Kemp ties Volcker's job to Fed's maintaining rate

If the Federal Reserve moves to raise interest rates, President Reagan should withdraw the nomination of Paul Volcker to serve a second term as Fed chairman, Rep. Jack Kemp (R) of New York argues.

Mr. Kemp, a member of the House Budget Committee, told reporters that raising the discount rate, the rate charged commercial banks that borrow from the Fed, ''would threaten aborting the recovery.''