Federal Reserve Bank of Cleveland

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, which 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—the actions undertaken by a central bank to influence the availability and cost of money and credit to help promote national economic goals—provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.