Federal Reserve Bank

A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:

Some banks also possess branches, with the whole system being headquartered at the Eccles Building in Washington, D.C.

History

Alexander Hamilton, the first Secretary of Treasury, started a movement in 1780 advocating for the creation of a central bank. The Bank Bill created by Hamilton was a proposal to institute a national bank in order to improve the economic stability of the nation after its independence from Britain. Although the national bank was to be used as a tool for the government, it was to be privately owned. Hamilton wrote several articles providing information regarding his national bank idea where he expressed the validity and "would be" success of the national bank based upon: incentives for the rich to invest, ownerships of bonds and shares, being rooted in fiscal management, and stable monetary system.

Cleveland

Cleveland (/ˈkliːvlənd/ KLEEV-lənd) is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately 60 miles (100 kilometers) west of the Pennsylvania border. It was founded in 1796 near the mouth of the Cuyahoga River, and became a manufacturing center owing to its location on the lake shore, as well as being connected to numerous canals and railroad lines. Cleveland's economy has diversified sectors that include manufacturing, financial services, healthcare, and biomedical. Cleveland is home to the Rock and Roll Hall of Fame and the Cleveland Clinic.

As of the 2013 Census Estimate, the city proper had a total population of 390,113, making Cleveland the 48th largest city in the United States, and the second largest city in Ohio after Columbus.Greater Cleveland, the Cleveland-Elyria-Mentor, OH Metropolitan Statistical Area, ranked 29th largest in the United States, and second largest in Ohio after Cincinnati with 2,064,725 people in 2013. Cleveland is part of the larger Cleveland-Akron-Canton, OH Combined Statistical Area, which in 2013 had a population of 3,501,538, and ranked as the country's 15th largest CSA.