Federal Reserve policymakers are considering adopting a new benchmark interest rate to replace the one they have used for the past two decades.

The central bank has been unable to control the federal funds rate since the September 2008 bankruptcy of Lehman Brothers Holdings Inc., when it began flooding financial markets with $1 trillion to prevent the economy from collapsing. Officials, who started a two-day meeting Tuesday, have said they may replace or supplement the fed funds rate with interest paid on excess bank reserves.

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