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[quote=Anonymous]One reason may be re-establishing the Board, which is government, as distinct from the Reserve Banks, which are not. Many Board employees have blurred this, particularly in some divisions, and governance has suffered. This is against a backdrop of several scandals (perhaps too strong a word but Congress has certainly weighed in) at Reserve Banks. Covid and WFH have exacerbated the blurring. Employees of Reserve Banks, by the way, are not subject to the same security clearance as Board employees because they are conducted under state, not federal, law.[/quote]
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