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Fed Plans to Expand Money Supply by Up to 21.5 Billion
Federal Reserve Chairman Arthur Burns told the Senate Banking Committee that the Fed aims to raise the money supply by 5 to 7.5 percent in the year starting April, totaling as much as 21.5 billion dollars, to spur a recession-hit economy. He warned against excessive action that could spark inflation and urged Congress to consider spending cuts to restore stability.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Arthur F. Burns
Ford Administration
Burns
Senate Banking Committee
William Proxmire
D-Wis
Banking Committee
Proxmire
Congress
Great Britain