Superior business man serves on Federal Reserve Bank advisory councilRusty Hoglund, president and owner of Superior Steel, represents Northern Wisconsin on the Region 9 Small Business and Labor Advisory Council for the Minneapolis Federal Reserve Bank. It’s a fact few people know but he’s served since 2011.
Rusty Hoglund, president and owner of Superior Steel, represents Northern Wisconsin on the Region 9 Small Business and Labor Advisory Council for the Minneapolis Federal Reserve Bank. It’s a fact few people know but he’s served since 2011.
“Being on an advisory council for the Minneapolis Federal Reserve Bank is probably the most awe-inspiring professional situation I’ve ever encountered, Hoglund said. “Attending meetings — not to mention the lavish lunches served — in the board room at the bank is humbling. I feel like I’m in a James Bond movie.”
Hoglund is also the current president and a long-time board member for the Arrowhead Manufacturers & Fabricators Association (AMFA), serving a three-year term on the Council. Superior Steel is a Superior, WI, manufacturer specializing in machining and steel fabrication on Connors Point.
The Federal Reserve System, an unusual mixture of public and private elements, began operating in 1914.
National leadership is provided by the Federal Reserve Board in Washington D.C. The board consists of seven governors (appointed by the president and confirmed by the Senate) who serve 14-year terms and a chairman and vice-chairman who are appointed to 4-year terms. Ben Bernanke has been chairman of the Fed since 2006.
Among other responsibilities, the Federal Reserve Board guides monetary policy action, analyzes domestic and international economic and financial conditions, and leads committees that study current issues, such as consumer banking laws and electronic commerce.
The board’s most important responsibility is participating in the Federal Open Market Committee, which conducts our nation’s monetary policy; the seven governors comprise the voting majority of the FOMC with the other five votes coming from Reserve Bank presidents.
A network of 12 Federal Reserve Banks and 25 branches make up the Federal Reserve System under the general oversight of the Federal Reserve Board. Reserve Banks are the operating arms of the central bank. Each of the 12 Reserve Banks serves a region of the country — including the Minneapolis Federal Reserve Bank serving Region 9. Region 9 encompasses Minnesota, Montana, North and South Dakota, and 26 counties in northwestern Wisconsin and the UP of Michigan.
The Reserve Banks serve banks, the U.S. Treasury, and indirectly, the public. A Reserve Bank is often called a “banker’s bank,” storing currency and coin, and processing checks and electronic payments. Reserve Banks also supervise commercial banks in their regions. As the bank for the U.S. government, Reserve Banks handle the Treasury’s payments, sell government securities and assist with the Treasury’s cash management and investment activities. Reserve Banks conduct research on regional, national and international economic issues.
Each Reserve Bank’s board of directors oversees the management and activities of the district bank. Each board appoints the president and first vice president of the Reserve Bank, subject to the approval of the Federal Reserve Board. Council members advise the bank’s senior officers and economists on regional economic conditions. All six states are represented on the Region 9 Council.