The Federal Reserve Bank of Minneapolis recently announced the appointment of Harry Melander, the president of the Minnesota Building and Construction Trades Council, as a new member of its board of directors.
Selected as a new Class C member under a three-year term, Melander will replace Pentair CEO Randy Hogan, who is retiring from the board this year. Joining him as new Class A and B directors, respectively, are MayKao Y. Hang, the chairwoman of the board and CEO of the Wilder Foundation, and Ken Powell, the deputy chairman and CEO of General Mills.
The Class C group of directors is appointed by the Federal Reserve Bank System’s Board of Governors in Washington while member banks elect the Class A and B directors. Both Class B and C directors shall supervise the hiring of Federal Reserve Bank presidents.
With over 25 years of experience representing unions in the construction industry, Melander, who also serves as vice chair of the Metropolitan Council, is one of only a few union leaders nationwide serving as a Federal Reserve Bank director. As a new board member, his responsibilities range from overseeing the general operations of the Minneapolis Fed to reporting on district economic conditions.
Located in Minneapolis, Minnesota, the Federal Reserve Bank of Minneapolis covers the 9th District of the Federal Reserve, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan.