Federal Reserve's 'Backup Facilities' Whitepaper

A "white paper" by the Federal Reserve, and the Security and Exchange Commission urges firms to have backup sites as much as 200 to 300 miles from downtown locations.

1 minute read

November 1, 2002, 8:00 AM PST

By Chris Steins @planetizen

Officials at the Federal Reserve Bank of Boston will not say whether the bank complies with the Fed's own recommendations that financial institutions have backup facilities far from downtown headquarters, should a terrorist act or other disaster throw the metropolitan area into chaos... The "white paper," urging firms to have backup sites as much as 200 to 300 miles from downtown locations, has caused a stir in New York, because political and business leaders fear it will send jobs and facilities out of the center city."

Thanks to Athony Flint

FULL STORY: Questions raised on Fed bank backup

Thursday, October 31, 2002 in The Boston Globe

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