Word: nationalizes
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Dates: during 1970-1979
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...chairman whose views were compatible with his own-and he has chafed increasingly under Burns' open criticism of White House policy. But could Carter afford to dump the legendary and controversial Burns when his second four-year term as chairman of what has been called the nation's "Supreme Court of money" expires Jan. 31? At 73, Burns had become a rock-like symbol of resistance to inflation at home and a champion of a strong dollar abroad. He was trusted and admired by U.S. businessmen and foreign finance ministers, precisely the two groups most skeptical of Carter...
...surprised official Washington and caught Burns off guard while he was on vacation in Florida, the President picked as Burns' successor a man whose name had never come up in public speculation: G. (for George) William Miller, 52, chairman and chief executive of Textron Inc., one of the nation's first and most successful corporate conglomerates...
...appointment seemed as politically adroit as it was unexpected. It pleased the liberals who have long thought that Burns was strangling the nation's economic growth by being too stingy in doling out money, thus pushing up interest rates too much, and yet it did not seem to antagonize Burns' conservative admirers. Quite the contrary; Miller's long career at Textron and service on various business and government committees have given him a wide acquaintanceship in the financial community, and most businessmen and bankers hailed him as one of their own. Miller will have...
...more expectable decision. Carter named James T. Mclntyre Jr. his onetime budget director in Georgia, as head of the Federal Office of Management and Budget, succeeding Bert Lance (see story page 45). Thus the President completed his economic team on the eve of his departure for a seven-nation tour...
...from the beginning, criticizing last year's $50 tax 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...