- The Federal Reserve employs roughly 20,000 staff across its 12 regional banks, primarily in operational roles.
- The FOMC meets only 16 days a year, while the Fed handles payments, market operations and Treasury services the rest of the time.
- Waller proposes consolidating certain local tasks to achieve economies of scale, cut costs and improve risk management.
- Modernization will focus on IT, HR, finance and procurement to deliver greater value to taxpayers.
April 21, 2026
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Central Banks 1
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