Celebrating the Federal Reserve Bank of Cleveland's role in the nation's financial system

Hinzugefügt: 2026-05-22

[00:00:00]As we get ready to mark the nation's 250th birthday, we are recognizing Cleveland's role in the growth of our country. Part of that is our place in the nation's financial system, the roots of which date back to Alexander Hamilton. Now, Cleveland is one of only 12 cities in the country to house a Federal Reserve Bank, and tonight, News 5 has an exclusive. Our John Kosich giving us an extremely rare look inside part of it that few people have seen.

[00:00:27]It is safe to say the cash in your wallet right now, whether you got it from a bank or a store as change, has spent time here at East 6th and Superior, the cash department of the Federal Reserve Bank of Cleveland. In fact, nearly 11 million notes a day are processed here, each studied for fitness. And when the currency is deposited, we're looking for rips, tears. Obviously, we're looking for accuracy. Uh we're looking for authenticity as well.

[00:00:50]>> Authenticity, meaning counterfeits. This bill popped up while News 5 was given a rare look at the operations here. Notice anything off about it? It's actually from a movie shoot in Cleveland, where a fake armored truck blew up, sending these fake bills flying.

[00:01:02]>> All that currency that you saw was pretty close to being authentic, but not authentic at all.

[00:01:08]>> Paper money also has a lifespan, so they're also looking to make sure it is still serviceable. 15% of the bills they process here each day are destroyed. So, that 20 that I taped up a month ago, when it comes eventually back here, it's out of circulation.

[00:01:22]>> So, it will be shredded. That's correct.

[00:01:24]Or even when folks uh start to write graffiti or anything like that, it's going to be taken.

[00:01:30]Cleveland is home to one of only 12 Federal Reserve Banks, the cash department here providing cash to and taking cash from banks across several states. Any idea, roughly, can you even say, of how much would be here? So, we know exactly how much is in here, and we cannot say. Let me just say one of these containers, if it was filled with a $100 bills, would be holding $43 million, and they have roughly 2,000 containers here. As much as we may use our electronic payment methods on a daily basis, cash is a huge part of our lives, especially in times of crisis like 2020.

[00:02:04]We paid out almost 3 months worth of currency in the first 8 days of the onset of the pandemic. And we find these moments when cash is really critical.

[00:02:12]Beth Hammack is president of the Cleveland Fed and is this year one of the 12 voting members of the committee deciding interest rates, holding the line in April with her next vote coming in June. When I'm out in the district talking with businesses or individuals, what I hear is that the pain of inflation is real and it's making things very difficult.

[00:02:28]>> Because of that inflationary concern with, you know, gas prices and the straight for move still closed, um would you rule out uh potentially a hike? I won't rule out anything right now. I think it's important that we keep an open mind. I keep an open mind as I walk into every meeting to help make sure that I'm setting policy to work for the best interest of all Americans.

[00:02:46]In Cleveland, John Kasich, News 5.