- Event video [YouTube]
The Federal Reserve Bank of Minneapolis hosted its sixth annual Regional Economic Conditions Conference on January 13, 2023. The half-day conference featured 3M CEO Mike Roman, who talked with Minneapolis Fed President Neel Kashkari about the economic challenges facing the manufacturing sector. The conference also featured presentations and panel discussions with representatives of each state in the Ninth Federal Reserve District, which includes Minnesota, the Dakotas, Montana, northwestern Wisconsin, and Michigan’s Upper Peninsula.
Friday, January 13, 2023
|9:00 a.m.–9:05 a.m. CT||Welcome and Context
Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis
|9:05 a.m.–9:45 a.m. CT||Fireside Chat
Mike Roman, Chairman and CEO, 3M
Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis
|9:45 a.m.–10:00 a.m. CT||Presentation: Manufacturing Conditions and Outlook
Joe Mahon, Regional Outreach Director, Federal Reserve Bank of Minneapolis
|10:00 a.m.–11:00 a.m. CT||State Economic Conditions
Joseph Santos, Professor and Director of the Ness School of Management and Economics, South Dakota State University [Slides]
David Flynn, Professor of Economics and Finance, University of North Dakota [Slides]
Amy Watson, Senior Economist, Montana Department of Labor & Industry [Slides]
Moderator: Ron Wirtz, Regional Outreach Director, Federal Reserve Bank of Minneapolis
|11:00 a.m.–12:00 p.m. CT||State Labor Force Overview
Oriane Casale , Assistant Director of the Labor Market Information Office, Minnesota Department of Employment and Economic Development (DEED) [Slides]
Tessa Conroy, Economic Development Specialist and Assistant Professor, University of Wisconsin–Madison [Slides]
Richelle Winkler, Professor of Sociology and Demography, Michigan Tech [Slides]
Moderator: Erick Garcia Luna, Regional Outreach Director, Federal Reserve Bank of Minneapolis
Assistant Director of the Labor Market Information Office
Minnesota Department of Employment and Economic Development (DEED)
Oriane Casale is assistant director of the Labor Market Information Office of the Minnesota Department of Employment and Economic Development (DEED). Casale has a bachelor’s degree from The New School for Social Research and a master’s degree in public affairs from the University of Minnesota.
Economic Development Specialist and Assistant Professor
University of Wisconsin–Madison
Tessa Conroy is an economic development specialist and associate professor at the University of Wisconsin–Madison. She works in the Department of Agricultural and Applied Economics and the Department of Extension. She studies community economic growth and development, small business dynamics, and entrepreneurship. She is especially interested in rural and diverse entrepreneurs and how they contribute to their local economies. Her research and commentary can be found in outlets such as the Wall Street Journal, MarketWatch, the Wisconsin State Journal, Wisconsin Public Radio, and PBS NewsHour.
Professor of Economics and Finance
University of North Dakota
David Flynn is research director at the Institute of Policy and Business Analytics at the Nistler College of Business & Public Administration at the University of North Dakota. He is also the Clow Family Banking Fellow and professor in the Department of Economics & Finance at Nistler College. He regularly analyzes and forecasts employment, tax, and economic variables in the regional and North Dakota economy, as well as at the sub-state level. Flynn’s other recent projects include development of policy recommendations regarding digital skills equity within the North Dakota labor force, analysis of factors impacting development of the critical minerals/rare earth elements industry in the state and the region, and the economic implications of unmanned systems for at-risk communities in the state.
President and CEO
Federal Reserve Bank of Minneapolis
Neel Kashkari has been president and CEO of the Federal Reserve Bank of Minneapolis since Jan. 1, 2016. He serves as a member on the Federal Open Market Committee, bringing the Ninth Federal Reserve District’s perspective to monetary policy discussions in Washington, D.C.
Neel oversees Minneapolis Fed operations and leads its many initiatives. Among them, he was instrumental in establishing the Opportunity & Inclusive Growth Institute, whose mission is to ensure that world-class research helps to improve the economic well-being of all Americans. Under Neel’s leadership, the Minneapolis Fed also released an action plan on ending too big to fail, which calls for tighter bank regulations to avoid future taxpayer bailouts of large financial institutions.
