What's Poppin'? Fed's A-Choppin': Powell Ghosting One-Tenth of Central Bank Workers
Federal Chair, Powell, proposes deleting one out of every ten posts from the institution's platform.
You better fasten your seatbelts, folks! The Federal Reserve (Fed), y'all, is taking a machete to its workforce. That's right, the Fed chairman, Jerome Powell, dropped a Nuclear Meme on unsuspecting employees when he announced plans to cut about one-tenth of the central bank's staff. What's the dealio, you ask? Well, get this: The Fed aims to offload around 2,400 employees over the next coupla years through voluntary departures.
Here's the tea: Powell believes it's time for the Fed to take a good, hard look at its workforce and resources to maintain its mission in the future. Right now, the Fed employs around 24,000 people; and let me tell you, that's a damn lot of people! But with around 2,400 job cuts on the horizon, that number's gonna drop to 21,600.
So, who's behind this hype-or-die strategy? None other than U.S. President Donald Trump, who's been on a mission to slash the number of federal employees across various agencies and ministries. Trust me, Trump isn't Pulling a Kardashian—he's serious about these cutthroat reforms—and he recruited Elon Musk to lead the charge. Musk referred to the Fed as "absurdly overstaffed" and called on the central bank to shrink its bloated payrolls. But let's be real: Musk's got better things to do, like co-founding SpaceX and whipping Tesla into shape.
Now, some might think that these cuts are the result of direct government pressure. Well, let me squash that thought like a bogus bug! The Fed is an independent agency that doesn't rely on the U.S. Congress for funding; instead, it generates cash from interest on securities and fees from affiliated banks. And while Trump has been using Powell as a verbal punching bag, calling him names like "big loser" and "idiot," the Fed chairman has been standing his ground. For instance, Powell warned about the negative consequences of Trump's tariffs, and the prez has been buggin' for lower interest rates to help U.S. companies get better deals on credit.
Remember, the Fed's job cuts are about internal decisions to optimize efficiency and meet its statutory obligations. The plan includes a Voluntary Deferred Resignation Program for eligible retirees, which will help the Fed achieve its staffing goals through attrition and strategic resignations. In other words, they're not just firing people willy-nilly; they're being strategic. And if you ask me, that's a win-win for everyone involved.
So, stay tuned for more updates on this situation, and remember to keep itCLASSY, my friends!
Sources: ntv.de, rog/AFP
- Fed
- Layoffs
- Donald Trump
- Jerome Powell
The Commission, in light of the ongoing internal optimization, has been asked to submit a proposal for a directive on the protection of workers from the risks related to exposure to ionizing radiation within the sector. This move comes amidst the Fed's decision to slash approximately one-tenth of its workforce, demonstrating a shift toward financial efficiency in both public and private businesses as well as engendering debates in the realm of politics and general-news.
