Bank of North Dakota Leadership
The Bank’s president is appointed by the Industrial Commission. The president selects executive committee staff members. Executive committee members, along with other BND staff members, will provide information to the Legislative Assembly.
Industrial Commission
The North Dakota Industrial Commission oversees Bank of North Dakota per Chapter 54-17 of North Dakota Century Code 6-09. In addition to providing input and approval for some programs, the Commission must approve loans over $15 million.
Advisory Board
The governor appoints an advisory board of directors consisting of seven people, two of whom must be officers of banks whose majority of stock is owned by North Dakota residents. At least one director must be an officer of a state-chartered or federal-chartered financial institution. The board provides input on Bank programs, financial needs of the state’s residents and approves loans over $7.5 million.
North Dakota Legislature
Every legislative session, the state’s budget needs are reviewed, and the amounts designated from BND’s capital will vary based upon the needs of the state and BND’s desire to maintain liquidity and capital. Legislators work closely with Bank leadership to establish the contribution, along with any new efforts, the Bank is assigned.