MONEY: The Federal Reserve Under Fire

There are only seven members of the Federal Reserve Board, and they are badly outnumbered these days. Liberals and conservatives, Republicans and Democrats, economists of all persuasions and more than a few Administration officials could cheerfully throttle the nation's monetary-policy managers for their performance over the past several months. Some congressional leaders, among them the new chairman of the Senate Banking Committee, Wisconsin Democrat William Proxmire, are so fretful that Federal Reserve policies are driving the economy deeper into recession that they have come to a conclusion: the board and its crustily conservative chairman, Arthur Burns, should be relieved...

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