Federal Reserve to cut staff by 10% in coming years

The Federal Reserve plans to reduce the workforce of the central bank by 10 % over the next few years, according to a note reviewed by Fox Business.

The President of the Federal Reserve, Jerome Powell, sent a memorandum on Friday morning to the central bank employees to inform them of the plans, saying that “the experience here and elsewhere shows that it is good for any organization to take a new look at its resources and resources.”

Powell said that the Federal Reserve will work to “find gradual ways to unify jobs when necessary, modernize some commercial practices, and make sure that we are size and able to fulfill our legal mission.”

Powell warns that the economy may face “show shocks” more frequently

The workforce reduction program will also include a voluntary delayed resignation program, while informing a source familiar with the Fox Business plan that the Federal Reserve will also use attrition to reduce employment levels in line with its goal. The central bank currently has the freezing of employment in place.

Powell said in his memo that the volunteer resignation program will be open to the Federal Reserve Employees who qualified for full retirement as of December 31, 2027, similar to how the central bank deals with manpower discounts in the 1997 batch of competence.

Powell wrote: “The qualified board staff of this program will receive an e -mail that contains more information. This will provide new professional growth opportunities for our employees and help us continue to implement our important responsibilities in the coming years.”

Powell warns that the economy may face “show shocks” more frequently

Elon Musk’s Doge Search to review the Federal Reserve spending and employment. (Photographer: Ting Shen / Bloomberg via Getty Images / Getty Images)

The Powell note, which informs the federal reserve employees, comes from the workforce discounts after Illon Musk’s repeated calls to manage its government competency (DOGE) to study the FBI spending.

Musk said earlier this month that Dog should review the FBI spending on renewing the headquarters. Last year, Musk said, “The Federal Reserve has a large number of employees,” and later said that the central bank was “exaggerated in a ridiculous manner.”

Powell retreated to the assurances that the workforce at the Fed Bank has swollen, saying that it runs “a very accurate budget process where we are fully aware. We owe this to the public, and we believe in that.”

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In congress testimony earlier this year, Powell was asked whether he believed that the Federal Reserve was overlooked and answered, “No, I would like to say, as you know, perhaps, they are not exaggerated. Everyone at the Federal Reserve is working hard.”