Kemp ties Volcker's job to Fed's maintaining rate

If the Federal Reserve moves to raise interest rates, President Reagan should withdraw the nomination of Paul Volcker to serve a second term as Fed chairman, Rep. Jack Kemp (R) of New York argues.

Mr. Kemp, a member of the House Budget Committee, told reporters that raising the discount rate, the rate charged commercial banks that borrow from the Fed, ''would threaten aborting the recovery.''

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