Word: mcchesney
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...William McChesney Martin Jr., 58, veteran (since 1951) chairman of the Federal Reserve, is second only to Fowler in influence at the White House. President Johnson knows that Martin is a force to be reckoned with: he heads a proudly independent agency and is the U.S. economic official most closely heeded by Europe's central bankers, who consider him the staunchest guardian of U.S. fiscal responsibility. Last week it became clear that Martin is helping to fight the payments deficit and gold outflow by slowly raising short-term interest rates-a move that pleases the foreign bankers more than...
First, Federal Reserve Chairman William McChesney Martin complained to Arkansas Senator John McClellan's Senate Investigations Subcommittee that Saxon withheld confidential evidence of irregularities at the San Francisco National Bank, thus misleading the Federal Reserve into lending the bank $9,260,000 when it was about to fail. Two of Saxon's own aides not only confirmed this lack of communication but added that Saxon waited eight months to tell the Justice Department about indications that the bank's president was accepting kickbacks for approving loans...
...spending-and by how much? The President did not answer those questions either in his White House presentation or in a speech that he gave the previous day to a meeting of the National Industrial Conference Board; he left the hard details to his subalterns. Federal Reserve Chairman William McChesney Martin took the bankers into a separate meeting, where they were advised that their foreign loans, which last year jumped 25% to $10 billion, should rise no more than 5% this year. Meanwhile, the corporate chiefs went to a session with Commerce Secretary John Connor, were told that each company...
This week 65 top bankers and some 300 business executives will go to Washington at the President's invitation. Federal Reserve Chairman William McChesney Martin will put pressure on the bankers to cut back their foreign lending, which rose by more than $2 billion last year, to a $500 million increase this year. Commerce Secretary Connor will ask hundreds of key companies to set goals for cutting their foreign spending, then will review their budgets every three months. Ironically, Connor is well suited for the job: when he was president of Merck & Co., he vastly expanded its drug empire...
High officials of the Federal Reserve Board believe that De Gaulle, aided by Spain's Franco, is trying to form a new European axis designed to embarrass and weaken the U.S. by attacking the dollar. To buttress the dollar, Federal Reserve Chairman William McChesney Martin Jr. has been strongly urging President Johnson to move swiftly and dramatically to wipe out the deficit in the balance of payments. "Some way or other, something has to be done," Martin said recently. "It is important that we face up to the fact that we have become a chronic deficiteer-and that leaves...