Structure, Composition, and Leadership of Boards of Directors
The Federal Reserve Bank of Cleveland was established under the Federal Reserve Act in 1914 and is subject to the general oversight and supervision of the Board of Governors of the Federal Reserve System in Washington DC. The Cleveland Fed is governed by a nine‐member board of directors, which consists of three classes of directors. This three-class structure is designed to ensure that directors bring diverse perspectives to board discussions.
The Cleveland Fed is the main office for the Fourth Federal Reserve District. The District also has branch offices in Cincinnati and Pittsburgh, and each branch has its own board of seven directors, three appointed by the Board of Governors and four appointed by the main office’s board of directors. Collectively, the three boards comprise representatives from a variety of Fourth District industries, sectors, and communities.
Board of Directors Leadership
Each year, one Class C director is designated by the Board of Governors as chair of the main office board of directors and another Class C director is designated deputy chair. Additionally each year, one of the directors appointed by the Board of Governors at each branch is designated by the main office board.
Tenure and Rotation of Reserve Bank Directors
Main office and branch directors are elected or appointed for staggered three‐year terms for up to two terms. When a director does not serve a full term, the successor director serves the unexpired portion of that term.