WASHINGTON -- Alan S. Blinder thought he'd be investigating monetary policy at the Federal Reserve Board, but President Clinton's first appointee to the central bank said he spent nearly his entire initial month learning about regulatory matters.

Mr. Blinder, who previously served on the President's Council of Economic Advisers, said the clearest example of his regulatory emphasis comes from the: hours he,s spent learning about a proposed change in the way of computing whethera bank's securities activities violate the Glass-Steagall Act.

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