Overview
Revenue
$100 to $500 million (USD) per year
Headquarters
Great Lakes, Midwestern US
The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC, comprise the Federal Reserve System. As the US central bank, the Fed formulates and implements monetary policy, provides payment services to commercial banks and the US government, and supervises banking institutions. Led by president and CEO Loretta J. Mester, the Cleveland Fed operates from its headquarters in downtown Cleveland and from two branches in Cincinnati and Pittsburgh. It employs some 950 people and serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky. The Cleveland Fed began operating in 1914 in a temporary location, and opened its current headquarters in 1923. Dr. Mester assumed the helm of the organization in June 2014. Contrary to common misperception, the Cleveland Fed’s employees are not government employees. The Federal Reserve is an independent entity within government. It is not owned by anyone and is not a private, profit-making institution. The Federal Reserve Bank of Cleveland was established in 1914 as a part of the Federal Reserve System One of 12 regional banks in the Federal Reserve System, the Federal Reserve Bank of Cleveland oversees more than 200 member banks and thrifts and their holding companies in the Fourth Federal Reserve District (Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia). It conducts examinations and investigations of member institutions, distributes money, issues savings bonds and Treasury securities, and participates in setting monetary policy. The bank also processes checks and acts as a clearinghouse for payments between banks in its region. Federal Reserve Banks are not-for-profit and return earnings (mostly from investments in government bonds) to the US Treasury.
