The Federal Reserve Bank of Cleveland has announced the formation of its new Financial Markets Advisory Council. The council aims to provide insights into economic conditions, financial markets, and risks to the financial system.

The council comprises 14 members who are business economists and leaders from financial institutions across the United States. These members will serve three-year terms with an option for renewal. Over time, the membership will rotate to include different perspectives.

Cleveland Fed staff are restricted from discussing non-public material or confidential supervisory information with council members. Details about the council's charter can be found on its webpage at clevelandfed.org.

The Cleveland Fed is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington DC, form part of the Federal Reserve System. It plays a role in shaping national monetary policy, supervising banking organizations, and providing payment services to financial institutions and the US Treasury. The bank also supports community well-being through research, outreach, and educational activities within Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia.

For further inquiries regarding this announcement, Chuck Soder can be contacted via email at chuck.soder@clev.frb.org or by phone at 216.672.2798.