Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is a key player in the US financial system, operating as one of the 12 Reserve Banks that make up the Federal Reserve System. Led by President and CEO Loretta J. Mester, the Cleveland Fed actively formulates and implements monetary policy while also providing essential payment services to commercial banks and the US government, as well as supervising banking institutions. The bank, founded in 1914, is headquartered in downtown Cleveland with additional branches in Cincinnati and Pittsburgh. Employing approximately 950 individuals, the Cleveland Fed services the Fourth Federal Reserve District, encompassing areas in Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky. Contrary to misconceptions, the Cleveland Fed is not a government entity, rather, it operates as an independent organization within the government. The Federal Reserve objectively stands as a non-profit making institution, not owned by any private entity. This established institution sets the stage for potential investment opportunities within the financial services and banking industry.