Washington - Federal Reserve Chairman Alan Greenspan has rejected a plea from Rep. Henry Gonzalez, D-Tex., to require departing Fed officials to sign an agreement against divulging market-sensitive information.

Gonzalez made the appeal following reports that former Fed governor Wayne Angell, after going to work as chief economist for Bear, Stearns & Co., told clients that he believed most of the 12 Fed district banks wanted to increase the discount rate by 50 basis points. Fed officials subsequently raised the discount rate to 3.5% from 3% on May 17 in connection with a broader move lifting short-term rates.

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