(a) political deliberation, particularly in monetary policy making settings (e.g., the United States Congress, the Federal Open Market Committee);
When transacted by the Federal Open Market Committee of the Federal Reserve in open market operations, repurchase agreements add reserves to the banking system and then after a specified period of time withdraw them; reverse repos initially drain reserves and later add them back.
As a member of the Federal Open Market Committee on the Federal Reserve, he was considered "dovish" on inflation and was one of the most consistent opponents of raising the federal funds rate in the late 1990s.
As president, he served as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), which formulates U.S. monetary policy.
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Meltzer served, from 1973 to 1999, as the Chair of the Shadow Open Market Committee, a group of economists, academics, and bankers that met to critique the actions of the Federal Reserve's Federal Open Market Committee.