The Federal Reserve Bank of Minneapolis announced the designation of the chair and deputy chair of its board of directors for 2014 and two new members.
Randall J. Hogan was named chair of the board of directors for 2014. He has been a member of the board since 2010 and was deputy chair for 2012 and 2013. Hogan is chairman and chief executive officer of Pentair in Minneapolis.
Maykao Y. Hang was named deputy chair of the board of directors for 2014. She has been a member of the board since 2012. Hang is president and chief executive officer of the Amherst H. Wilder Foundation in St. Paul.
Joining the board of directors in 2014 are Kendall J. Powell, chairman and chief executive officer, General Mills, Inc., Minneapolis; and Catherine T. Kelly, president and chief executive officer, Minnesota Bank and Trust, Edina.
Retiring from the Minneapolis Fed’s board are Mary K. Brainerd, president and chief executive officer, HealthPartners, Minneapolis; and Julie Causey, chairman, Western Bank, St. Paul.
Minneapolis Fed directors are selected to represent a cross section of the Ninth District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. The Federal Reserve Bank of Minneapolis Board has nine members. Commercial banks that are members of the Federal Reserve System elect three bankers and three nonbankers. The Federal Reserve Board of Governors in Washington, D.C., appoints three additional nonbankers and designates the board's chair and deputy chair from among its three appointees. Kelly was elected by member banks. Hogan, Hang and Powell were appointed by the Board of Governors.
The responsibilities of directors are broad, ranging from overseeing the general operations of the Minneapolis Fed to reporting on district economic conditions. This information helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.