News

Minneapolis Fed Elects Two Directors

David Emery was re-elected, while Brenda Foster was chosen to succeed Catherine Kelly. Their terms will begin in 2020.

Minneapolis Fed Elects Two Directors
Federal Reserve Bank of Minneapolis. (Photo from CC).

David Emery has been re-elected to the board of the Federal Reserve Bank of Minnesota, keeping a seat he’s held since 2018.

Meanwhile, Brenda Foster was elected to her first term on the Fed’s board. She succeeds Catherine Kelly, who’s reached her maximum term limit.

Emery and Foster will each serve three-year terms beginning Jan. 1.

Emery is the CEO and executive chairman of Rapid City-based diversified energy company Black Hills Corp. Emery, 55, has an MBA from the University of South Dakota. He rose to CEO of the company after holding a variety of leadership roles, including president and COO.

Foster is the chair, president, and CEO of First Western Bank and Trust of Minot, North Dakota. Previously, she served as president of the Independent Community Banks of North Dakota, and chair of the Large Community Bank Council for Independent Community Banks of America.

As one of three Class A directors for the Minneapolis Fed, Foster will represent member banks. For his part, Emery will represent the public as one of three Class B directors.

Board directors’ responsibilities range from “overseeing the general operations of the [Fed] to reporting on district economic conditions…[which] helps prepare the Fed president for… Federal Open Market Committee meetings, where decisions are made about monetary policy,” according to the Minneapolis Fed.

Both Foster and Emery were elected on Tuesday by the Reserve’s member banks.

The appointments came a day before the U.S. Federal Reserve voted to approve a quarter-point interest rate cut.

Newsletter Sign Up