Word: higher
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Dates: during 1970-1979
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...that Congress needs any such incentive. Having rejected Carter's conservation and stand-by gas rationing proposals, the legislators are now rebelling against his plan to phase out price controls on domestically produced crude oil beginning in June. Carter decided on decontrol in the hope that higher prices would both discourage consumption and stimulate production-and also in the belief that Congress wanted to end controls...
Federal interest rate ceilings limit the payout on their passbook accounts to 5% in commercial banks and 5.25% in savings institutions, which is less than half the current rate of inflation-and much less than a higher-roller gets for investing $ 1,000 or more in a money market mutual fund. The small saver's squeeze is summed up in a Citibank anti-ceiling advertisement: "Deposit $500 with us today and we'll give you back $475 next year...
...phasing out of interest rate ceilings. This deregulation would have the additional effect of eliminating the differential between commercial banks and savings institutions. The President also recommended that all federally chartered banks be authorized to offer interest-bearing checking accounts. To offset some of the cost of the higher rates for the savings bankers, who lend out their money at long-term fixed rates, Carter suggested that they should be allowed to 1) make some shorter-term, higher-interest consumer loans and 2) offer home buyers variable-rate mortgages that fluctuate with the cost of money...
...commercial bankers have campaigned to end the interest rate ceilings and the differential. But savings banks and savings and loan associations will fight fiercely to keep their little competitive extra. Already they are hurting. Outflows from their coffers into higher-yielding short-term securities amounted to more than $2 billion in April. Earnings for savings institutions are expected to be down...
...sugar-beet growers but bitterly opposed by plantation-scale growers in Hawaii and Louisiana. Another of the bill's clauses raises the minimum wage for field hands from $3 to $3.30 an hour, and Democratic Senator Russell Long of Louisiana argues that the provision would require an even higher level of price supports for growers. With that in mind, Idaho Democratic Senator Frank Church is pushing for a rise to 17? per Ib. Frets one industry lobbyist in Washington: "All this agitation for more subsidy is going to kill the goose that laid the golden...