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On May 29, 2024, it was announced that Hammack was appointed as the next president and chief executive officer of the Cleveland Fed. [12] [13] Hammack's term began on August 21, and in this role, she will represent the Fourth Federal Reserve District on the Federal Open Market Committee in the formulation of US monetary policy.
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh.
The federal government is the nation's single largest employer. Although most federal agencies are based in the Washington, D.C. region, only about 16%, or about 288,000, of the federal government workforce is employed in this region. [20]
The Federal Reserve Banks offer various services to the federal government and the private sector: [11] [12] Acting as depositories for bank reserves Lending to banks to cover short-term fund deficits, seasonal business cycles, or extraordinary liquidity demands (i.e. runs )
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
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