The Cleveland Fed at a Glance
The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System, which was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. As the US central bank, the Federal Reserve formulates and implements monetary policy—the actions undertaken by a central bank to influence the availability and cost of money and credit to help promote national economic goals—provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.
Led by its president and chief executive officer, Loretta J. Mester, the Cleveland Fed operates from its headquarters in downtown Cleveland and from its Cincinnati and Pittsburgh Branches. It employs some 1,000 people and serves the Fourth Federal Reserve District, which covers Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky.
The Cleveland Fed began operating in 1914 and opened its current headquarters in 1923. Dr. Mester was named president and CEO in June 2014.
Contrary to a common misperception, the Cleveland Fed’s employees are not government employees, and the Federal Reserve does not receive funding through the congressional budgetary process. The Federal Reserve is an independent entity within government. It is not owned by anyone and is not a private, profit-making institution.
Federal Reserve Bank of Cleveland Presidential Timeline
Each of the 12 Federal Reserve Bank presidents plays a unique role in our nation’s economy by participating on the Federal Open Market Committee (FOMC), the Federal Reserve’s chief monetary policymaking body. By implementing effective monetary policy, the Fed can maintain stable prices, thereby supporting conditions for long-term economic growth and maximum employment. Learn about the presidents who served the Cleveland Fed over the years.