Speech

The Economic Outlook and Monetary Policy 09.28.16 Greater Cleveland Partnership Middle-Market Forum, Cleveland, OH

Abstract: It is a pleasure to welcome you to the Federal Reserve Bank of Cleveland. Since my arrival in Cleveland over two years ago, I have seen first-hand the important role that the Greater Cleveland Partnership plays in supporting the growth of our regional economy and I am very proud to serve on its board. Of course, as president of one of the country?s 12 Federal Reserve Banks I have a keen interest in our regional economy. As we gather in the lobby of this historic building, it is hard not to think back to a time more than 100 years ago and applaud the Congressmen ? yes, they were all men back then ? who came up with such an ingenious design for our Federal Reserve System. Congress established the Fed in 1913 as a decentralized central bank, independent within the government but not independent from the government. The Fed?s design balances public-sector and private-sector interests, and Wall Street and Main Street concerns. I believe the design has served the country well by allowing monetary policy decisions to take into account the diversity of the American economy and its people.

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Speech

Publication Date: 2016-09-28

Number: 76