The presentation suggested that such a facility would allow the Committee to offer an overnight, risk - free instrument directly to a relatively wide range of
market participants, perhaps complementing the payment of interest on excess reserves held
by banks and thereby improving the Committee's ability to keep short - term
market rates at levels that it deems appropriate to
achieve its macroeconomic objectives.
Respondents» multilevel
marketing program, as represented
by the abovequoted statements, contemplates an endless recruiting of
participants since each person entering the program must bring in other distributors to
achieve the represented earnings.