Moreover, if isolated glitches do emerge, the Federal Reserve and depository institutions will draw on their contingency plans to get systems operating again as promptly as possible. At the Federal Reserve, we have extensive contingency plans, many of them already well tested during hurricanes, blizzards, and other events.
Outsourcing abroad has proved profitable primarily for jobs that can be routinized and sharply defined. For the foreseeable future, most high-value work will require creative interaction among employees, interaction that is facilitated by physical proximity, personal contact, and shared cultural experiences. Moreover, in many fields, closeness to customers and knowledge of local conditions are also of great importance.