The White House: U.S. President Trump Has Nominated Christopher Phelan To Serve As The Chairman Of The Council Of Economic Advisers

Federal Reserve Governor Waller: Greater Flexibility Is Needed To Capture Efficiencies And Manage Risks, Such As Cybersecurity, And To Integrate Artificial Intelligence Into Our System Processes

Federal Reserve Governor Waller: There Is No Reason To Reduce The Number Of Reserve Banks Or Change Their Geographical Distribution

Federal Reserve Governor Waller: The Fed’s Decentralized Structure Is A Key Factor In Fulfilling Many Important Responsibilities

Federal Reserve Governor Waller: The Second Model Goes A Step Further And Would Involve The Physical Integration Of Key Functions That Do Not Require Localization

Federal Reserve Governor Waller: He Does Not Believe That The Traditional, Gradual Approach To The Operation Of The Federal Reserve's Regional Banks Is Adequate For The Current Situation

Federal Reserve Governor Waller: At FOMC Meetings, Each Regional Fed President Should Continue To Have An Independent Voice

Federal Reserve Governor Waller: One Potential Impact Of The Second Model Is That Regional Reserve Banks May Face Lower Employment Levels In The Future

Federal Reserve Governor Waller: If The Opportunity To Save Costs Is Worthwhile, Certain Activities Should Be Outsourced

Federal Reserve Governor Waller: These Activities Include Human Resources Systems, Payroll And Benefits Management, Finance And Accounting, Procurement And Supplier Management, As Well As Payments, Technology And Fiscal Agency Work

Federal Reserve Governor Waller: These Capabilities Improve With Integration, Scale, And Standardization, And Our Philosophy Must Be System First, Banks Second

Federal Reserve Governor Waller: The Federal Reserve Needs To Continue Its Efforts To Modernize Its Operations

Federal Reserve Governor Waller: Both Models Represent Important Progress

Federal Reserve Governor Waller: We Have Reached A Point Where We Need To Improve Efficiency And Reduce Risk Through Standardization (and Possibly Centralization Of The Functions Of Many Regional Reserve Banks)