How federal reserve of you. I have as much interest in replacing one system of central bankers with another as I do of getting the Ebola virus.
Not federal at all, everyone will always be able to run their own node and only connect to that if they want. It's just the new client securely sends transactions by connecting to other nodes to do all the "grunt work". This way lite devices like phones can send funds and grandma doesn't need the whole chain to do simple things.