Federal Reserve Bank of Cleveland directors provide oversight for the Bank’s operations, under the general supervision of the Board of Governors, and they ensure that the operations of the Bank are administered objectively. The nine-member main office board of directors that leads the Cleveland Fed consists of three classes of directors. This three-class structure is designed to ensure that directors bring a variety of perspectives to board discussions.
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.
Directors serve three-year terms for up to two terms. Each year, one Class C director is appointed chairperson of the Reserve Bank board and a second Class C director is appointed deputy chairperson.
Directors follow a strict code of conduct, as set by the Board of Governors. Find the full guide to conduct as well as additional policies to which directors must adhere at federalreserve.gov.
Boards of Directors
The Cleveland Fed’s main office directors oversee the management of the Bank, including the approval of annual goals and objectives and of the Bank’s budget. They provide additional oversight of strategic initiatives, and 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.
During board meetings, directors provide input into the monetary policymaking process through their regional perspectives on business and credit conditions, serving as valuable sources of economic intelligence and insight on issues in their respective regions, industries, and community and consumer sectors. In this capacity, directors serve as a link between the Cleveland Fed and the community. They help connect Bank staff to business and community contacts throughout the District, and they play an important role in helping inform their contacts about Federal Reserve System actions and policies. The input of Cleveland board members is part of the grassroots information that Cleveland Fed President and Chief Executive Officer Loretta J. Mester considers in making monetary policy recommendations.
The Fourth District has branch offices in Cincinnati and Pittsburgh, each with its own board of seven directors, three appointed by the Board of Governors and four by the main office board of 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.