Word: frb
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President Carter, only two days after announcing his support for efforts to tighten the money supply, said yesterday the Federal Reserve Board (FRB) has raised interest rates too high...
...added that while the FRB has raised interest rates to record levels to cool inflation, he would take special financial measures to preserve credit for construction, especially the housing industry...
However, Carter made no reference to his statements Tuesday, when he backed the FRB's decision to increase its bank lending rate and tighten the availability of credit in order to strengthen the dollar and moderate gold prices...
...time he endorsed the FRB's actions, Carter said he would do "whatever it takes" to stop inflation, even if it hurts him politically...
Triffin's views are echoed by other critics. Congressman Henry Reuss, the influential Wisconsin Democrat who heads the House Committee on Banking and Finance, argues that the IMF should take over more of the burden of lending to LDCS from private U.S. banks. FRB Chairman Arthur Burns called on American banks to take a hard look at their overseas lending policies. Burns spoke of borrowings "that are uncomfortably large in relation to the debt-servicing capabilities of many countries...