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A message from President Neel Kashkari

On the hiring of the Opportunity & Inclusive Growth Institute’s first director, the 15th anniversary of our groundbreaking work on early childhood development, and our tie-in to the “Hamilton” musical’s run in Minneapolis | 2017 Annual Report Essay

April 2, 2019

Author

A message from President Neel Kashkari

Dear Community Leader,

I’m pleased to share our 2018 Annual Report, which reflects our mission, our values, and the charge Congress has given us to pursue stable prices and maximum employment.

This past year, I traveled throughout our region (Minnesota, Montana, North and South Dakota, Western Wisconsin, and Michigan’s Upper Peninsula), hearing from thousands of citizens about how the economy is affecting them and their families. I also shared my views on some of our most pressing issues, including immigration.

Our Annual Report introduces you to our independent, public service-oriented board of directors. You can read Board Chair Ken Powell’s letter to stakeholders, which includes information about our Opportunity & Inclusive Growth Institute.

In 2018, we hired the Institute’s first director, noted labor economist Abigail Wozniak. Our economists produced world-class research, and we observed 15 years of championing the economic impact of early childhood development. Our Center for Indian Country Development conducted unique research on issues facing American Indians and Alaska Natives.

Core to our mission is our commitment to inclusion and diversity, and I invite you to watch the conversation between our board members Jeanne Crain and Sarah Walsh on this critical issue. Each year, our Office of Minority and Women Inclusion prepares a comprehensive report to Congress detailing how our employee demographics match those of our community, how we engage students of color through our outreach programs, and how we partner with diverse suppliers to meet our business needs.

Our work across the Bank is also diverse. We are fortunate to have exceptional professional staff across the key business and support functions of the Federal Reserve dedicated to our public service mission. Our employee resource networks help us create a more inclusive workplace, and our staff throughout the Minneapolis Fed make sure we are prepared for every contingency. It takes all of us—with different roles, skills, and experiences—to advance our mission. I am proud and gratified to lead such a talented team.

When the Broadway musical “Hamilton” came to Minneapolis last fall, we used the opportunity to educate thousands of people about Hamilton’s legacy as the founding father of America’s central bank. We also engaged with students, who offered creative ideas to improve economic prosperity in their own communities.

I am grateful to our board of directors, our Helena Branch board of directors, our citizen advisory councils, our senior leadership team, and our more than 1,000 employees, all of whom contribute to the Minneapolis Fed’s energy and outcomes. Our success reflects their important and hard work pursuing an economy that works for all of us.

If you have any questions, I’m always happy to hear from you at President.Kashkari@mpls.frb.org, and please follow me on Twitter @neelkashkari.

Sincerely,

Neel Kashkari