Moreover, checks that were cleared through the Federal Reserve and that were drawn on Federal Reserve member banks were exchanged at par value. In the early days, the Federal Reserve's national check-clearing service was provided free of charge to nationally chartered banks that were required to join the system and state-chartered banks that joined voluntarily.
There has already been a deal of adjustment, especially in the public sector. But it’s not easy to see 4  BIS central bankers’ speeches  how rapid job growth can be assured if wage costs are not rolled back on a broader basis from their unsustainable run-up in the early 2000s.