Word: fed
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Dates: during 1970-1979
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...rebate scheme, which was later dropped, and various White House proposals for tax reform. He also had been driving up interest rates to a point that Charles Schultze, Carter's chief economic adviser, felt was dangerous to the nation's economic recovery. Schultze, annoyed by the Fed chairman's lecturing to the White House, once lamented: "Burns talks about the independence of the Federal Reserve. What about the independence of the Executive Branch...
Miller's appointment almost surely will not mean any sweeping change in Federal Reserve policy, at least until he overcomes his newness. A Board chairman has only one of the twelve votes on the Fed's critical Open Market Committee: its decisions on the buying and selling of Government securities largely determine the rate of money-supply growth and the level of interest rates. The chairman eventually does rule, but by force of personality, which takes time to establish...
...chosen? Up until several weeks ago, Carter was considering keeping Burns on. The President finally was persuaded by Vice President Walter Mondale and Treasury Secretary W. Michael Blumenthal that the Fed needed new leadership. About seven weeks ago, a candidate search team headed by Mondale was set up. The group knew almost from the outset that its ideal candidate would be a progressive businessman, preferably a Democrat (which Miller is). A list of a dozen names was drawn up; eventually it was pared to five. On it were Du Pont Chairman Irving Shapiro, General Electric Chairman Reginald Jones, Brookings Institution...
...White House, Carter talked amiably with Burns. Carter told the chairman of his ideas about what the Fed should be doing. Not until the end of the hour-long exchange did the President get to the point: he would not reappoint Burns, but instead would choose Bill Miller, whom Burns knows because Miller for seven years has been a director of the Boston Federal Reserve Bank...
Many associates are frankly at a loss where to place Miller. At the Boston Federal Reserve Bank, where Miller is a director, staff members last week held a meeting to brainstorm what he might do at the Fed. Says one who attended: "None of us was able to categorize Miller. Some thought he would encourage investment spending and support tax incentives to encourage productivity, but we are not sure how aggressive he will...