Word: chairman
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Dates: during 1970-1979
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...Volcker had the measures that he wanted and called a mid-morning meeting of the board's governors in the Fed's second-floor boardroom. There, against a backdrop of silk wall coverings and an enormous blue-and-gold map of the U.S., the governors mulled over their chairman's proposals for one hour, then two, then through lunch and on into the afternoon...
...most important change is to switch to a policy of constraining money supply as distinct from manipulating interest rates." Greenspan grants that "for an interim period, interest rates could be highly unstable; the prime rate could easily go up to 16%." But he would have gone further than Fed Chairman Volcker: "I would also have announced some major curtailments of federal subsidy programs for credit, such as programs to subsidize mortgages and student loans." He predicts that the chairman will stick to his stern policy: "Volcker is a tough guy, although pressures on him to soften his position are likely...
...most trouble will be those on fixed incomes. Adds Lehing: "Most of these people don't have enough disposable income to become eligible to borrow, and the costs of their necessities will go up. It gets pretty rough. " But bankers also generally agree with Roderick M. MacDougall, chairman of New England Merchants National Bank in Boston: "The consumer is going to be badly hurt by these developments, but he'd be hurt a lot worse by inflation if it's allowed to continue. " Likely effects of the Federal Reserve's policies on the types of loans...
Under mounting pressure from SALT supporters at home and abroad, the U.S. Senate seemed to edge closer to approval of the pact last week despite the setback caused by the uproar over the Soviet combat brigade in Cuba. That issue was somewhat defused when Senate Foreign Relations Committee Chairman Frank Church, who had helped trigger the crisis, introduced a mild resolution that he had worked out in advance with the White House. He proposed that before SALT can be approved, "the President shall affirm that. . . Soviet military forces in Cuba are not engaged in a combat role and will...
Another troubling issue seemed to be clearing up last week when Intelligence Committee Chairman Birch Bayh and Vice Chairman Barry Goldwater asserted that the U.S. possesses the "technical means" to monitor Soviet compliance with the treaty. The committee's final report was not an absolute assurance that verification problems have been overcome, and Ohio's Democratic Senator John Glenn was still deeply troubled by that issue. But the report helped to reduce fears that the loss of Iranian listening posts and other U.S. intelligence shortcomings would significantly impair surveillance of Soviet weaponry. Said one Democratic Senator: "This...