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Tightened Reserves Signal Pressure for Tax Moves
The Federal Reserve unanimously raised reserve requirements on checking accounts, signaling pressure on the Johnson administration and Congress to curb inflation through tax increases and spending cuts. The measure targets banks with large demand deposits and will reduce lending capacity by about 550 million dollars, affecting about 2,000 banks and 75 percent of banking business.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Congress
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William McChesney Martin
Reserve Board
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Johnson
Ward C. Krebs
Credit Policy Committee
Wells Fago Bank of San Francis
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