Word: patman
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...wipe out the gains of the past ten years." House Minority Leader Gerald Ford believes that it would be a "tragic mistake." Democratic Senators Vance Hartke of Indiana, George Smathers of Florida and William Proxmire. of Wisconsin all oppose it. The President's influential fellow Texan, Chairman Wright Patman of the House Banking Committee, flatly insists that a tax hike would plunge the U.S. into a depression...
...commercial banks for the first time to get into revenue-bond underwriting, the direct-leasing business and insurance selling. Along the way, he irritated two U.S. Presidents and obstreperously tangled with such Washington Pooh-Bahs as Robert Kennedy, William McChesney Martin, Nicholas Katzenbach, Senator John McClellan and Congressman Wright Patman-as well as leaders of the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Independent Bankers Association...
Congressman Wright Patman's House Banking Committee approved a bill that, among other things, allows the Federal Reserve flexibility to 1) set varying rate ceilings on different classes and amounts of time deposits; 2) raise bank reserve requirements against time deposits; and 3) pump money into the mortgage market by purchasing the obligations of the Federal National Mortgage Association and the Home Loan Banks. The Senate did as well: a subcommittee headed by Alabama's John Sparkman voted to give the FNMA, familiarly known as Fannie Mae, $2 billion in new borrowing authority...
...commercial banks to pay high rates for certificates of deposit; it raised the reserves that banks must stash away against large time deposits from 4% to 5%. That only infuriated the board's critics. "An invisible crumb from the rich man's table," fumed Chairman Wright Patman of the House Banking Committee, "a horselaugh at people in distress...
...savings and loan men insist that pint-size C.D.s steal their customers, and the Administration seems to agree. Treasury Secretary Henry Fowler wants Congress to empower federal bank regulators to roll back the maximum interest to 5% on C.D.s of less than $10,000. House Banking Committee Chairman Wright Patman wants to outlaw all C.D.s on the ground that they have become "financial monsters." Congress will probably give the Johnson Administration about what Fowler asked. Whether it will act fast enough to protect savings and loan associations from heavy savings losses after their semiannual dividend payments next month is doubtful...