Foreign exchange operations and the Federal Reserve

From: Economic Quarterly - Federal Reserve Bank of Richmond | Date: January 1, 1996| Author: | Copyright information

The operations of U.S. government agencies in foreign exchange markets are probably regarded as arcane by most Americans. These operations are, however, an important element of U.S. international economic policy. And from time to time they are highly visible to the public: for example, when the United States and other major industrial countries intervene jointly in the markets to influence exchange rates, or when they provide assistance to particular countries such as the substantial aid extended to Mexico in 1995.

The Gold Reserve Act of 1934 gives the Treasury primary responsibility for ...

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