Federal Reserve Board Press Release - Ben Bernanke Confirmed as Chairman of the Federal Reserve Board http://www.federalreserve.gov/boarddocs/press/other/2006/20060131/default.htm

Statement by Sandra Pianalto, President and CEO, Federal Reserve Bank of Cleveland, on the Confirmation of Ben Bernanke as Chairman

I offer Ben my heartfelt congratulations. I had the honor of serving with Ben on the FOMC for two years, before he left the Federal Reserve Board to chair the President's Council of Economic Advisers. Ben is a distinguished scholar who has made significant contributions to the field of economics throughout his career. During his service at the Federal Reserve Board, Ben contributed a wealth of stimulating ideas to our policy discussions. I look forward to his leadership of the Federal Reserve System.

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, supervises certain banks and all bank holding companies, and provides payment services to depository institutions and the U.S. government. Payment services include check clearing, electronic payments, and the distribution and processing of currency and coin.

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