Gerald “Jerry” Jacobson, president of Northwestern Bank, has been re-elected to the Federal Reserve Bank of Minneapolis’ board of directors for a second term beginning January 1, 2024. He will serve a full three-year term.
“It is an honor to be re-elected to the board and represent member banks from our district,” shared Jacobson. “I look forward to another term and the challenges and opportunities it will bring for our region.”
The responsibilities of directors are broad, ranging from overseeing the general operations of the Minneapolis Fed to reporting on district economic conditions.
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.