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R-69 138 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM STATEMENT FOR THE PRESS For release at 2:00 p. m. September S, 1957. The Bo^rd of Governors of the Federal Reserve System todayapproved the action of the directors of the Federal Reserve Bank of Philadelphia in reducing the discount rate from 1% to 1-|$, effective September 4, 1937.
@FedFRASER