Cleveland Fed President Shares Insights on the Federal Reserve System

Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland, visited Ohio State to explain the Fed's structure and functions.

Published on Feb. 13, 2026

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The Federal Reserve, a complex system to many, was the focus of a presentation by Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland. Hammack spoke at Ohio State, sharing insights on the Fed's structure, including the Board of Governors, 12 regional banks, and the Federal Open Market Committee. She discussed the Fed's five main functions: promoting employment and stable prices, maintaining financial stability, supervising and regulating banks, protecting consumers and developing communities, and running the nation's payment system.

Why it matters

Understanding the Federal Reserve system is important for the public to grasp how monetary policy decisions are made and how the central bank impacts the broader economy. Hammack's visit provided an opportunity for the Ohio State community to learn directly from a regional Fed president about the Fed's role and responsibilities.

The details

Hammack explained that the Fed was established by Congress in 1913 and is divided into three parts: the Board of Governors, the 12 regional banks, and the Federal Open Market Committee (FOMC). The Board of Governors has seven members appointed by the President and confirmed by the Senate. The 12 regional banks, including the Federal Reserve Bank of Cleveland which covers Ohio, work with local communities and industries. The FOMC, comprising the Board of Governors and rotating regional bank presidents, meets to vote on monetary policy decisions like interest rate changes.

  • On Wednesday, Hammack spoke at the WOSU Public Media headquarters on Ohio State's campus.
  • On Tuesday, Hammack met with the Ohio Bankers League to discuss the current state and predictions of the economy.

The players

Beth Hammack

President and CEO of the Federal Reserve Bank of Cleveland.

Jerome H. Powell

Chair of the Board of Governors of the Federal Reserve System, appointed by the U.S. President.

Stephanie Moulton

Professor and associate dean for faculty and research at the John Glenn College of Public Affairs at Ohio State University, who moderated the event.

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What they’re saying

“The Fed is not just a mystery to you. I worked on Wall Street for 30 years and I have friends who don't really know the full extent of what we do.”

— Beth Hammack, President and CEO, Federal Reserve Bank of Cleveland (thelantern.com)

“If every president got to control the Fed, they'd always want interest rates to be low, and our economy would slowly crumble.”

— Stephanie Moulton, Professor and Associate Dean, John Glenn College of Public Affairs, Ohio State University (thelantern.com)

What’s next

Hammack said the labor market is stabilizing, and maintaining current interest rates is essential to lowering inflation. The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Hammack's visit provided valuable insights into the structure and functions of the Federal Reserve system, demystifying a complex institution that plays a crucial role in shaping the nation's monetary policy and economic stability.