Word: patman
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...session of Congress will begin this week, and it could very well turn out to be the biggest one yet for the leading scourge of the financial establishment, Wright Patman. For most of his 42 years in Congress, Texas Democrat Patman, 76, has flailed away at banks and the Federal Reserve Board as the main sources of almost every conceivable economic trauma. Now that those institutions are being severely criticized because of the current credit scarcity, Patman, as chairman of the House Banking and Currency Committee, is flexing his political muscle as he rarely has before...
...Board to regulate the terms, amount and interest rates of all forms of credit. But the President, in keeping with his strong objections to most Government interference in the marketplace, made it clear that he has no intention of using the authority. The measure was sponsored by Chairman Wright Patman and other Democrats on the House Banking Committee. Nixon said that he signed only because the bill also extended the Government's expiring power to regulate interest rates paid to depositors by banks and savings and loan associations. The President called that provision one of "overwhelming urgency" in order...
...busy years of operation, ABC helped to organize hundreds of small foundations, raking in at least $1,000,000 in fees. Texas' Democratic Congressman Wright Patman deplored ABC's tactics. "If this sort of thing is carried to its logical conclusion," Patman complained during congressional hearings (TIME, Jan. 5, 1968), "there would be nobody left to pay taxes...
...Fortas' outside source of income raised again the ugly issue of influence peddling in high Government circles (see TIME ESSAY). It is a common occurrence in Washington. Last week Representative Wright Patman accused Treasury Secretary David Kennedy of maintaining a secret interest in his old Chicago banking firm. In no case, however, has any link been established between these interests and attempts by outsiders to control officials' decisions...
This judgment, delivered at his desk-pounding best by Texas Democrat Wright Patman two weeks ago, was an expected but more than usually hyperbolic condemnation of William McChesney Martin. At each of his 18 yearly appearances before congressional committees, Martin has been routinely scourged for his chairmanship of the Federal Reserve Board, which Populist Patman blames for tight money and high interest rates. This year Patman has plenty of company. More critics than ever, ranging from academe to the new Administration, are taking aim at the nation's central bank...