Carlson School Dean Sri Zaheer has been elected to the board of directors of the Federal Reserve Bank of Minneapolis. Zaheer was elected as a new Class B director and will serve a three-year term beginning January 1, 2017.

Class B directors are elected by member banks to represent the public. Its members include Christine Hamilton, managing partner of Christiansen Land and Cattle Ltd. in Kimball, South Dakota; and Kathleen Neset, president of Neset Consulting Service in Tioga, North Dakota. Zaheer is replacing Class B Director Lawrence Simkins, chairman, CEO, and president of the Washington Companies in Missoula, Montana, whose term expires on December 31, 2016.

Zaheer, the Elmer L. Andersen Chair in Global Corporate Social Responsibility at the Carlson School, joined the University of Minnesota in 1991 as an assistant professor after earning her PhD at the Sloan School of Management at MIT. Her civic participation includes organizations such as the Greater Twin Cities United Way and the Destination Medical Center Economic Development Agency for the Mayo Clinic.

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 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. While Class A and B directors are elected by member banks, 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.

About the Federal Reserve

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.