I'll tell you one idea that I've been urging my colleagues to do, and an idea I urged the president in the Oval Office last week to do, is to end The Federal Reserve's practice of paying interest on bank reserves started in 2008. For most of the history of the Fed, from 1913 until 2008, the Fed did not pay interest on reserves. And then it started paying interest on reserves Fairly recently in 2008. (01:05–01:09)
CLAIM
Asserts that the Federal Reserve began paying interest on bank reserves in 2008.
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