Word: patman
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Dates: during 1960-1969
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Congressman Wright Patman's House Banking Committee approved a bill that, among other things, allows the Federal Reserve flexibility to 1) set varying rate ceilings on different classes and amounts of time deposits; 2) raise bank reserve requirements against time deposits; and 3) pump money into the mortgage market by purchasing the obligations of the Federal National Mortgage Association and the Home Loan Banks. The Senate did as well: a subcommittee headed by Alabama's John Sparkman voted to give the FNMA, familiarly known as Fannie Mae, $2 billion in new borrowing authority...
...commercial banks to pay high rates for certificates of deposit; it raised the reserves that banks must stash away against large time deposits from 4% to 5%. That only infuriated the board's critics. "An invisible crumb from the rich man's table," fumed Chairman Wright Patman of the House Banking Committee, "a horselaugh at people in distress...
...savings and loan men insist that pint-size C.D.s steal their customers, and the Administration seems to agree. Treasury Secretary Henry Fowler wants Congress to empower federal bank regulators to roll back the maximum interest to 5% on C.D.s of less than $10,000. House Banking Committee Chairman Wright Patman wants to outlaw all C.D.s on the ground that they have become "financial monsters." Congress will probably give the Johnson Administration about what Fowler asked. Whether it will act fast enough to protect savings and loan associations from heavy savings losses after their semiannual dividend payments next month is doubtful...
...Robert Solow, one of the most expansion-minded of the New Economists, confessed: "Until now, I have been against any tax increases. I have come to change my mind in the last month." This week even Democrats on the Congressional Joint Economic Committee-headed by Easy-Money Advocate Wright Patman of Texas-plan to issue a report calling for stand-by tax increases...
...Days to Object. Caught between an outraged chairman and an angry majority, House Speaker John McCormack worked out a compromise. The bill could be reported out, he ordered, but only in proper style and session, and with the chairman's name on it. "Sometimes," grumped Wright Patman as he went through the motions, "we have to take something that is considered bad in order to keep from taking something worse...