Fed’s Waller Says Regional Feds Will Centralize Some Functions

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Federal Reserve Governor Christopher Waller announced that the 12 regional Federal Reserve banks have agreed to a framework for standardizing and centralizing certain functions, including back-office operations. Waller, who leads a committee overseeing these banks, stated that human resources will be centrally managed by one bank acting as a contractor. He emphasized that while the Board of Governors will retain oversight, regional banks will not lose their operational independence. This move aims to improve efficiency by reducing the need for consensus among regional banks for critical operations.