The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC, comprise the Federal Reserve System. As the US central bank, the Fed formulates and implements monetary policy, provides payment services to commercial banks and the US government, and supervises banking institutions. Led by president and CEO Loretta J. Mester, the Cleveland Fed operates from its headquarters in downtown Cleveland and from two branches in Cincinnati and Pittsburgh. It employs some 950 people and serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky. The Cleveland Fed began operating in 1914 in a temporary location, and opened its current headquarters in 1923. Dr. Mester assumed the helm of the organization in June 2014. Contrary to common misperception, the Cleveland Fed’s employees are not government employees. The Federal Reserve is an independent entity within government. It is not owned by anyone and is not a private, profit-making institution.