This Annual Report
was prepared by the
Public Information and
Research departments
of the Federal Reserve
Bank of Cleveland.

For a hard copy of
this report, contact
the Research Library,
Federal Reserve
Bank of Cleveland,
P.O. Box 6387,
Cleveland, OH 44101,
or call 216.579.2052.

We invite your comments
and questions. Please
e-mail us at
editor@clev.frb.org.

Acknowledgments

Managing Editor
Robin Ratliff, Assistant
  Vice President and
  Assistant Corporate
  Secretary

Designer
Michael Galka, Manager,
  Communications
  Support

Research Support
Linsey Molloy,
  Economic Analyst

Portrait Photography
Bill Pappas
  Photography, Inc.
Stock photography
  provided by Corbis,
  Getty Images, Shutter-
  stock, UrbanOhio.com,
  and Veer.

The Federal Reserve System is responsible for
formulating and implementing U.S. monetary
policy. It also supervises banks and bank
holding companies and provides financial
services to depository institutions and the
federal government.

The Federal Reserve Bank of Cleveland is one
of 12 regional Reserve Banks in the United
States that, together with the Board of
Governors in Washington, D.C., comprise the
Federal Reserve System.

The Federal Reserve Bank of Cleveland,
including its branch offices in Cincinnati and
Pittsburgh, serves the Fourth Federal Reserve
District (Ohio, western Pennsylvania, the
northern panhandle of West Virginia, and
eastern Kentucky).

It is the policy of the Federal Reserve Bank
of Cleveland to provide equal employment
opportunity for all employees and applicants
without regard to race, color, religion, sex,
national origin, age, or disability.