Federal Reserve Board approves reappointments of Cleveland Fed president and first vice president

The Federal Reserve Board on Friday approved the reappointments of Federal Reserve Bank of Cleveland President and CEO Loretta J. Mester and First Vice President and COO Greg Stefani to new five-year terms beginning March 1, 2016. The approval followed the recommendation of those members of the Cleveland Reserve Bank's board of directors who are eligible under the Dodd-Frank Act to take part in the reappointment process.

“President Mester and First Vice President Stefani are ably fulfilling their responsibilities as public policymakers, organizational leaders, and active contributors to the Federal Reserve System,” said Christopher M. Connor, chairman of the Federal Reserve Bank of Cleveland's board of directors, and executive chairman of The Sherwin-Williams Company. “The evaluation we undertook to reach this conclusion supplemented our annual performance reviews and took into account the unique and varied roles Federal Reserve Bank presidents and first vice presidents play in our communities and the nation. We are pleased that the Federal Reserve Board agreed with our recommendation to approve the reappointments, and we are confident that President Mester and First Vice President Stefani will continue to serve as strong and effective leaders for the Cleveland Fed and in the Fourth Federal Reserve District.”

As president and CEO of the Federal Reserve Bank of Cleveland, Mester participates in the formulation of U.S. monetary policy. In addition, she and Stefani oversee 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, provide payment services to financial institutions and the U.S. government, and perform outreach and educational activities that support the well-being of communities across the Fourth Federal Reserve District. The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. For more information, go to www.clevelandfed.org or follow us on Facebook and Twitter.

For more details about the reappointment process, see: Federal Reserve Board approves reappointment of Reserve Bank presidents and first vice presidents

FAQ: What is the process for reappointing Reserve Bank presidents?

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.455.4479