Word: patman
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Dates: during 1960-1969
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...from the old New House Office Building, and the old Old House Office Building, was formally opened for business. Lady Bird Johnson last week dedicated a somewhat idealized, larger-and leaner-than-life bronze statue of the late Mr. Sam in the main-stair hall. Said Representative Wright Patman, recalling his fellow Texan: "This edifice is made, like Rayburn's toughly achieved reputation, to last for the next thousand years...
...Shame, for Shame." Others were not so resigned. "For shame, for shame!" cried Congressman Wright Patman, chairman of the House Banking Committee, who went on to predict "a marked slowdown in our economic growth" as a result of the hike. The A.F.L.-C.I.O. executive council complained that the move would discourage borrowing by consumers and business alike. Coming at a time when many businessmen were beginning to wonder aloud whether the U.S.'s 45-month economic upswing could continue much beyond mid-1965, the discount-rate hike also raised fears among many businessmen of a recurrence of 1960, when...
William McChesney Martin Jr.-who occupies what Patman somewhat extravagantly calls "the most powerful job in the civilized world"-successfully campaigned for a slight squeezing of credit and rise in interest rates. But his colleagues are sharply divided on the issue, and the Federal Reserve is being pelted with criticism from several sides...
...Democrats as Wisconsin Senator William Proxmire complain that trying to find out why and how the Federal Reserve makes its decisions is like "trying to paste a custard pie on a wall." To make the Federal Reserve more dependent upon the President and upon Congress' easy-money advocates, Patman is sponsoring bills that would: >End its authority to set itsown budget (currently: $180 million a year) and oblige it to come to Congress for an annual appropriation. - Empower the General Accounting Office to audit its books. - Expand its board of governors from seven to twelve, with the chairman...
Many businessmen and bankers, who consider Martin the very symbol of sound money, will lobby against attempts to rob him of authority or to pack the board. But Patman senses a widespread feeling that the whole Federal Reserve needs an overhaul, and he is confident of bucking through at least a few of his proposals. Much will depend upon whether his fellow Texan in the White House decides to press hard for the changes. Lyndon Johnson shares Patman's Populist dislike of tight credit, and is not as close to Bill Martin as John Kennedy...