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Economy and Business


Cleveland Fed chief announces she's retiring
Pianalto says she's confident the regional Fed is equipped to handle issues
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
In The Region:

 

 As CEO of the Cleveland Federal Reserve Bank, Sandra Pianalto has been preaching the benefits of training to rebuild jobs in this region. And she’s expected to continue with that message after her retirement, which she announced today. WKSU’s M.L. Schultze has more.

LISTEN: Pianalto's key economic message is training for the new economy.

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Sandra Pianalto started as a researcher at the Cleveland Fed 30 years ago, and has been its chief executive for a decade. Even before the economic collapse of 2008, she was giving speeches promoting what she thinks it will take to turn around the region’s economy and to rebuild manufacturing. Top of the list: training and education.

It’s a message she was delivering as recently as a speech she gave in Cleveland Wednesday.

“Over time, regions with skilled-labor pools are going to draw employers who need skilled workers, and, in turn, more skilled workers are going to be drawn to those areas.”

The Cleveland Fed is one of 12 regional banks, and it’s region includes Pittsburgh. Pianalto says Pittsburgh seems to have figured it out.

"Over a period of decades, Pittsburgh successfully navigated this transition from losing manufacturing jobs to becoming a brain hub. And by working to develop a critical mass of highly skilled workers and innovative companies, we can become a brain hub right here in Northeast Ohio.”

The announcement that Pianalto plans to retire sometime early next year also says she plans to remain active in the community, where she sits on the boards of University Hospitals, The Cleveland Foundation and  College Now Greater Cleveland. She’s also an advisory trustee at the University of Akron, where she got her bachelor’s degree in economics.

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