"seemingly innocuous" is an impersonal construction referring to the reader, but not any reader in particular. The Fed itself, at least some presidents thereof

"seemingly innocuous" is an impersonal construction referring to the reader, but not any reader in particular. The Fed itself, at least some presidents thereof, was aware of this risk. Toward the end of the article: "When the reverse-repo facility was set up, Bill Dudley, president of the New York Fed at the time, worried it could lead to the “disintermediation of the financial system”. During a financial crisis it could exacerbate instability with funds running out of riskier assets and onto the Fed’s balance-sheet."