Roles and Responsibilities of Reserve Bank Directors

Federal Reserve Bank of Cleveland directors are experienced leaders with a deep understanding of their business sectors and industries. They provide active, visible leadership within Fourth District communities and demonstrate a passion for and an interest in the Federal Reserve’s mission.

During board meetings, directors provide input into the monetary policymaking process by sharing their regional perspectives on business and credit conditions, thus serving as valuable sources of economic intelligence and insight into issues in their respective regions, industries, and community and consumer sectors. In this capacity, directors are links between the Cleveland Fed and their communities. They connect Bank staff to business and community contacts throughout the District, and they inform their contacts about Federal Reserve System actions and policies. The diverse input of Cleveland board members is an integral part of the grassroots information that Cleveland Fed President and Chief Executive Officer Loretta J. Mester considers when making monetary policy recommendations.

Roles and Responsibilities Main Office Directors

The Cleveland Fed’s main office directors oversee the management of the Bank, including the approval of the Bank’s strategic plan and budget, and they provide additional oversight of strategic initiatives. Class B and Class C directors appoint the Bank’s president and first vice president. Directors are not involved in any matters related to banking supervision, including specific supervisory decisions.

Roles and Responsibilities Branch Office Directors

Branch directors serve in an advisory capacity, and their input into economic discussions and the connections they make to the broader community are important and valuable contributions to the Federal Reserve System. As community ambassadors of the Federal Reserve, they strengthen understanding of the Federal Reserve System, its mission, and its value to the region and nation.