In addition, he directed Minneapolis Fed economists to examine Minnesota’s education achievement gaps. This research revealed deep, persistent disparities across race, ethnicity, and socioeconomic status, and has helped inform efforts to close these gaps and ensure every child receives a quality public education. This work supports the Fed’s mandate to achieve maximum employment, with education being a key to obtaining a good job.
Neel earned his bachelor’s and master’s degrees in mechanical engineering from the University of Illinois. He became an aerospace engineer, developing technology for NASA missions. Eventually turning to finance and public policy, he earned his MBA from the University of Pennsylvania’s Wharton School, joined Goldman Sachs, and served in several senior positions at the U.S. Department of the Treasury, including overseeing the Troubled Asset Relief Program, or TARP, during the financial crisis.
Before joining the Minneapolis Fed, he ran for governor of California in 2014 on a platform focused on economic opportunity.
He lives with his wife, Christine, children, Uly and Tecumseh, and Newfoundland dog, Webster, in Orono, Minnesota.
Chairman and CEO
Mike Roman is chairman of the board and CEO of 3M, a $35 billion Twin Cities–based science and manufacturing company that improves lives around the world.
He became chairman in May 2019 and CEO in July 2018.
Under his leadership, 3M helped lead the world’s response to COVID-19, which includes distributing more than 4 billion respirators to protect nurses, doctors, and first responders. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality, and reduce its use of plastics. 3M is advancing diversity, equity, and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. For nine straight years, 3M has been recognized by Ethisphere as one of the World’s Most Ethical Companies.
Previously, Roman served as chief operating officer for 3M, led its largest business group, and served as chief strategist. He joined 3M in 1988 as a senior design engineer.
Roman holds a master’s degree in electrical engineering from the University of Southern California, and a bachelor’s degree from the University of Minnesota. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. Roman and his family enjoy a variety of physical fitness and outdoor activities. As a former “Big,” he is a long-time supporter of Big Brothers Big Sisters of America.
Joseph M. Santos
Professor and Director of the Ness School of Management and Economics
South Dakota State University
Joseph M. Santos is the director of the Ness School of Management and Economics at South Dakota State University, where he also leads the Dykhouse Scholar Program. His teaching portfolio has included undergraduate and graduate courses in macroeconomic theory and policy and financial institutions. His research includes measuring the burdens of financial regulation and the credibility of monetary policy, chronicling, and assessing the efficiency of early 20th century commodity futures markets, and evaluating the distribution of instructional resources across institutions of higher education. In his spare time, he is the voice of Monday Macro, which airs on select Mondays on South Dakota Public Broadcasting’s In the Moment. Santos earned a bachelor’s degree in economics from The College of New Jersey and his master’s and doctorate degrees in economics from Rutgers University.
Montana Department of Labor & Industry
Amy Watson is Montana’s state economist with the Department of Labor & Industry, where she conducts ongoing analysis on Montana’s economic and demographic conditions to help inform policy decisions. With nearly 10 years of experience as a labor economist, Watson publishes original research on issues impacting the Montana labor market, specializing in health care, education, and child care research. Most recently, she published the Montana Post-Secondary Workforce Report, which analyzes how well the post-secondary education system is aligned with Montana’s workforce needs. This research serves as a guiding document for workforce development efforts across the state and has been featured on a national scale as a model for identifying critical workforce shortages. She has also partnered with the Federal Reserve Bank of Minneapolis to lead research measuring the extent and impact of child care shortages.
Watson holds a master’s degree in applied economics from Montana State University and bachelor’s degrees in economics and finance from Linfield University. She is originally from central Oregon and now lives in Montana where she spends most of her free time with her husband and three small children exploring the outdoors.
Professor of Sociology and Demography
Richelle Winkler is professor of sociology and demography at Michigan Technological University. Her research focuses on rural community well-being and spatial inequalities. Much of her work examines migration within the United States and how it relates to community well-being, including social, economic, and environmental factors. Winkler is a member of the U.S. Census Bureau’s Scientific Advisory Committee.