The Reagan Administration lost a round in court.
A U.S. Court of Appeals panel has refused to bar a lawsuit challenging the selection process for members of the Federal Reserve’s policy-making committee. The three-member panel denied a request by the Administration to order U.S. District Judge Harold H. Greene to dismiss the suit brought by Sen. John Melcher (D-Mont.) challenging the constitutionality of the Federal Open Market Committee, which regulates the nation’s money supply.
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