Word: patman
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
That historical allusion, which would be lost on most voters, points up one of Reuss's weaknesses: he is considered a bit overgenteel for higher political office. Nonetheless, his seniority makes Reuss an odds-on favorite to succeed 78-year-old Wright Patman as chairman of the powerful Banking Committee. It would be a fitting reward for a patient Congressman who has consistently done his homework...
...Ever since the 1930s, Texas Democrat Wright Patman has been fulminating to bring the Federal Reserve System under tighter Government control. As it is, the Fed is a unique agency that, by design, is not subject to congressional appropriations or Government audit. It pays its own way largely out of interest earned on federal securities. The intention was, and is, to give the Fed a measure of independence from political control...
...perennial attacks, Patman, head of the House Banking and Currency Committee, last week at a subcommittee hearing accused the Federal Reserve Board of spending as much as $588,200 on questionable or frivolous items. Examples: $2,514.11 on a picnic with prizes at the Buffalo branch, $50 for a parking fine and towing charge for a New York Fed official, $20.90 for babysitting charges so that a New York member and his wife could attend two dinners. In addition, Patman was disturbed by the Fed's "Thrift" club, in which the system has contributed almost $2,000,000 annually...
...Patman's complaints may liven up the banker's-gray image. "Has the Federal Reserve System ever paid for Federal Reserve clubs to have parties at Playboy clubs, complete with appropriately attired bunnies?" Patman demanded, having already received reports on the subject from member banks. Replied Federal Reserve Board Chairman Arthur Burns: "I didn't know there was that much imagination on the part of any of my colleagues...
...controls mandatory." Congress preferred to let Nixon take the responsibility. In March it voted to extend the Economic Stabilization Act, and Nixon once more protested, although this time the Administration softened its position somewhat; it was growing less confident about its own economic policies. Treasury Secretary Connally told the Patman committee that the White House would "accept" the bill rather than fight it. And last week Nixon enthusiastically assumed the powers that he had once brusquely turned down...