Fed Governor Waller Proposes Consolidating Operations Across 12 Regional Banks

The Federal Reserve System comprises the Board of Governors in Washington and 12 regional Federal Reserve banks, each of which has long maintained separate information technology, finance, human resources and procurement operations. Christopher Waller argues that this duplication raises costs and cybersecurity risks. He is calling for standardized, centralized corporate functions, rather than eliminating the regional banks.

On April 21, 2026, Waller proposed at the Brookings Institution that the corporate operations of the 12 regional banks be brought under a single structure. He said the move could reduce costs for taxpayers and accelerate modernization, but did not disclose projected savings or an implementation timetable. On June 12, House Republicans voiced support for the regional banks and their policy diversity at a hearing in Oklahoma City.