Word: cea
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Dates: during 1950-1959
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...from the Chicago Board of Trade. In December 1952 the company was indicted for converting to its own and its customers' use 80,000 bushels of corn stored for the Commodity Credit Corp. (The case is still to be tried.) Last week Cargill was in trouble again with CEA. As a result, the company agreed to a consent decree that bars it from trading in oats futures for the rest of the year...
...plan to set up a new Council of Economic Advisers was sent to Congress last week by the President. The work of scholarly Economics Professor Arthur F. Burns, who will head the new council, the plan will re-establish CEA as the President's top economic advisory group. Like the old CEA, first set up under Harry Truman's Administration, the new three-man board will keep an eye on U.S. economic changes, advise the President on what to do about them, help him prepare his economic reports to the nation. But there the comparison ends...
Born in Stanislau, Austria, Burns graduated from Columbia in 1925, took his doctorate in economics nine years later. After teaching at Rutgers and Columbia, he was appointed research director of the National Bureau of Economic Research in 1945. When the old CEA ran out of operating funds three months ago, President Eisenhower picked Burns as his economic adviser, got a $50,000 appropriation for him to set up shop...
Congress parted with the money with great reluctance, mostly because Truman's councilmen had made few friends on Capitol Hill. Under Truman, the three CEA members all had equal standing. Thus the council was often split and public squabbles were common. It became less of an advisory board and more of an apologist for the Administration's economic policies. There seems to be little chance of similar trouble under Burns. Said he: "My inclination would be to stay out of the limelight, make my recommendations to the President, indicate the basis for [them], and then, having done that...
Last week CEA got a new member who agreed with its present methods. To succeed Roy Blough, who quit last month to take a job with the United Nations, President Truman appointed Robert Turner, 44, an Indiana University professor who has shuttled in and out of New and Fair Deal jobs since...