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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%4:00 PM EST
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To: Rarebird who wrote (59761)10/13/2000 8:51:41 AM
From: long-gone  Read Replies (1) of 116756
 
Was anyone else aware the Fed has nothing to back any policy? That the reserves of the Fed are at an all time low(in these best of times)?

(in part)
" Thank you very much, Mr. Chairman.

Chairman LEACH. Does anyone else in the Democratic side seek to make an opening statement? If not, we first go to Mr. Metcalf.

Mr. METCALF. Thank you, Mr. Chairman, for holding this hearing, and your strong support to authorize the payment of interest on reserve balances by the Federal Reserve. Reserve balances held by the Federal Reserve have dropped alarmingly from approximately $28 billion in 1993 to only about $6 billion today. I am very concerned that the dramatic reduction in reserves could adversely affect the Federal Reserve in conducting monetary policy. Congress should permit the Federal Reserve to pay interest on reserves and lessen the economic incentive for banks to introduce reserve avoidance measures. I am hopeful that this committee will be able to work with the Administration to finding a way to fix this problem and resolve the loss of revenues received by the Treasury from the Federal Reserve.

Thank you, Mr. Chairman.

Chairman LEACH. Now to the author of this particular bill, although it has also been part of a bill that Mr. Metcalf had authored for several Congresses, but leadership at this time falls to Mrs. Kelly. And please, if you have any comments, we would love to hear them."

commdocs.house.gov
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