Federal Reserve Chair Jerome Powell announced plans to reduce the Fed’s workforce by about 10% in the coming years, affecting nearly 2,400 of its 23,950 employees nationwide. The move includes a voluntary deferred resignation program and aims to modernize operations, streamline functions, and ensure the institution remains fit for its mission. Though independent from Congress, the Fed’s decision aligns with broader government efficiency efforts championed by the Musk-led Department of Government Efficiency under President Trump’s administration.
