Why Cleveland? The Story Behind the Fed’s Regional Structure—and Why It Matters Today

Why did the Fed originally decide to create 12 Reserve Banks distributed across the country? And why does that structure matter today?  

First, you’ll get the history: You’ll learn how culture, geography, economics, and politics influenced the structure of the Federal Reserve. You’ll also hear the story behind the decision to put a Reserve Bank in Cleveland.  

Cleveland Fed economist emeritus Owen Humpage will answer questions such as   

• What fears and traditional American values influenced the structure of the Federal Reserve System?   
• How did the Reserve Bank Organization Committee pick cities and decide the boundaries of Federal Reserve Districts?  
• Why was Cleveland chosen over cities like Pittsburgh and Cincinnati? And what controversies arose in the process?  
• How did a lack of clarity in the Federal Reserve Act create friction between the Fed’s national headquarters and the regional Reserve Banks? And what ultimately resolved the conflict?  

Then, you’ll learn what the Fed does today, nationally and on the ground throughout the District served by the Cleveland Fed. Senior media relations specialist Chuck Soder will answer questions such as  

• How can you recognize a dollar issued by the Cleveland Fed?  
• How does the Cleveland Fed work with financial institutions across its District?  
• How does the Cleveland Fed keep its finger on the pulse of the regional economy?  
• How does having Fed Banks in cities like Cleveland influence monetary policy?  

Attendees can ask questions during the Q&A portion of the event or submit them in advance through the registration form.  

Those joining us in person may sign up for a building tour (the Cleveland building is on the National Register of Historic Places).