Chairwoman of the Board

Dean Sri Zaheer made history when she was named the chair of the Federal Reserve Bank of Minneapolis—as the only business-school dean to currently serve on a board of directors for a federal reserve bank, but also the only active dean to chair the board. Her role began January 2020.

“It is a privilege to be chosen to serve in this important role,” says Zaheer, board member since 2017. “I look forward to better understanding and communicating the challenges faced by the industries responsible for the economic vitality of the ninth district, while working with the bank’s leadership in support of its mission.”

The Minneapolis Fed participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payment services to financial institutions and the U.S. government. A nine-member board of directors is responsible for oversight of the bank, which serves Minnesota, the Upper Peninsula of Michigan, Montana, North Dakota, South Dakota, and northwestern Wisconsin. Minneapolis Fed directors represent a cross-section of the district’s economy, including agriculture, commercial banks of various sizes, consumer, industry, labor, and the service sector.

“I’m looking forward to working with Sri in this role because of the unique perspective and wisdom she brings to the board,” says Neel Kashkari, president of the Minneapolis Fed. “We benefit from her international experience, her understanding of the issues facing our business community, and the challenges of educating the future leaders of our region. Sri’s elevation to board chair is also another milestone in our remarkable partnership with the University.”

Zaheer is succeeding Ken Powell, the current chair of the University’s Board of Regents, as the Minneapolis Fed’s board chair.

A GOLDEN MINNESOTA PARTNERSHIP
For more than 50 years, the Minneapolis Fed and the University—especially the Economics Department—have worked closely in developing groundbreaking research and recommendations that have had great impact on the Fed’s monetary policy.

“One of the deep legacies of the Minnesota partnership is the understanding that solid economic research is the bedrock of sound economic policy,” according to an August 2019 op-ed by Art Rolnick and Mark L.J. Wright, published in the Minneapolis Star Tribune. Starting in the 1960s, researchers from both institutions not only challenged conventional models, but also forged a new path for economic scholarship and policymaking that continues today.

A conference celebrating this special partnership was held the summer of 2019 on the University of Minnesota’s Twin Cities campus, including at the Carlson School. It also served as a chance to look to the future, which will continue to see University students and faculty working together with colleagues at the Fed on the next influential piece of economic research.