Fed’s Waller Says Regional Feds Will Centralize Some Functions

Federal Reserve Governor Christopher Waller said the 12 regional Fed banks had agreed to a framework on how to standardize and centralize some functions, such as back-office operations.

The remarks by Waller come less than three weeks after he delivered a speech calling 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 regional reserve banks.