The Fed’s big pawn, the culprit is found

The Wall Street Journal reports that a Fed spokesman said the crash was caused by an operational error in the automated data center maintenance process, which was accidentally triggered during trading hours. He also stressed that, in general, maintenance work is done after the end of the trading session and that the crash was a “human error.”

The report pointed out that the 24th when the event made the Federal Reserve all financial services interrupted for four hours, banks, businesses and government agencies to transfer funds to the electronic system to stop running.

Although the Federal Reserve extended the transaction Time to deal with the backlog of payment transactions, the bank started an emergency program because of the pawn event, but also caused outside questions about the reliability of the Federal Reserve’s key financial transaction channels.

Andrew Levin, an economics professor at Dartmouth College who served at the Fed from 1992-2012, told the Wall Street Journal that the incident would undermine public confidence.