Corporate Governance and Transparency

The Federal Reserve Bank of Cleveland’s sound corporate governance framework, policies, and practices are essential to maintaining the trust and respect of our stakeholders.

Code of Conduct

The Federal Reserve Bank of Cleveland expects its employees to perform their duties with honesty, integrity, and impartiality and without improper preferential treatment of any person.

Federal Reserve Bank of Cleveland Code of Conduct

Ethics

Presidents and first vice presidents of Federal Reserve Banks are to adhere to the rules of ethical conduct for senior officials.

Ethics- Guide to Conduct for Senior Officials

Transparency

Transparency is essential to maintaining public trust and promoting a better understanding of the Federal Reserve System, and the Federal Reserve Bank of Cleveland’s mission and actions.

In alignment with the other Federal Reserve Banks, the Federal Reserve Bank of Cleveland (Bank) adheres to a Transparency and Accountability Policy (TAP) that standardizes the public information request process.

The full policy can be found here: Transparency and Accountability Policy. Requestors should review the full policy prior to submitting a request for information.

How to submit a request:

Requests must be submitted in writing to the Bank’s TAP Office, either by email or by postal mail. Each request must contain the following:

• The name and address of the person filing the request, and a telephone number at which the requestor can be reached during business hours;
• A sufficient description of the records requested so that Bank staff can identify and locate the records without undue difficulty;
• The name of any pending litigation to which the request relates, and the court and its location; and
• The agreement of the requestor to pay the Bank for any fees owed in accordance with the Fee Schedule contained in Appendix A of the Transparency and Accountability Policy, or a request for waiver of such fees (see Sections 3.7, 3.8 and 3.9 of the Transparency and Accountability Policy).

By Email (Preferred): TAP@clev.frb.org

By Mail:
TAP Office
Re: Transparency and Accountability Policy Request
Federal Reserve Bank of Cleveland
1455 East 6th Street
Cleveland, OH 44114

Financial Disclosure

In order to promote transparency, the Federal Reserve Bank of Cleveland makes available financial disclosure forms and related documents filed by its president with the Bank’s ethics officer. The President’s Financial Disclosure is made available to the public annually.

Federal Reserve Bank presidents are subject to investment and trading rules and are required to file the Form A Financial Disclosure Report. Note that the rules changed, effective in 2022. For more information see: Federal Reserve Board - FOMC formally adopts comprehensive new rules for investment and trading activity and Federal Reserve Board - Ethics and Values.

The most recent Cleveland Fed president’s financial disclosure forms:

• Posted September 20, 2024: Beth M. Hammack, President and CEO, Form A
• Posted August 28, 2024: Mark S. Meder, Separation Form A
• Posted July 19, 2024: Mark S. Meder, Interim President and CEO, Form A
• Posted July 15, 2024: Loretta J. Mester, Separation Form A
• Posted June 14, 2024: Loretta J. Mester, Former President and CEO, Form A

Board of Directors

The duties and responsibilities of the directors are set forth in the Federal Reserve Act, Federal Reserve Bank of Cleveland bylaws, Board of Governors’ policies, and charters for the directors’ committees.

Bylaws

The bylaws guide the board of directors in their work to oversee the Bank’s organization, operations, and activities.

Federal Reserve Bank of Cleveland Bylaws

Policies

Directors follow a strict code of conduct, as set by the Board of Governors. The full guide to conduct, as well as additional policies to which directors must adhere, can be found on the Board of Governor’s website.

Board of Governors’ Director Policies

Board of Directors Committee Charters

Main office directors serve on various committees. The Cleveland board of directors has three standing committees:

• Audit Committee
• Operations and Resource Committee
• Corporate Governance Committee

Equal Employment Opportunity (EEO) and Office of Minority and Women Inclusion (OMWI) Reports

View our latest Equal Employment Opportunity Employer Survey Report (EEO-1).

The OMWI Annual Report to Congress provides an overview of the Bank’s successes, challenges, and next steps in fulfilling the expectations of Section 342 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010. The Equal Employment Opportunity Commission Report contains data about gender, race, and ethnicity by job grouping to the US Equal Employment Opportunity Commission.