Gerald Jacobson and Paul Williams have been elected to the Federal Reserve Bank of Minneapolis’ board of directors, for terms beginning Jan. 1, 2021.
Gerald Jacobson, president of Northwestern Bank in Chippewa Falls, Wis., was elected by the member banks as a Class A (banker) director and will serve a three-year term. Jacobson joined Northwestern Bank in 1978 as an auditor. Prior to becoming president of Northwestern Bank, Jacobson served as chief operating officer.
Jacobson is succeeding Class A director Tom Armstrong, senior vice president and market president of Forward Bank in Park Falls, Wis. Armstrong’s term will end on Dec. 31, 2020.
The Class A group of directors is elected to the board of directors by member banks to represent member banks and includes Jeanne Crain, president and chief executive officer of Bremer Financial Corp., St. Paul, and Brenda K. Foster, chairman, president, and chief executive officer of First Western Bank and Trust, Minot, N.D.
Paul Williams, president and chief executive officer of Project for Pride in Living in Minneapolis, was elected by member banks as a Class B (nonbanker) director and will serve a three-year term. Prior to joining Project for Pride in Living, Williams served as deputy mayor of St. Paul.
Williams is succeeding Class B director Kathleen Neset, president of Neset Consulting Service, Tioga, N.D. Neset’s term will end on Dec. 31, 2020.
The Class B group of directors is elected by member banks to represent the public and includes David Emery, retired chairman and chief executive officer of Black Hills Corp., Rapid City, S.D., and Sarah Walsh, chief operating officer of PayneWest Insurance, Helena, Mont.
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.” Member banks are stockholders of the Reserve Bank in their district and, as such, are required to hold 3 percent of their capital as stock in their Reserve Banks. 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.