President Search Process

Watch Deputy Board Chair MayKao Hang announce the appointment of Mr. Kashkari.

The Federal Reserve Bank of Minneapolis is pleased to announce the appointment of Neel Kashkari as its next president and chief executive officer, effective January 1, 2016.

The Minneapolis Fed board of directors appointed Kashkari to serve the remainder of President Narayana Kocherlakota’s term that ends on Feb. 29, 2016, followed by a five-year term ending on Feb. 28, 2021. This appointment was approved by the Board of Governors on Oct. 22, 2015.

For more information about the appointment, view the press release, Kashkari's bio and a detailed timeline of the search process followed by the Minneapolis Fed's search committee.

Deputy Board Chair MayKao Hang discusses the search process and the role of the Bank president.

 

Search Committee

Randall J. Hogan, Co-Chair
MayKao Y. Hang, Co-Chair
Christine Hamilton
Kathleen Neset
Kendall J. Powell
Lawrence R. Simkins

Selecting a New President

The Class B and C directors of the Federal Reserve Bank of Minneapolis (those directors not affiliated with a supervised entity) have formed a committee to conduct a nationwide search to identify a broad, diverse, highly qualified candidate pool for its next president. The Federal Reserve Bank of Minneapolis current president, Narayana Kocherlakota, informed the board that he will not seek reappointment to a new term as president of the Bank. He has accepted a position with the University of Rochester and will begin his appointment at the beginning of 2016.

The search committee will interview the top candidates from the pool and forward to the Board of Governors a list of final candidates. Following interviews by the Governors, the Bank's Class B and C directors then appoint a candidate, subject to the approval of the Board of Governors.

Animated video explaining how a Federal Reserve Bank president is selected.

 

A range of activities and details are a part of the selection of a Reserve Bank president. The process in general and specifics about the process at the Minneapolis Fed are described in the resources below. 

For additional information about the search and to submit expressions of interest, contact Spencer Stuart, the firm engaged to support the search committee. Spencer Stuart can be reached via email at minneapolisfed@spencerstuart.com. For additional inquiries about the search process, please contact us.

More information

Summary of Desired Attributes

Federal Reserve Bank of Minneapolis President Search Process

Frequently Asked Questions

Federal Reserve Bank of Minneapolis President Search Process

Minneapolis Fed Board of Directors Begins Search for New President

Federal Reserve Bank of Minneapolis News Release June 8, 2015

How is a Federal Reserve Bank president selected?

Off-site via Board of Governors