As part of its response to the financial crisis of 2007 and 2008, Federal Reserve Banks began paying interest on reserve deposits.

Name: As part of its response to the financial crisis of 2007 and 2008, Federal Reserve Banks began paying interest on reserve deposits.
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The Federal Reserve started paying interest on reserve balances in October 2008 to help manage the supply of reserves and control short-term interest rates.

As Part of Its Response to the Financial Crisis of 2007