Business Services Industry
Federal Reserve Bank Official Discusses Role of Organization.
Knight Ridder/Tribune Business News, October, 2001
By Sharon Smith, York Daily Record, Pa. Knight Ridder/Tribune Business News
Oct. 3--Those who thought the Federal Reserve Bank merely raised or cut interest rates periodically would be wrong.
The Federal Reserve Bank does so much more.
On Tuesday, Richard Lang, vice president of the Federal Reserve Bank in Philadelphia, explained all the bank does to keep the country's economy running to a group of economics students at York College.
The bank's goals are basic: sustainable growth, price stability and maintaining the integrity of the country's financial system, he said.
It's a tricky proposition, Lang said. The bank's priority is to avoid what are called business cycles or recessions.
To illustrate his point, a...
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