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Cleveland was chosen as one of the country’s twelve Federal Reserve cities after a competitive selection process and opened its bank on November 16, 1914. The Federal Reserve Banks promote maximum employment and stable prices as part of the central banking system authorized by the 1913 Federal Reserve Act. Cleveland’s Bank serves the communities of the Fourth Federal Reserve District through supervision and regulation of financial institutions, analyzing and reporting on regional economic trends, and producing research on economic issues of importance to the nation and world. The first woman officer in any of the twelve banks was promoted to her role in 1956 by the Cleveland Fed. In 1982, the first woman in any of the nation’s Federal Reserve Banks served as the sixth President of the Federal Reserve Bank of Cleveland.
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The building at 1380 E. 6th Street, designed by Walker and Weeks, served as the Cleveland Board of Education 1931-2013. During the 1950s and 1960s, the segregation of Cleveland Public Schools was the center of the city’s civil rights movement. Parents, like Daisy Craggett and Eddie Gill, protested relay classes and intact busing. The United Freedom Movement, a coalition of 50 civic, religious, and parent organizations, initiated demonstrations, sit-ins, and pickets, to galvanize the fight for education equality. On April 7, 1964, Reverend Bruce Klunder, vice president of Cleveland’s Congress of Racial Equality, was accidentally killed by a bulldozer at the future Stephen E. Howe Elementary School while he lay in a construction ditch to protest school re-segregation. His death ignited an April 20 boycott in which 85-95% of Cleveland’s Black students participated. (Continued on other side)