The Federal Reserve Bank of Cleveland has announced the appointment of 48 new members to its advisory councils. Among these, 17 individuals will join a newly established Shenango-Mahoning Valley Business Advisory Council, which covers regions in eastern Ohio and western Pennsylvania.

These advisory councils allow the Cleveland Fed to engage with business, civic, and community leaders to gather information on regional economic and business conditions. This engagement helps complement the bank's research by providing near-real-time observations, offering a more comprehensive view of economic conditions within the Fourth District. This district includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Members of the Business Advisory Council come from various sectors including regional businesses, community development organizations, consumer groups, and labor organizations across the Fourth District. The Community Advisory Council is made up of experts focusing on economic development work that impacts low- and moderate-income individuals and communities. Additionally, members of the Community Depository Institutions Advisory Council are leaders from commercial banks, thrifts and savings banks, and credit unions with assets under $10 billion.

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks in the United States that operate alongside the Board of Governors in Washington DC as part of the Federal Reserve System. The Cleveland Fed plays a role in formulating national monetary policy while supervising banking organizations and providing payment services to financial institutions and the US Treasury. It also supports community well-being through research, outreach, and educational activities across its service area.

The Cleveland Fed operates branches in Cincinnati and Pittsburgh serving Ohio, western Pennsylvania, eastern Kentucky, and parts of West Virginia.