The Federal Reserve, under Chairman Jerome Powell, plans to decrease its workforce by approximately 10%, aligning with President Trump's initiative to simplify the federal government. In a memo, Powell highlighted the importance of regularly reviewing staffing levels for organizational health. A voluntary resignation program will be introduced for eligible staff members nearing retirement by 2027. While details on the revamping are scarce, Powell assured that any changes will adhere to the Fed's mandates and remain high quality and nonpolitical, reflecting a measured and deliberate approach to workforce management.
As part of that effort, the Fed plans to offer a voluntary deferred resignation program to board staff in Washington who would be eligible to retire at the end of 2027.
Powell said that he has directed Fed leadership to find "incremental" ways to trim operations, with a goal of shrinking the Fed's roughly 24,000 person headcount nationwide by about 10% over "the next couple of years."
Experience here and elsewhere shows that it is healthy for any organization to periodically take a fresh look at its staffing and resources," Powell wrote.
I believe it is time to do it again, in that same conscientious and deliberate spirit," Powell added.
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