Overview
- Federal Reserve Governor Christopher Waller said he would absolutely oppose firing regional bank presidents over disagreements on interest rates.
- He proposed moving corporate functions such as human resources, information technology, finance and procurement under one systemwide leader who would report to the Board of Governors.
- Waller said the plan would not change how regional presidents take part in setting interest rates or the number and boundaries of the 12 reserve banks.
- He said the reserve banks are targeting about a 10% reduction from roughly 20,000 staff over the next two years, with some roles shifting toward technology upgrades.
- Concerns about Fed independence have grown as President Donald Trump has tried to remove Governor Lisa Cook and threatened Chair Jerome Powell, even though only the Board holds the little used authority to remove regional presidents.