The Federal Open Market Committee of the privately owned Federal Reserve System of (central) Banks, narrowly votes to begin market operations in foreign currencies, duplicating the functions of the department of the treasury’s Exchange Stabilization Fund. The minority of the membership is concerned this might make the FRSBs subservient to the department of the treasury.
[restored 10/2/2022] Thanks to Jim Lorenz for this entry.
Subsequent Events:
References:
**The Fed debate in the 1960s over Sterilized Foreign Exchange Intervention**
www.marketskeptics.com/2015/10/fed-debate-in-1960s-over-sterilized.html
Current U.s. National Debt:
