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Economic Perspectives, Vol. 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.
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