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November 01, 2013 AT 3:48 PM
Jeffrey Lacker, head of the Federal Reserve Bank of Richmond, did not comment on current monetary policy or the state of the U.S. economy, according to prepared remarks. In a Philadelphia speech, the hawkish policymaker instead talked about central banking over the last century. He noted that, in the recent financial crisis, the Fed's emergency lending efforts risked drawing criticism from those who see such moves as "redistributiuonal" politics.