GMAC Board Member Elected Director of Federal Reserve Bank of Minneapolis
Srilata Zaheer will serve a three-year term as director of the Federal Reserve Bank of Minneapolis, replacing outgoing Class B director Lawrence R. Simkins.
Srilata Zaheer, dean and Elmer L. Andersen chair in Global Corporate Social Responsibility of the Carlson School of Management at the University of Minnesota, and member of the Board of Directors at the Graduate Management Admission Council, has been appointed director of the Federal Reserve Bank of Minneapolis.
The responsibilities of the Federal Reserve Bank directors include overseeing the general operations of the Minneapolis Fed to reporting on district economic conditions. This information helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about national monetary policy.
As a Minneapolis Fed director, Zaheer will represent a cross section of the Ninth District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. The Federal Reserve Bank of Minneapolis board has nine members, with three Class A directors representing the member banks; and Class B and C directors who are selected to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Zaheer’s research and teaching focus is on international business. Prior to her current role at the Carlson School of Management, she worked for multinationals, such as Tata Consultancy Services and Sandoz (India) Ltd. “I’m thrilled that Sri has been recognized with this prestigious appointment,” said GMAC CEO Sangeet Chowfla. “Working side by side with her on the GMAC Board, I know how committed she is to giving back to her broader community. We’re very fortunate to have Board members of the caliber of Sri working with us in service to the graduate management education community.”
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, DC, 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 payment services to financial institutions and the US government.
Zaheer is also active on the boards of Greater Twin Cities United Way and the Guthrie Theater in Minneapolis. She has been a member of the GMAC Board of Directors since July 1, 2016.
More information about the GMAC Board of Directors is available here.