Did you know the Cleveland Fed is an independent, privately held nonprofit organization with approximately 1,000 employees? Learn about how we work and our key economic role.
The Federal Reserve Bank of Cleveland (more commonly known as the “Cleveland Fed”) is just one part of the central bank of the United States, formally known as the Federal Reserve System. This includes the twelve regional Reserve Banks, the Federal Reserve Board of Governors in Washington DC, and the Federal Open Market Committee (FOMC).
As part of the US central bank, we support the US economy and our region by:
- Studying and reporting economic conditions and issues that affect our communities.
- Promoting a stable and secure financial system so people can borrow, invest, and spend.
- Developing economic education and resources for all.
Like the other Reserve Banks, the Cleveland Fed is not a federal government agency. We are instead an independent, privately held nonprofit organization whose shareholders are the member banks in our geographical area, which we call our “district,” originally set out in the 1913 Federal Reserve Act. Only the Federal Reserve Board of Governors is a federal agency. Read more about the Federal Reserve and how it works.
Explore our presidential history
All 12 Federal Reserve Bank presidents, including Cleveland’s, play an important role in our nation’s economy by participating in the Federal Open Market Committee (FOMC), the Federal Reserve’s chief monetary policymaking body. Visit the Federal Reserve History website for a timeline of Cleveland Fed presidents from our beginnings in 1914 to the present.