Word: mcchesney
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Dates: during 1970-1979
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DURING his unprecedented 19 years as chairman of the Federal Reserve Board, William McChesney Martin left a formidable imprint on the life of the U.S. Now the chief guardian of the nation's money and regulator of its credit has served as long as the law allows. This week, at 63, the world's most powerful banker will retire...
...create the danger of recession. Says Economist Henry Kaufman of the Manhattan bond house of Salomon Brothers & Hutzler: "Success in 1970 is virtually a necessity for the survival of the Federal Reserve System." Next week, to Patman's undisguised delight, Federal Reserve Chairman William McChesney Martin will reach the legal limit for time on the job and will retire. Washington will miss the frequent confrontations between Martin and Patman at hearings of the banking committee; on one occasion, Patman condemned Bill Martin as "the most disastrous influence in American history." Patman has no such animus toward the new chairman...