Federal reserve president gives primer on role

Narayan Kocherlakota, president of the Federal Reserve Bank of Minneapolis, is speaking at Weber Hall at the University of Minnesota Duluth as part of the Labovitz School of Business and Economics 2012-2013 Distinguished Speaker Series.

His presentation, Federal Reserve 101: A Town Hall Meeting, is meant to be a primer for the public on the role of the Federal Reserve Bank of Minneapolis in a question and answer format. The presentation begins at 7 p.m. Tuesday, and is free and open to the public.

Kocherlakota serves on the Federal Open Market Committee with the 12 additional presidents of the Federal Reserve Banks, who meet every 6 to 8 weeks in Washington, D.C. to determine monetary policy for the nation. Previously, Kocherlakota was employed by the University of Minnesota Twin Cities as a professor and chair of the Department of Economics.

“We are so fortunate that Dr. Kocherlakota is able to come to UMD for this public forum,” said Kjell R. Knudsen, dean of the business school. “We look forward to having him enlighten us on the internal workings of the Federal Reserve Bank. This is an invaluable opportunity for our students and the community.”

The event is sponsored by the National Bank of Commerce.

“National Bank of Commerce is thrilled to support this unique opportunity for the Twin Ports,” said Bruce Webb, president of Minnesota Banks for National Bank of Commerce. “As the area’s largest locally owned community bank, financial literacy is a pivotal skill set for today’s college student and well beyond in to their careers. Our communities need individuals capable of making informed and effective decisions through their understanding of finances to ensure continued growth and development.”

Curt L. Anderson, professor of Economics and director of UMD’s Center for Economic Education, was instrumental in attaining Kocherlakota for the event. The Center for Economic Education is a member of the Minnesota Council on Economic Education, whose mission is to provide Minnesotans with the economic and financial understanding they need to function effectively in a complex, global environment.

National Bank of Commerce is generously underwriting the 2012-2013 LSBE Distinguished Speaker Series. With six local branches, National Bank of Commerce is the area’s largest, locally owned bank with locations in Duluth, Hermantown, Superior, Poplar and Solon Springs.

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