The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System. The Federal Reserve System was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.
As the US central bank, the Federal Reserve formulates and implements monetary policy, provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.
The Cleveland Fed operates from its headquarters in downtown Cleveland and from its Cincinnati and Pittsburgh Branches. It serves the Fourth Federal Reserve District, which covers all of Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky.
The Cleveland Fed began operating in 1914 and opened its current headquarters in 1923.