Be sure to give proper attribution by referencing and citing any borrowed work that you utilize in answering these question sets and follow the MLA or APA style for your works cited page and in-text citations. Utilize 12 point font, preferably Times New Roman or Arial. Your work should be single spaced and your ideas broken up into appropriate paragraphs. You may use 1 inch margins all around. There are 5 broad question sets that need to be answered. Utilize approximately 1 to 1 1/2 pages worth of material for each question set; therefore your assignment should be about 5 to 7 1/2 pages in length.
Imagine the scenario of a truck bomber blowing up the headquarters of the Federal Reserve System in Washington, DC. Investors seem to hang on every word coming from the chairman of the Board of Governors of the Federal Reserves Ben Bernanke. Imagine if the operations of this important institution suddenly came to a halt? What would the repercussions and ramifications possibly be? Could a breakdown in our currency valuation lead to chaos on the streets? Use this scenario in answering the following questions.
1) Why would it be important for the Federal Reserve System to have a complex system to ensure continuity of operations? What would be some possible negative consequences if the Federal Reserve System had no backup plan in case of a total catastrophe at its headquarters location?
2) What are some other possible scenarios that could completely shut down the Federal Reserves headquarters building located in Washington, DC?
3) How could the Federal Reserve System prepare itself for such a huge disaster as a massive truck bombing? Should it act proactively to mitigate the hazard even though it has never happened or there may be no intelligence indicating it might happen in the near future?
4) What would a good plan of operation be if the Federal Reserve System headquarters was completely put out of commission? Where could all of the employees be relocated? What location could act as a temporary headquarters while the main building was repaired or replaced? Should parking accommodations already be planned for such a contingency? Should transportation be provided? Might there be a problem of overcrowding at the new location if it is much smaller than the existing headquarters? Could the employees simply be shifted to other Federal Reserve Bank locations?
5) Should the computer data stored at the Federal Reserve System headquarters be constantly backed up at an offsite location? How often should this information be backed up? Could this slow down business operations if all data had to be saved in multiple locations all the time? Why would it be important to have multiple safeguards and redundancies in regards to important computer data?