GARY H. STERN was President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis (the “Minneapolis Fed”) from March 1985 to September 2009. Stern joined the Minneapolis Fed in January 1982 as Senior Vice President and Director of Research. Before joining the Minneapolis Fed, he was a Partner in a New York-based economic consulting firm. Stern’s previous experience includes seven years at the Federal Reserve Bank of New York, where his last assignment was as Manager of the Domestic Research Department. Stern serves on the Board of Directors of the Financial Industry Regulatory Authority, The Dolan Company, the Ambac Assurance Corporation and the National Council on Economic Education. He formerly served as Chairman of the Board of the Northwest Area Foundation and the Minneapolis Club, and was also a member of the Board of Trustees of the Minneapolis College of Art and Design and of Hamline University.

Stern currently serves as a director on the DTCC Board, Vice Chairman of the Risk Committee and a member of the Governance Committee.

Stern holds a Bachelor of Arts degree in Economics from Washington University. He also holds a Doctorate of Philosophy degree in Economics from Rice University.