Word: patman
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Dates: during 1950-1959
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...American Bankers Association and such experts as Allan Sproul, retired president of the Federal Reserve Bank of New York, have recently called for a study. A month ago an advisory panel of bankers and economists to the Senate Banking Committee backed the idea. Last week Texas Representative Wright Patman introduced a resolution into Congress calling for a sweeping look at the whole credit problem. ∙ The basic question is whether drastic changes should be made in the methods used by FRB to control credit to match the drastic changes that have taken place over the years in the U.S. financial...
...opening rounds were fired last week in what may become the great political battle of the second Eisenhower Administration. Principal opponents ranged against each other across a highly polished table in a Capitol hearing room: Texas' Democratic Representative Wright Patman, chairman of a joint congressional subcommittee on economic stabilization, and Federal Reserve Board Chairman William McChesney Martin. Their general subject: inflation. The specific issue: tight money v. easy money in U.S. economic policy...
...Wright Patman, nursing (as the Christian Science Monitor noted) "an old-fashioned Populist's suspicion of Eastern bankers," unloosed the first salvo. Opening a subcommittee inquiry into U.S. monetary policy, Patman explained that the hearings were justified by "the danger that the tight money policy may wreck the economy." He attacked the Federal Reserve Board for raising its discount rate (i.e., the fee charged by the Federal Reserve system on loans to member banks) from i^% to 3% over the last 20 months (TIME, Sept. 10). By thus restricting credit, rumbled Patman, the Federal Reserve Board has driven farmers...
...little could needlessly starve some activities . . . Creating more money will not create more goods. It can only intensify demands for the current supply of labor and materials. That is outright inflation." No sooner had Martin finished his statement than the politically potent questions began flying fast from Chairman Patman and his subcommittee colleague, Wyoming's Democratic Senator Joseph O'Mahoney. Their substance...
...Senate investigating committee made appropriate noises about a sweeping investigation, then settled for the finding that the money had been offered to Francis Case by attorneys John Neff and Elmer Patman, on behalf of California's Superior Oil Co. Even so, the Justice Department had enough evidence to take Neff, Patman and Superior Oil to court. Last week U.S. District Judge Joseph C. McGarraghy read off the sentence: Lawyers Patman and Neff were fined $2,500 each, let off with one-year suspended sentences for failing to register as lobbyists; Superior Oil was fined $10,-ooo for aiding...