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Article: Following private-sector lead, Fed to overhaul back office. (Federal Reserve System)
- Article from:
- American Banker
- Article date:
- May 17, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Picking up the budget-cutting ax long familiar to bankers, the Federal Reserve System is embarking on the most sweeping back-office consolidation in its 82-year history.
"We're looking across the full range of finance services to make them better, quicker, and more efficient," said James H. Oltman, first vice president of the Federal Reserve Bank of New York and a member of the Fed's recently formed financial services management committee, the group charged with streamlining Fed operations.
The changes will have a profound effect on the central banking system, taking some of the power over operational decisions away from the 12 regional Federal Reserve Banks. In the past, ...
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