Fight over control of Fed open market operations
Citations (1)
- Lords of Finance whole source · open book
The purchase and sale of securities out of their portfolios had initially been left to the reserve banks; but in 1923, the Board, recognizing the potency of the new tool, tried to take charge by requiring the committee that made these decisions to operate under its umbrella.
chapter: 9. A BARBAROUS RELIC - THE GOLD Standard