The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System, which was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. As the US central bank, the Federal Reserve formulates and implements monetary policy—the actions undertaken by a central bank to influence the availability and cost of money and credit to help promote national economic goals—provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.
Led by its president and chief executive officer, Loretta J. Mester, the Cleveland Fed operates from its headquarters in downtown Cleveland and from its Cincinnati and Pittsburgh Branches. It employs some 1,000 people and serves the Fourth Federal Reserve District, which covers Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky.
The Cleveland Fed began operating in 1914 and opened its current headquarters in 1923. Dr. Mester was named president and CEO in June 2014.
Contrary to a common misperception, the Cleveland Fed’s employees are not government employees, and the Federal Reserve does not receive funding through the congressional budgetary process. The Federal Reserve is an independent entity within government. It is not owned by anyone and is not a private, profit-making institution.
Federal Reserve Bank of Cleveland Presidential Timeline
Each of the 12 Federal Reserve Bank presidents plays a unique role in our nation’s economy by participating on the Federal Open Market Committee (FOMC), the Federal Reserve’s chief monetary policymaking body. By implementing effective monetary policy, the Fed can maintain stable prices, thereby supporting conditions for long-term economic growth and maximum employment. Learn about the presidents who served the Cleveland Fed over the years.
Sandra Pianalto
President February 1, 2003 to May 31, 2014
An Italian immigrant, Ms. Pianalto joined the Bank in 1983 as an economist in the Research Department. She held several leadership roles of increasing responsibility prior to being named first vice president and chief operating officer in 1993, and president in 2003. Before joining the Bank, Ms. Pianalto was an economist at the Federal Reserve Board of Governors and served on the staff of the Budget Committee of the US House of Representatives. She served during an extraordinary period in our country’s economic history, seeing the Fourth District through the financial crisis and severe recession of 2008-09, and leading the Bank through its transformation from a heavily operational organization to a more knowledge-focused entity.
Jerry L. Jordan
President March 1992 to January 31, 2003
Dr. Jordan earned a doctorate in economics from University of California at Los Angeles and holds honorary doctorates from Denison and Capital universities. Before joining the Bank, he was a senior vice president and director of research at the Federal Reserve Bank of St. Louis. His commercial banking experience includes 5 years at Pittsburgh National Bank and 7 years at First Interstate Bancorp in Los Angeles. He was a member of President Reagan's Council of Economic Advisors in 1981-82. Dr. Jordan is also an adjunct scholar at the Cato Institute and a past president of the National Association of Business Economics.
W. Lee Hoskins
President October 8, 1987 to November 15, 1991
Prior to joining the Bank in 1987, Dr. Hoskins was chief economist and senior vice president for Economics and Corporate Affairs of PNC Financial Corp. in Pittsburgh. He joined Pittsburgh National Bank in 1980 and became vice president and economist (prior to the formation of PNC Financial Corp.) From 1969 to 1971, Hoskins was an economist at the Federal Reserve Bank of Philadelphia, where he became research officer (1972) and vice president (1973). He received his B.A., M.A., and Ph.D. degrees in economics from the University of California at Los Angeles. He is a past president of the National Association of Business Economics and has served as a visiting faculty member of the Wharton School, the Stonier Graduate School of Banking, and the Graduate School of Banking at Madison, Wisconsin. Dr. Hoskins was a first lieutenant in the US Army Intelligence Corps from 1964 to 1966, in Stuttgart, West Germany.
Karen N. Horn
President May 1, 1982 to April 8, 1987
Dr. Horn, a native Californian, graduated from Pomona College in Claremont, California, in 1965 and received her doctorate in economics from Johns Hopkins University in 1971. From 1969 to 1971, Dr. Horn was a senior economist on the staff of the Board of Governors of the Federal Reserve System. She also served as an economist and vice president of the First National Bank of Boston and as treasurer of the Bell Telephone Company of Pennsylvania. Dr. Horn, as the first woman president of a Federal Reserve Bank, successfully saw the Bank through the Ohio savings and loan crisis.
Willis J. Winn
President September 1, 1971 to April 30, 1982
Mr. Winn was born in Plattsburg, Missouri, where his grandfather had been a founder of the First National Bank of Plattsburg. He graduated from Central College in Fayette, Missouri, and received his M.A. in finance from the University of Pennsylvania. In 1942, he moved to New York and became a research associate with the National Bureau of Economic Research, later returning to the University of Pennsylvania as an instructor in the Wharton School of Finance. He earned his Ph.D. there in 1951 and was named a professor of finance in 1957. He co-authored several books during those years. From 1955 to 1957, Winn served as vice dean of the Wharton School and was named dean of the school and vice provost of the university in 1958. He saw enrollment double during his tenure there. In Cleveland, Mr. Winn served as a catalyst in bringing community leaders together to discuss the problems facing the city.
W. Braddock Hickman
President May 1, 1963 to November 28, 1970
Mr. Hickman graduated from the University of Richmond and earned his Ph.D. in economics from Johns Hopkins University in 1937. He was a member of the faculties of Princeton University, Rutgers University, and the Institute for Advanced Study. During World War II, he was a lieutenant in the US Naval Reserve. He became a member of the research staff and director of the Corporate Bond Research Project of the National Bureau of Economic Research and published three books on corporate finance. Mr. Hickman was supervisor of economic studies at the New York Life Insurance Company from 1953-56, joining American Airlines as director of economic research in 1956. He was appointed senior vice president of the Federal Reserve Bank of Cleveland in 1960 and was named president in 1963. Mr. Hickman, who always retained a close interest in economic research, was appointed by President Nixon to the National Commission on Federal Statistics in 1970.
Wilbur D. Fulton
President May 14, 1953 to April 30, 1963
Mr. Fulton, the first native Clevelander to head the Bank, was born on April 1, 1898. He attended Western Reserve University and the Graduate School of Banking conducted by the American Bankers Association at Rutgers University. He served with the US Army Engineers during World War I and joined our Bank in 1933 as an examiner. Mr. Fulton was named first vice president in January 1953, after four years as vice president in charge of the Bank's Cincinnati branch. His previous banking career included 35 years of service, nearly 20 of which were at this Bank. Fulton was active in a wide range of financial, civic, and governmental affairs.
Ray M. Gidney
President November 1, 1944 to April 16, 1953
Mr. Gidney was born in Santa Barbara, California on January 17, 1887. He attended the University of California, graduating in 1912 with a Bachelor of Science degree. Mr. Gidney first became associated with the Federal Reserve System in 1914 when he was appointed secretary to the Hon. Adolph C. Miller, then a member of the Federal Reserve Board. In 1917, he joined the Federal Reserve Bank of New York, where he served until 1944. He was vice president of Bank Supervision and Bank Relations there when he was chosen to head this Bank.
Matthew J. Fleming
Governor-President January 19, 1935 to September 15, 1944
Mr. Fleming was a member of the original staff of officers appointed in November 1914 and served as the first auditor of the Federal Reserve Bank of Cleveland. He was placed in charge of the Fiscal Agent's Department and made significant contributions to the success of the Liberty Loan drives during World War I. Including his presidency, Mr. Fleming served the Federal Reserve Bank of Cleveland for 30 years.
Elvadore R. Fancher
Governor November 2, 1914 to January 16, 1935
Mr. Fancher was the first governor (president) of the Federal Reserve Bank of Cleveland. Before accepting this position he was president of the Union National Bank of Cleveland. Fancher was involved in the planning and general supervision of the erection of the Federal Reserve Bank of Cleveland building. He took a leading role in efforts to bring relief to area banks in 1933.
