Time to put the Fed back in its box

Apr 27, 2008 (The Australian Financial Review - ABIX via COMTEX) -- By George Will

The US Congress needs to restrain the activities of the Federal Reserve Board. The central bank's mission is to prevent inflation so that the value of the US dollar is preserved. It has become the lender of last resort, but its criteria for assistance are unclear. It should not be trying to manipulate economic growth rates or unemployment. Its policy should not encourage the sale of US debt held by foreigners. Originally published in "The Washington Post".

Publication Date: 28 April 2008 

UNITED STATES.  FEDERAL RESERVE BOARD
BEAR STEARNS
JP MORGAN CHASE AND COMPANY
DEMOCRATIC PARTY (UNITED STATES)

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