Word: patman
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Last week Assistant Treasury Secretary Eugene T. Rossides gave the Nixon Administration's belated blessing to the means of crackdown proposed by Representative Wright Patman, in a bill designed to tighten the rules on foreign financial transactions. The measure, in its probable final form, will require U.S. banks to keep records of foreign transactions by their customers and to report unusually large withdrawals. Individuals will have to report all transfers of money exceeding $5,000 in or out of the country and open their own records of foreign bank accounts to Government inspection upon request...
...Treasury first promised its cooperation last July, then suddenly reversed itself after a delegation of bankers privately protested that a Patman proposal to allow the Treasury Secretary to require records of all domestic checks and deposits as well-some 40 billion a year in all-might impose an impossible paperwork burden. Now that the Administration has reversed itself again, Congress seems likely to adopt the Patman bill soon...
...vote of appreciation in advance for lower interest rates and more money." However, at week's end Burns appeared before the House Banking and Currency Committee and gave no further hint of any impending credit relaxation. Even so, his deftness in fielding the questions so impressed Chairman Wright Patman, an old-time foe of the Fed, that the Texan told Burns. "You fell on your feet like a cat every time." Earlier in the week, Treasury Secretary David Kennedy had predicted that lower rates "may be closer at hand than most people realize." Then Paul McCracken, the President...
Concentrated Power. Since 1963, Patman has run his banking committee like a fief. He often gets away with oversimplifications and half-truths because so few Americans, in or out of Congress, fathom the intricacies of finance. Many bankers contend that Patman thoroughly misunderstands how the U.S. banking system operates. They argue that some of his proposed reforms would yoke the Federal Reserve to policies of permanent inflation by depriving the board of its ability to take unpopular actions. Still, Economists John Kenneth Galbraith, Seymour Harris and several others support Patman's idea of placing the Reserve Board under presidential...
...trouble is that such a tidy arrangement collides with the fundamental American proposition that led to a government of checks and balances: beware of power concentrated in the hands of one man. The patchwork U.S. banking system is overdue for an overhaul, but hardly the kind that Patman has in mind. The danger is that Patman's polemics may splatter his financial foes with mud and lead to a legislative muddle. For all that, even his opponents have considerable admiration for Patman. Federal Reserve Vice Chairman James L. Robertson once complimented him for "keeping the System on its toes...