Many of the US central bank’s operational functions can be carried out centrally at the Federal Reserve System level rather than at the regional level, a member of the Fed’s board of governors has said.
In a speech at the Brookings Institution in Washington on April 21, Christopher Waller argued that the Fed needed to modernise its operations and reconsider what functions should be carried out regionally or centrally.
The Fed consists of a board of governors located in Washington and 12 regional
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