Dear Community Leader,
As we all confront the public health and economic crisis caused by COVID-19, the importance of our mission to pursue an economy that works for all of us could not be clearer, nor our work to stabilize our economy and financial system more pressing. Against this sobering backdrop, I share with you our 2019 Annual Report, including our audited financial statements.
Last year, we redoubled our efforts to reach out and engage our communities across the Ninth District. We know that public trust in key institutions, like the Fed, is often in question, and we’re committed to communicating clearly and to sharing our expertise. Our website is an invaluable resource with articles and analysis about our regional economy and academic research from our renowned research department.
In 2019, I visited five of the six states in our district, meeting with local business, civic, education, labor, and elected leaders to discuss, among other pressing matters, monetary policy, workforce issues, and early childhood education challenges. I bring these insights about our region to Washington, D.C., as a member of the Federal Open Market Committee, advocating for policies to strengthen our economy.
Our engagement also underscores the impact of our Bank’s world-class research. We joined with the University of Minnesota’s Heller-Hurwicz Economics Institute to celebrate 50 years of a research partnership, including attracting more than 700 people to hear three Nobel laureates describe their years of working here at the Minneapolis Fed.
We hosted one of the Federal Reserve System’s “Fed Listens” monetary policy conferences, bringing in community members and scholars from across the country to discuss how policy can work better for everyone. That event was led by our Opportunity & Inclusive Growth Institute, whose national profile continues to grow.
Our impact and analysis around many issues that affect low- and moderate-income communities was led by our Community Development department, while our Center for Indian Country Development continued as a national leader bringing data and policy to Indian Country.
We have recently released our annual Office of Minority and Women Inclusion’s report to Congress that details progress against our goals to ensure that our workforce reflects the diversity of our community and our commitment to contracting with women- and minority-owned suppliers.
As I write this, the vast majority of our more than 1,000 employees in Minneapolis and Helena, Mont., are working from home. Their commitment to ensuring our critical functions—distributing cash to financial institutions, processing savings bonds on behalf of the U.S. Treasury, supervising member banks, and providing financial services to financial institutions, among other responsibilities—is nothing short of inspiring.
As always, I am grateful to our board of directors for its guidance, leadership, and support as we strive every day to achieve the dual mandate Congress has given us: stable prices and maximum employment.
I’m always happy to hear from you at President.Kashkari@mpls.frb.org, and please follow me on Twitter @neelkashkari.