Word: patman
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...months ago, under Patman's prodding, the House passed a tough bill to break up one-bank holding companies, through which nearly every major bank in the U.S. has taken steps to diversify into such highly profitable fields as insurance, mutual funds, travel agencies, equipment leasing and data processing. Last month, Congress passed the 1969 Tax Reform Act, which not only imposed a sharp tax increase on banks but also deprived them of the flexibility that bankers regard as important in managing investment portfolios. There is a distinct possibility that the banking system will be confronted with even more...
Most of all, Patman is going on in his crusade to strip the Federal Reserve Board of its independence and many of its powers. At a time when it bears the main burden of the fight against inflation, the Federal Reserve has come under public scrutiny as never before, partly because of admitted errors in the past and partly on the ground that it has carried monetary restraint so far as to create the danger of recession. Says Economist Henry Kaufman of the Manhattan bond house of Salomon Brothers & Hutzler: "Success in 1970 is virtually a necessity for the survival...
Whatever his feelings about Chairman Burns, Patman can be expected to continue badgering the Federal Reserve System. Every year since 1934, he has introduced his pet bill to reform it. The present version would force the board, which now sets its own budget and finances its operations mainly from the interest on its holdings in Government bonds, to come to Congress for annual appropriations. Patman would also disband the Open Market Committee, through which the board controls the money supply, reduce the term of board members from 14 years to five, and make the chairman's term expire with...
Populist Roots. Patman's tireless advocacy of easier credit long ago gained him renown as "the last of the great Populists." The Populist fallacy-the bigger the money supply, the more for everybody-lost its national appeal after the election of 1896. but strains of it persist in the rural America where Patman has his roots. He was born in Patman's Switch,* Texas, the son of a struggling farmer. He earned enough money as a sharecropper and insurance salesman to take a law degree at Tennessee's Cumberland University. As district attorney in Texarkana, his present...
...Most of Patman's constituents seem less interested in his assaults on the Federal Reserve than in his success at bolstering the shaky economy of his piney-woods district by obtaining pork-barrel projects. A tireless worker, he goes to his office seven days a week, puts in ten hours each weekday. Despite his reputation for vituperative oratory, Patman in person seems more like a grandfatherly American archetype: Baptist, Mason, Elk, Shriner, Eagle and American Legionnaire (all of which he is). Briefly a widower, Patman two years ago married a Texarkana widow in her 70s, whom he had dated...