed by the Board of Governors. The Act specifies that all directors shall be chosen without discrimination as to race, creed, color, sex, or national origin.
Class A directors represent the member banks; Class B and Class C directors are selected to represent the public “with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers,” according to the Federal Reserve Act. Reserve Bank directors are drawn from diverse backgrounds so that various viewpoints will be brought to bear on decisions related to the administration of the Reserve Banks, as well as upon decisions and advice with respect to monetary and other policies.

2017 Board of Directors

Board of Directors of the Federal Reserve Bank of Minneapolis
Sitting, L-R: Kathy Neset, Ken Powell, MayKao Hang, Sri Zaheer
Standing, L-R: Christine Hamilton, Randy Newman, Harry Melander, Tom Armstrong, Kate Kelly

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

Term expires December 31
* eligible to serve a second term

MayKao Y. Hang – Chair
President and CEO
Amherst H. Wilder Foundation
St. Paul, Minnesota


Kendall J. Powell – Deputy Chair
Chairman and CEO
General Mills, Inc.
Minneapolis, Minnesota


Harry D. Melander
Minnesota Building and Construction Trades Council
St. Paul, Minnesota


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

Term expires December 31
* eligible to serve a second term

Srilata Zaheer
Dean, Carlson School of Management
University of Minnesota
Minneapolis, Minnesota


Christine Hamilton
Managing Partner
Christiansen Land and Cattle, Ltd.
Kimball, South Dakota


Kathleen Neset
Neset Consulting Service
Tioga, North Dakota


Class A Directors – elected by member banks to represent member banks

Term expires December 31
* eligible to serve a second term

Catherine T. Kelly
Regional President
PNC Bank Minneapolis-St. Paul
Minneapolis, Minnesota


Randy L. Newman
Chairman and CEO,
Alerus Financial, N.A. and Alerus Financial Corp.
Grand Forks, North Dakota


Thomas W. Armstrong
First National Bank of Park Falls
Park Falls, Wisconsin


Governance Information

Board of Directors Governance Information
Learn more about the directors’ roles and responsibilities, policies related to directors, the bylaws, and board committee information.

Meet the Minneapolis Fed Board of Directors

Videos, publications and speeches

Read an interview with Dr. MayKao Hang


Partnering with Audit: The Minneapolis Fed Audit Committee