Business: New Act, Old Woes at the Fed

Some tricky decisions face the incoming chairman

As last week's drama of the dollar made clear, G. William Miller will be entering a political and economic minefield when he succeeds Arthur Burns as chairman of the Federal Reserve Board early next month. It will be largely up to Miller to make the tricky day-to-day decisions on when and how strongly to intervene in currency markets to keep the dollar from plunging too much lower. In that field, at least, the basic policy of intervening to stabilize the falling dollar has been set: but on domestic issues, the incoming chairman has no such...

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