Word: borrowingsâ
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Dates: during 1979-1979
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...first two items?an increase in the discount rate and the setting up of reserve requirements for offshore bank borrowings???went through smoothly enough, but the third presented a procedural problem. As a revolutionary change in Fed operations, the plan to focus day-to-day attention on actual money creation required not only board approval (which was given unanimously) but the support of the Open Market Committee, which comprises not only the board's governors but also five other representatives from the Fed's twelve regional banks. Just after lunch a conference call was arranged, unanimous support from the governors...
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