THOUGH he is normally one of the more obscure figures in Washington, the Chairman of the Federal Reserve Board has greater influence over the daily lives of all U.S. citizens than almost anyone except the President who appoints him. By performing some of the more arcane maneuvers in the realm of financeraising or lowering bank reserve requirements, buying or selling Government securitiesthe Federal Reserve controls the supply of credit and the level of interest rates. It thus largely determines how much interest the consumer must pay to borrow for a new house or...
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