Word: patman
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...Washington hearing last week, the chairman of the House Banking Committee stared at one of the nation's top managers of money. Grumbled Texas Representative Wright Patman: "You can absolutely veto everything the President does. You have the power to veto what the Congress does, and the fact is that you have done it. You are going...
...major industries. Should inflation appear again despite this warning, it will be the job of the Federal Reserve Board to combat it by limiting the money supply-and that possibility last week caused a clash between Fed Chairman William McChesney Martin Jr. and his archcritic, Texas Democrat Wright Patman, chairman of the House Banking Committee...
...Patman charged that the Federal Reserve has already contributed to high unemployment by restricting the flow of money, fears that the Fed will further tighten up this year. If the tax cut proves to be too great a stimulus to the economy, the Fed may have to do just that. The betting in many business circles is that after the tax cut passes, the discount rate will be raised from 3.5% to 4%-which would make commercial loan money more expensive to come by. But Johnson is an easy-money man, and he has a chance to moderate any tight...
...vacations, got on the phone, persuaded dozens, including six from California, to return for the vote. At White House urging, labor organizations, along with local-government groups, began calling and wiring Congressmen, telling them what the money would mean to the old home town. Texas' Democratic Representative Wright Patman inserted in the Congressional Record a 33-page list of all the communities that had applied for money under the bill. All this activity enraged Charlie Halleck. "They were really bludgeoning and blackmailing,'' he fumed...
...House is sensitive about its pocketbook prerogative, and for a while last week the debate was hot and heavy. Texan Wright Patman, floor manager for the bill, hit at the opposition's weak spot: a nay vote would mean a decision against helping the economically depressed. "If you vote against it," he warned, "there will be no depressed areas bill this session." In vain, Republican Leader Charles Halleck argued that the bill could always be sent back to conference for change in its financing method. Cried he: "I do not think the gentleman should be inclined to scare people...