Chelsie Glaubitz Gabiou and Lakota Vogel have been elected to the Federal Reserve Bank of Minneapolis’ board of directors for terms beginning Jan. 1, 2023. In addition, current director Brenda Foster was reelected for a second term, and Chris Hilger was re-appointed to a second term.
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.
Chelsie Glaubitz Gabiou was elected to a one-year term as a class B director. This election fulfills the remainder of the term of an open seat. Glaubitz Gabiou is president of the Minneapolis Regional Labor Federation, AFL-CIO.
Lakota Vogel was elected to a three-year term as a class B director. Vogel is executive director of Four Bands Community Fund in Eagle Butte, South Dakota.
Chris Hilger was re-appointed by the Board of Governors to a second term as a class C director. Hilger is chairman, president, and CEO of Securian Financial.
Brenda Foster was reelected to serve a second three-year term as a class A director. Foster is chairman, president, and CEO of First Western Bank & Trust.
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.