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According to BlockBeats, The Washington Post reported that in the spring of 2025, the Federal Reserve's 12 regional reserve bank presidents convened a closed-door meeting in Philadelphia to discuss a sensitive issue: the potential reduction of the Federal Reserve's workforce by approximately 10%. This consideration was in response to U.S. President Donald Trump's administration's initiative to downsize the federal government.

Some regional presidents expressed opposition, fearing that such cuts could impair the Federal Reserve's operational capabilities. However, after extensive discussions, the Federal Reserve leadership decided to partially comply with certain demands from the Trump administration to alleviate political pressure. This approach aimed to better safeguard the central bank's independence in crucial decision-making and avoid direct confrontation.

Subsequently, in May 2025, Federal Reserve Chairman Jerome Powell issued an internal memorandum to employees, announcing plans to reduce the overall workforce by about 10% over the coming years, including through the end of 2027. This reduction would decrease the number of employees from approximately 24,000 to around 22,000.