Word: interest
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Dates: during 1960-1969
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...three occasions in 1963, Atlanta Lawyer Robert B. Troutman Jr. spoke to his friend, President John F. Kennedy, about a matter of interest to the Southern Railway Co. As a result, Kennedy asked his staff to discuss the case with the Justice Department, which decided to support the company in a suit against the Interstate Commerce Commission. Eventually the ICC withdrew an order concerning Southern's grain freight rates that the company believed was not in the public interest...
...citizens than almost anyone except the President who appoints him. By performing some of the more arcane maneuvers in the realm of finance-raising or lowering bank reserve requirements, buying or selling Government securities-the Federal Reserve controls the supply of credit and the level of interest rates. It thus largely determines how much interest the consumer must pay to borrow for a new house or car, how much the businessman must pay to borrow for a new hamburger stand or a steel mill-and whether many kinds of loans will be available at all. By influencing the rate...
...Will Not Budge." The change comes at a particularly sensitive time, when everyone is wondering when prices will stop going up and interest rates will start coming down. The Administration has given top economic priority to fighting inflation by sharply restricting Government spending at the same time that the Federal Reserve curbs the growth of credit. One purpose of Nixon's timing in announcing the Burns appointment last week was to underscore the Administration's determination to persevere with its policies of severely tight money, despite political pressures to relax. Burns has a reputation for doggedness in following...
...situation required. He cooperated with the expansionist policies of President Kennedy when the nation's economic problem was sluggish growth and persistent unemployment. In late 1965, however, he refused to accept Lyndon Johnson's line that the U.S. could escalate the Viet Nam war, keep taxes and interest rates down and still avoid inflation; the Federal Reserve tightened credit, to L.B.J.'s displeasure...
Computerized Job Bank. As a policy adviser, Burns' record is uneven. He opposed repeal of the 7% investment tax credit-and lost. He won on another question by persuading the Administration to come out against taxing the interest on state and municipal bonds. He sold Nixon on the idea of a computerized job bank that would list jobs offered by employers all over the country to aid in placement of the unemployed. On the other hand, the President sent to Congress a billion-dollar program to combat hunger, despite Burns' strenuous objections that it was unnecessary and cost...