Waller calls for standardizing Reserve Bank back-office operations across the Fed System
Federal Reserve Governor Christopher Waller used a May 8 speech at the Hoover Institution's Annual Monetary Policy Conference at Stanford to argue for modernizing Reserve Bank operations by standardizing or centralizing .
At a glance
- Waller proposed standardized or centralized delivery of Fed back-office functions across the 12 Reserve Banks, per his May 8 speech.
- He said district-specific functions like policy voting, research and supervision should stay locally controlled.
- Waller argued the framework is compatible with the Federal Reserve Act's federalized design.
VERDICT — CONFIRMED
Federal Reserve Governor Christopher Waller used a May 8 speech at the Hoover Institution's Annual Monetary Policy Conference at Stanford to argue for modernizing Reserve Bank operations by standardizing or centralizing back-office functions such as IT, human resources, financial management and payments services, rather than duplicating them across all 12 Reserve Banks. According to the speech text, Waller said functions unique to districts, including monetary policy voting, research, community outreach and supervision, should remain locally controlled. He framed the changes as requiring a cultural shift toward a "System first, Bank second" mindset among bank presidents, and as compatible with the Federal Reserve Act's federalized design.
Key facts on file
- Waller proposed standardized or centralized delivery of Fed back-office functions across the 12 Reserve Banks, per his May 8 speech.
- He said district-specific functions like policy voting, research and supervision should stay locally controlled.
- Waller argued the framework is compatible with the Federal Reserve Act's federalized design.
