Full text of Mimeograph Letters and Statements of the Board : Statement for the Press Announcing Rediscount Rate of Federal Reserve Bank of Richmond, Number R-60, Volume 47, Page 126

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R-60

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM

STATEMENT FOR TEE PRESS

For release in morning newspapers
of Friday, August 27, 1957.

August 26, 1957.

The Board of Governors of the Federal Reserve System today
approved the action of the directors of the Federal Reserve Bank
of Richmond in reducing the discount rate from 2% to lg%, effective August 27, 1937.