Engaging Our District’s Business, Civic, and Community Leaders
Advisory councils are another means through which Cleveland Fed leaders connect with Fourth District business, civic, and community leaders.
The Federal Reserve Bank of Cleveland engages with Fourth District business, civic, and community leaders to collect timely input on current economic and business conditions in a variety of organizations and industries. Fed officials also seek information from individuals with community development, labor, and consumer interests who hail from a wide spectrum of industries and geographic regions within the Fourth District and who are diverse in background and perspective in order to ensure that information collected on the regional economy is not only diverse, but also broad based.
This information helps Federal Reserve officials keep their “fingers on the pulse” of Fourth District business conditions, inform Bank economists about changing economic conditions and trends, and prepare the Bank president for Federal Open Market Committee (FOMC) meetings.
The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, which comprises all of Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky. Advisory council members represent views from diverse backgrounds and geographic regions and from a variety of industries and organizations.
Business Advisory Councils
Business Advisory Council members are recruited annually from firms that represent a cross-section of regional businesses and from labor, community development, and consumer organizations to ensure that data collected on the regional economy represent the views of an array of stakeholders.
Community Advisory Council
The Community Advisory Council (CAC) is comprised of experts and leaders in the Fourth District who represent issues of concern to underserved and lower-income individuals and communities. Its purpose is to inform and advise the Cleveland Fed about current and emerging economic and social issues and trends impacting those individuals and communities.
Community Depository Institutions Advisory Council
Members of the Fourth District’s Community Depository Institutions Advisory Council are leaders from commercial banks, thrifts and savings banks, and credit unions with assets of less than $10 billion.
Federal Advisory Council
The Federal Advisory Council is composed of 12 representatives of the banking industry, one from each Federal Reserve District who meet with and advise members of the Board of Governors on matters including economic conditions, the outlook for loan markets, and other issues.
Education Advisory Council
The Education Advisory Council members are diverse in background and regional perspectives. Members help us better understand and engage with the communities we serve with respect to museum and other education outreach initiatives.
Equity and Inclusion Advisory Council
Equity and Inclusion Advisory Council members work collaboratively with the executive office and the director of diversity, equity, inclusion, and opportunity. Council members provide guidance and expertise regarding actions, initiatives, and strategies the Bank can pursue with respect to diversity, equity, and inclusion at the Cleveland Fed and in the communities it serves.