Word: chairman
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Dates: during 1960-1969
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...seems to increase with the arrival of each new "Administration. In 1961, because the incoming Kennedy Administration feared that the Federal Reserve might not go along with plans to stimulate the then-sluggish economy, some New Frontiersmen spread the fiction that it was a "tradition" for the Federal Reserve chairman to offer to resign. Martin never took the hint. Today's Federal Reserve governors are mostly Democratic appointees and, for the first time in many years, the board stands to the left of the Administration. But President Nixon has pointedly asked Martin to stay on until his term expires...
...imperfect art of managing money, Martin and his Federal Reserve have bumbled often. Yet they have many strengths. The 62-year-old chairman is one of Washington's most astute politicians and a master at wringing consensus from the diverse personalities among the seven Federal Reserve governors and twelve presidents. No one doubts Martin's courage. When politicians were unwilling to raise taxes to slow inflation and narrow federal budget deficits, the board did the job by restricting money. Then Martin calmly absorbed the resulting criticism, most notably after the "credit crunch" of 1966. To blame the Federal...
...Little Steadiness. The issue comes down to the question of whether or not the board's independence should be curtailed. Paul McCracken, Chairman of the President's Council of Economic Advisers, would prefer much less short-term monetary tinkering by the board. Like many others, he feels that the board would do better to pay more attention to developing long-term policies for steady economic growth. McCracken would also like to see the Reserve coordinate its policy more closely with the White House. He would probably not go as far as some former Johnson economists, who argue that...
...that politicians have a clearly inflationary bias and that the U.S. needs a man with Martin's independence and integrity to take the necessary, if politically unpopular, steps required to help stabilize demand and prices. When rumors went around in 1967 that Martin might not be reappointed as chairman, some European central bankers observed that his departure would so shake foreign confidence in Washington's money policy that the U.S. would lose $1 billion in gold. Considering that gold sells officially for $35 an ounce, the bankers must reckon that Bill Martin is worth his weight in gold...
...Department will discuss the future of Soc Rel 148, 149 at an open meeting at 3 p.m. today in William James 1 with Roger Brown, chairman of the department...