Vol. 4, No. 4, 1978

Competitive Equality and Federal Reserve Membership — The Board of Governors' Proposal
Last Updated: 07/31/78
This is the stated objective of a Federal Reserve proposal sent to Congress July 7. There are two components of the proposal: legislation requiring all financial institutions to hold reserves at the Federal Reserve against transaction accounts and a comprehensive program providing for explicit pricing of Federal Reserve services and for reducing the cost of Federal Reserve membership.