Fed struggles with same issues as 100 years ago, says Lacker
The debate over which assets the Federal Reserve should hold, as well as issues related to its independence, has raged since the institution was established 100 years ago, Federal Reserve Bank of Richmond president Jeffrey Lacker said in a speech, A look back at the history of the Federal Reserve, yesterday.
Early on, policy-makers decided commercial paper and loans to banks backed by commercial paper were appropriate holdings for the Fed. Then, during World War I the Fed began purchasing
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