Word: patman
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...object of Patman's wrath was ascetic-looking Alfred Hayes, president of the New York Federal Reserve Bank and a ranking member of the U.S.'s powerful central banking system. For three decades, Wright Patman has fumed and fussed that the Federal Reserve System is too secretive, too independent, too insensitive to the hopes of small borrowers. A sharecropper's son, he often charges that it is a tool of Wall Street bankers...
Immediately after moving up to the chairmanship of the Banking Committee last year, Patman started preparing what has become one of the farthest reaching investigations in the Federal Reserve's 50-year history. Patman has a team of economists and consultants studying the system with a critical eye, intends to call twelve top non-Government economists to the stand by month's end, and is pressing for new legislation to curb the central bank...
Expansion or Stability? The controversy comes at a pivotal time. Calmer critics than Patman accuse the Federal Reserve of starting, or at least contributing to, the recessions of 1958 and 1960 by hiking interest rates and reducing the credit supply in its zeal to head off inflation. Now that some prices are rising anew, the central bankers again must ponder the question of whether to battle inflation at the risk of nipping the economy's three-year-old expansion. In recent months Chairman
William McChesney Martin Jr.-who occupies what Patman somewhat extravagantly calls "the most powerful job in the civilized world"-successfully campaigned for a slight squeezing of credit and rise in interest rates. But his colleagues are sharply divided on the issue, and the Federal Reserve is being pelted with criticism from several sides...
...Democrats as Wisconsin Senator William Proxmire complain that trying to find out why and how the Federal Reserve makes its decisions is like "trying to paste a custard pie on a wall." To make the Federal Reserve more dependent upon the President and upon Congress' easy-money advocates, Patman is sponsoring bills that would: >End its authority to set itsown budget (currently: $180 million a year) and oblige it to come to Congress for an annual appropriation. - Empower the General Accounting Office to audit its books. - Expand its board of governors from seven to twelve, with the chairman...