The Federal Reserve Bank of Minneapolis today announced the following election and re-election to its board of directors.
Srilata Zaheer, dean and Elmer L. Andersen Chair in Global Corporate Social Responsibility of the Carlson School of Management at the University of Minnesota, was elected as a new Class B director and will serve a three-year term. Zaheer joined the University in 1991 as an assistant professor after earning her Ph.D. at the Sloan School of Management at MIT. Zaheer’s civic participation includes multiple organizations in the Ninth District, such as the Greater Twin Cities United Way and the Destination Medical Center Economic Development Agency for the Mayo Clinic. She will begin her first term on Jan. 1, 2017.
Zaheer is replacing Class B director Lawrence R. Simkins, chairman, chief executive officer and president of the Washington Companies in Missoula, Mont. Simkins’ term will end on Dec. 31, 2016.
The Class B group of directors is elected by member banks to represent the public and includes Christine Hamilton, managing partner of Christiansen Land and Cattle Ltd., Kimball, S. Dak., and Kathleen Neset, president of Neset Consulting Service, Tioga, N. Dak.
Catherine T. Kelly, president and chief executive officer of Minnesota Bank and Trust in Edina, was re-elected to a three-year term as a Class A director. She will begin her second term on Jan. 1, 2017.
The Class A group of directors is elected to the board of directors by member banks to represent member banks and includes Randy L. Newman, chairman and chief executive officer of Alerus Financial N.A. and Alerus Financial Corp., Grand Forks, N. Dak., and Thomas W. Armstrong, president of the First National Bank of Park Falls, Park Falls, Wis.
About the Board of Directors
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, with three Class A directors representing the member banks; Class B and C directors are selected to represent the public with “due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers,” according to the Federal Reserve Act. The Class A and B directors are elected by member banks, and the Class C directors are appointed by the Board of Governors, which also designates the board’s chair and deputy chair from among its three appointees.
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.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.