FEDERAL RESERVE LEADERS VISIT MILLE LACS RESERVATION
Story and Photos By Vivian LaMoore, Inaajimowin Editor
In April, leaders from the Federal Reserve System visited the Mille Lacs Band of Ojibwe to learn firsthand about the Band’s economic initiatives, challenges, and opportunities. Federal Reserve Board Governor Adriana Kugler joined Minneapolis Fed President Neel Kashkari, Senior Vice President Alene Tchourumoff, and Center for Indian Country Development (CICD) Engagement Director Heather Sobrepena for a day of dialogue with Mille Lacs Band leadership and Mille Lacs Corporate Ventures (MLCV) team members.
These government-to-government conversations are an essential part of the Band’s work on behalf of the Band membership, ensuring that the voices and needs of the Mille Lacs community are included in national economic policy discussions — not only for today, but for future generations.
Established in 1914, the Minneapolis Fed is one of 12 regional Federal Reserve Banks whose mission is to promote a healthy economy and a stable financial system across the nation. Serving six states in the Ninth District — Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin, and Michigan’s Upper Peninsula — the Bank plays a critical role in examining banks, conducting economic research, and informing national monetary policy.
The Minneapolis Fed is also home to the Center for Indian Country Development (CICD), which advances economic self-determination and prosperity in Native nations through data-driven research and policy initiatives.
Chief Executive Virgil Wind welcomed the delegation by emphasizing the Mille Lacs Band’s enduring connection to the land and the evolving nature of its economy. “Here on our small Reservation in central Minnesota, we are part of the national and global economy,” Wind said. He reflected on the Band’s traditional economy based on seasonal harvesting and trading, and how it has evolved — from early fur trade partnerships to today’s diverse economy that spans gaming, banking, government contracting, retail, and sophisticated investing, all grounded in traditional values.
“One of the things we are most proud of is that as the world changed around us, we have had the ability and the knowledge to adapt along with it,” Wind said.
Neel Kashkari affirmed the Federal Reserve’s commitment to understanding and supporting tribal economies. “Indian Country has a big, important imprint on our region,” Kashkari said. He noted that insights from tribal communities are vital to shaping monetary policy that works for the entire nation, explaining, “We cannot target a separate interest rate for the state of Minnesota, California, and New York. We all have one monetary policy. We all use the same dollar. But we are trying to get it right for the country as a whole. And making sure that this region, in that process, is part of what I am there for. Conversations like this are incredibly helpful to understand what is happening.”
During the visit, MLCV team members presented an overview of the Mille Lacs Band’s tribal economy, highlighting the importance of tourism, the impact of the global economy on hospitality businesses, and workforce development challenges.
Governor Kugler, who was born in Minneapolis and whose family history includes Colombian immigrants, shared that her personal experiences inform her policymaking. She expressed a deep sense of connection with the Mille Lacs Band’s commit ment to community, language, and culture. “This exchange of ideas is what allows us to make better decisions,” Kugler said. “I am so grateful for this opportunity to learn from you.”
As the global economy continues to face uncertainty, Kashkari and Kugler emphasized their commitment to bringing regional perspectives — including those from tribal nations — to Washington, ensuring that federal policy decisions reflect the realities and aspirations of communities across the country.
Board of Governors of the Federal Reserve System Governor Adriana Kugler accompanied Minneapolis Fed President Neel Kashkari, Senior Vice President Alene Tchourumoff, and Center for Indian Country Development Engagement Director Heather Sobrepena to visit with Mille Lacs Band leaders. Mille Lacs Band leadership and staff are Chief Executive Virgil Wind, Commissioner of Administration/Interim Commissioner of Corporate Affairs Darcie Big Bear, Woodlands Bank Board of Directors Chair Sarah Oquist, MLCV Director of Planning and Community Engagement Beth Gruber, Coucil for Chief Executive's Office Hannah Valento, and Revisor of Statutes Reen Reinhardt.