Word: patman
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...American Bankers Association and such experts as Allan Sproul, retired president of the Federal Reserve Bank of New York, have recently called for a study. A month ago an advisory panel of bankers and economists to the Senate Banking Committee backed the idea. Last week Texas Representative Wright Patman introduced a resolution into Congress calling for a sweeping look at the whole credit problem. ∙ The basic question is whether drastic changes should be made in the methods used by FRB to control credit to match the drastic changes that have taken place over the years in the U.S. financial...
...While FRB Chairman William McChesney Martin assumed' that he must help maintain full employment, no such basic mission is contained in the original charter. ∙ But while everyone wants a study, the question of who will make it has already touched off a hot political argument. Representative Patman and Illinois Senator Paul Douglas, both jealous guardians of congressional prerogatives, have put in their bids for a grand-scale "investigation" by Congress. Many other lawmakers, who know Patman as a longtime foe of FRB, are afraid of just that. As House Minority Leader Joseph Martin says, "Congress could turn...
...Wright Patman, nursing (as the Christian Science Monitor noted) "an old-fashioned Populist's suspicion of Eastern bankers," unloosed the first salvo. Opening a subcommittee inquiry into U.S. monetary policy, Patman explained that the hearings were justified by "the danger that the tight money policy may wreck the economy." He attacked the Federal Reserve Board for raising its discount rate (i.e., the fee charged by the Federal Reserve system on loans to member banks) from i^% to 3% over the last 20 months (TIME, Sept. 10). By thus restricting credit, rumbled Patman, the Federal Reserve Board has driven farmers...
...little could needlessly starve some activities . . . Creating more money will not create more goods. It can only intensify demands for the current supply of labor and materials. That is outright inflation." No sooner had Martin finished his statement than the politically potent questions began flying fast from Chairman Patman and his subcommittee colleague, Wyoming's Democratic Senator Joseph O'Mahoney. Their substance...
...Senate investigating committee made appropriate noises about a sweeping investigation, then settled for the finding that the money had been offered to Francis Case by attorneys John Neff and Elmer Patman, on behalf of California's Superior Oil Co. Even so, the Justice Department had enough evidence to take Neff, Patman and Superior Oil to court. Last week U.S. District Judge Joseph C. McGarraghy read off the sentence: Lawyers Patman and Neff were fined $2,500 each, let off with one-year suspended sentences for failing to register as lobbyists; Superior Oil was fined $10,-ooo for aiding...