Federal Reserve Governor Wall calls for comprehensive reform of the operation system of regional Federal Reserve Banks.

Federal Reserve Board Governor Waller outlined his vision for reforms to the operational structure of the 12 regional Federal Reserve Banks within the Federal Reserve System on Tuesday, proposing the integration of core business functions such as human resources, finance, procurement, and information technology, instead of being managed independently by each regional bank. In a speech prepared for an event at the Brookings Institution in Washington, Waller stated, "We need to further consolidate operational activities along national business lines, abandoning the previous model of each regional Reserve Bank independently building operational systems based on a single institution mindset, and establishing a holistic systemic thinking for the Federal Reserve." As Federal Reserve officials are currently in a quiet period leading up to the monetary policy meeting next week, Waller did not provide any views on the economic outlook or interest rate trends in this speech.