The Federal Reserve Board on Tuesday approved a budget of $387.6 million to fund its operations in fiscal years 2000 and 2001, a 4.9% increase from the current biennium.

The increase will mostly fund salaries, which account for nearly three-fourths of the Fed's operating budget. Fed staff members will receive raises of up to 4.4% next year and 4% in 2001, compared with 3.5% in 1999 and 3.8% in 1998. The Fed's operating budget for 2000-01 covers 1,705 positions, a net decrease from 1998-99 of 16 jobs, primarily support positions.

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