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Sen. William Proxmire (D., Wis.), the ranking minority member of the Senate Banking Committee, said the Federal Reserve Board has pursued ”a highly expansive monetary policy” that is discouraging to saving money. ”It is a great policy for today,” he said. ”It may last several months, possibly through this year or even next year. But it is a foolish, reckless, totally irresponsible policy in the long run.”
