James Lyon ('77) Named Interim President of Mpls. Federal Reserve
SEPTEMBER 3, 2009—James M. Lyon ('77) has been named acting president of the Federal Reserve Bank of Minneapolis and will remain in the position until a permanent president is selected. He has been with the Minneapolis Federal Reserve since 1977, first as a staff attorney and since 2000 as chief operating officer and first vice president.
He is vice chair of the Committee on Plan Administration for the Federal Reserve's retirement and thrift plans and a member of the Financial Services Policy Committee. As chair of the Conference of First Vice Presidents, Lyon has led coordination of operations at the 12 regional Federal Reserve banks nationwide.
The Minneapolis Federal Reserve, together with its Helena, Mont., branch, serves the Ninth Federal Reserve District, composed of Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin, and Michigan's Upper Peninsula. Among its functions are operation of a nationwide payments system, distribution of the nation's currency and coin, and supervision and regulation of member banks and bank holding companies.
Lyon, a graduate of Lawrence University, Appleton, Wisc., and the University of Minnesota Law School, assumed the responsibilities of interim president upon the August 31 retirement of Gary Stern. With 24 years in the job, Stern was the longest-serving Federal Reserve Bank president.
James J. Hynes, chair of the Minneapolis Federal Reserve's board of directors and executive administrator of Twin City Pipe Trades Services Assoc., St. Paul, heads the committee that will conduct a nationwide search for a new president of the Federal Reserve Bank of Minneapolis.