The Journal reports that the federal Reserve Bank has too many banks, some in wrong places, and is facing losses in check-clearing. The story finds that "rapid changes in technology, consolidation in banking and rising competition in some of their basic services threaten to make Fed banks costly relics. Except for the New York Fed, the system's link to world markets, many Fed functions could be centralized at far less cost and some fed banks could be closed, federal auditors say."
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