The US Federal Reserve has announced plans to cut down its staff by 10% over the coming years to align the US Central Bank with President Donald Trump’s broader efforts to streamline the federal government.
This was revealed in a memo by central bank Chair Jerome Powell, sent to his staff on Friday.
According to him, he has guided Fed leadership to find progressive ways to cut operations to streamline the Fed’s nationwide headcount, approximately 24,000 people, by 10% over the coming years.
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Following this, the Federal Reserve seeks to offer deferred resignation to some older staff who are qualified for retirement at the end of 2027. Powell referenced in the memo that President Bill Clinton sought to cut the size of the federal government, pointing out that the Fed once made similar moves in the 1990s.
According to the memo written by Powell, “Experience here and elsewhere shows that it is healthy for any organisation to periodically take a fresh look at its staffing and resources.
“I believe it is time to do it again, in that same conscientious and deliberate spirit.”
While details of this change were not disclosed in the memo, Powell emphasised the mandate of the Feds and its statutory obligations.
Powell’s memo offered few specifics on potential changes to the Fed’s efforts but stressed that any revisions would align with its mandates and remain nonpolitical and mission-driven. This comes as Trump pushes to overhaul the U.S. government through Elon Musk’s Department of Government Efficiency (DOGE).
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