Comments about ‘Why does the U.S. have a Federal Reserve System anyway?’
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"Why does the U.S. have a Federal Reserve System anyway?"
The question should be, "why does the Federal Reserve need 12 regional offices with full, highly paid staffs, if the Fed's prime responsibility that of managing the money supply?" This and all other tasks could easily be handled by the Washington DC office. I realize that the Fed is responsible for pulling and destroying worn out bills from the money supply but that could be handled by a couple of GS 7 employees.
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