Word: patman
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Dates: during 1960-1969
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...ruling not only rattled bankers but riled lawmakers, who saw their authority challenged. Congress moved to reframe the law, but unfortunately the task fell to the House banking committee, which is run as a fief by Chairman Wright Patman, 72. Patman, a moonfaced country lawyer from Patman's Switch (pop. 25), Texas, dislikes big banks, tight money and Federal Reserve Chairman William McC. Martin in about equal degree. Sympathetic to the Supreme Court, Patman stalled the revised bill for 25 weeks. When Attorney General Nicholas deB. Katzenbach wrote Patman that he favored a liberalized bank-merger law, Patman just...
...Patman: You always have one answer: higher interest...
That is the way it mostly went last week in the Senate caucus room, where the Federal Reserve Board's old foe, Texas Congressman Wright Patman, had summoned Board Chairman William McChesney Martin Jr., four more of the seven board members and four other witnesses to four days of hearings about the Federal Reserve's discount-rate rise. The hearings changed no one's mind or position one iota, but they produced some clarification of the events that led up to the rate rise and considerably heightened speculation about President Johnson's choice to replace Vice...
...only really silly noises came from Congress. Texas Democrat Wright Patman, a cheap-money advocate who as chairman of the Senate-House Joint Economic Committee has waged a long feud with the Federal Reserve, announced that he would hold an investigation this week "to find out who is in charge in this country, the Reserve Board or the President of the United States." Louisiana's Russell Long, who will succeed Harry Byrd as chairman of the Senate Finance Committee when Congress reconvenes next month, showed his innocence of economics by protesting: "Nothing could be more unpopular than a major...
...addition, a subway running between the building and the Capitol, as well as renovations and additions in the vicinity, will hike the total cost to something like $122 million. But according to Patman's calculations, it was "a bargain of the first magnitude"-$36.56 per sq. ft. as against $90.94 for the 1935 Supreme Court Building...