WASHINGTON - Saying new banking laws are to blame, the Federal Reserve Board has boosted its annual budget by 11%, to $137 million, for 1993.
"Because of legislative and external pressures, the work load here has expanded pretty dramatically," Fed Chairman Alan Greenspan said at a board meeting last Wednesday.
Staff Growth Continues
The Fed will add 26 employees on top of 87 last year, bringing the Washington headquarters staff to 1,683 - about 10% more than the total five years ago.
The budget adds:
* Ten positions to carry out the Community Reinvestment Act and Home Mortgage Disclosure Act.
* Eight positions to increase research on the derivatives market, as well as economic changes in Eastern Europe and the former Soviet Union.
* Six positions to regulate new payment systems, including same-day cheek presentment and pricing of daylight overdrafts.
The board also approved a 58% increase in its inspector general's budget, to $3 million. This also results largely for news laws, which require reviews of supervision of all failed institutions.
