Word: patman
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...Robert Solow, one of the most expansion-minded of the New Economists, confessed: "Until now, I have been against any tax increases. I have come to change my mind in the last month." This week even Democrats on the Congressional Joint Economic Committee-headed by Easy-Money Advocate Wright Patman of Texas-plan to issue a report calling for stand-by tax increases...
...ruling not only rattled bankers but riled lawmakers, who saw their authority challenged. Congress moved to reframe the law, but unfortunately the task fell to the House banking committee, which is run as a fief by Chairman Wright Patman, 72. Patman, a moonfaced country lawyer from Patman's Switch (pop. 25), Texas, dislikes big banks, tight money and Federal Reserve Chairman William McC. Martin in about equal degree. Sympathetic to the Supreme Court, Patman stalled the revised bill for 25 weeks. When Attorney General Nicholas deB. Katzenbach wrote Patman that he favored a liberalized bank-merger law, Patman just...
...Days to Object. Caught between an outraged chairman and an angry majority, House Speaker John McCormack worked out a compromise. The bill could be reported out, he ordered, but only in proper style and session, and with the chairman's name on it. "Sometimes," grumped Wright Patman as he went through the motions, "we have to take something that is considered bad in order to keep from taking something worse...
...Patman: You always have one answer: higher interest...
That is the way it mostly went last week in the Senate caucus room, where the Federal Reserve Board's old foe, Texas Congressman Wright Patman, had summoned Board Chairman William McChesney Martin Jr., four more of the seven board members and four other witnesses to four days of hearings about the Federal Reserve's discount-rate rise. The hearings changed no one's mind or position one iota, but they produced some clarification of the events that led up to the rate rise and considerably heightened speculation about President Johnson's choice to replace Vice...