DEFINITION of 'Federal Reserve Bank Of Cleveland'
The Federal Reserve Bank responsible for the fourth district. It is located in Cleveland, OH. Its territory includes parts of the states of Pennsylvania, West Virginia and Kentucky, as well as the entire state of Ohio. It operates several branches within the district.
The Federal Reserve Bank of Cleveland is one of twelve Reserve Banks within the Federal Reserve System. It is responsible for executing the central bank's monetary policy by reviewing economic and financial conditions, and by regulating the banks within its territory. It provides cash to banks within its district, as well as monitor electronic deposits.
BREAKING DOWN 'Federal Reserve Bank Of Cleveland'
The president of the Federal Reserve Bank of Cleveland is part of a rotation of Reserve Bank presidents who, along with the seven governors of the Federal Reserve Board and the president of the Federal Reserve Bank of New York, meet to set monetary policy. This is referred to as the Federal Open Market Committee (FOMC).
Bank notes printed by Federal Reserve Bank of Cleveland are denoted by the mark "D4", representing the fourth district (D is also the fourth letter of the alphabet).