Gerald Jacobson and Chelsie Glaubitz Gabiou have been reelected to the Federal Reserve Bank of Minneapolis’ board of directors for terms beginning January 1, 2024.
Elections are held in accordance with the Federal Reserve Act, under the direction of the board’s chair, Sri Zaheer.
The Minneapolis Fed’s nine directors represent a cross section of the Ninth District. Class A directors are elected to the board by member banks to represent member banks. Class B and C directors represent the public and the many sectors of the economy. Class B directors are elected to the board by member banks, while 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.
Gerald Jacobson was reelected by member banks to serve a second term as a Class A director. Jacobson is president and CEO of Northwestern Bank based in Chippewa Falls, Wisconsin.
Chelsie Glaubitz Gabiou was reelected by member banks to serve a second term as a Class B director. Glaubitz Gabiou is president of the Minneapolis Regional Labor Federation, AFL-CIO.
Both will serve full three-year terms.
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. For more information and to see all serving directors, visit the Board of Directors page.
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.