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Economic Perspectives, 4, No. 4, 1978
Competitive Equality and Federal Reserve Membership — The Board of Governors' Proposal
This is the stated objective of a Federal Reserve proposal sent to Congress July 7. There are two components of the proposal: legislation requiring all financial institutions to hold reserves at the Federal Reserve against transaction accounts and a comprehensive program providing for explicit pricing of Federal Reserve services and for reducing the cost of Federal Reserve membership.


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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