Fed’s Waller Calls for Shakeup of Central Bank’s Operations

Federal Reserve Governor Christopher Waller called for a shakeup in the US central bank’s operations, arguing that key functions should be centralized and subject to less consensus-building among its 12 regional reserve banks.

“Decisions about HR administration, IT architecture, procurement strategy, and facilities standards need to be made at the system level and not decided district by district,” Waller said in remarks prepared for an event Tuesday at the Brookings Institution in Washington. “That requires not just delegation of authority but a genuine shift away from consensus-based operational decisionmaking.”