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(1) When Congress passed the Federal ReserveAct of 1913, it gave the Federal Reserve Board afree hand in steering the economy.

(1) When Congress passed the Federal ReserveAct of 1913, it gave the Federal Reserve Board afree hand in steering the economy. (2) The President, while charged with appointing the chair and board members, has no direct role to play in the Board’s policy decisions. (3) One of the most obvious conflicts between the Board and the Chief Executive occurred in 1980, while then-President Carter was in the midst of his reelection campaign. (4) Six weeks before Election Day, the Board increased the discount rate, the fee charged for loans to banks and savings institutions. (5) The predictable backlash against the move may well have been the final nail in Carter’s political coffin.
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1) In revising the paragraph above, you decide that you want to add the following sentence: “Over the years, the freedom from presidential influence has led to numerous conflicts between the political goals of the White House and the economic goals of the Board.” The best place to insert this sentence is

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