David Emery, chairman and CEO of Black Hills Corp. in Rapid City, South Dakota, has been elected to the Federal Reserve Bank of Minneapolis’ Board of Directors. His term begins immediately and runs through December 31, 2019, when he will be eligible for a second term.
Emery was named president and CEO, and elected to the board of directors of Black Hills Corp., in 2004 and was named chairman of the board in 2005. In 2016, he relinquished his role as president but continues to serve as chairman and CEO of the company. Black Hills Corp. is a utility company serving 1.25 million natural gas and electric utility customers in eight Midwestern and Rocky Mountain states. Prior to joining Black Hills Corp. in 1989, Emery began his career as a petroleum engineer in the oil and gas industry.
He is currently a director at both the Edison Electric Institute and the American Gas Association, and is a past board member of the United States Chamber of Commerce. An enrolled member of the Cheyenne River Sioux Tribe, Emery received his B.S. in petroleum engineering from the University of Wyoming and earned his MBA at the University of South Dakota.
Emery’s special election fills a Class B director seat left vacant when Srilata Zaheer was appointed to serve as a Class C director, beginning January 1, 2018.
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. Pursuant to the Federal Reserve Act, the Federal Reserve Bank of Minneapolis board has nine members, with three Class A directors representing the member banks and three each of Class B and C directors, selected to represent the public with “due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.” 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.