Council Comments in Favor of Pooled Time Deposits

by Council on Wage and Price Stability on May 10, 1976
by Council on Wage and Price Stability

The Council on Wage and Price Stability today criticized regulations proposed by the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) which would restrict payment of interest on pooled time deposits of $100,000 or more. In the Council’s view, the benefits of the FDIC-FRB proposals have not been documented and hence it is unclear whether these benefits may be sufficient to offset the proposals’ costs. Consequently, adopting the proposals might be inflationary. The Council’s comments were made in a filing before the FDIC and the FRB…

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