Word: patman
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...Revision of the 39-year-old Rob-inson-Patman Act, which prevents manufacturers from giving price discounts to large retailers unless they can prove them to be economically justified and sets standards of proof that are almost impossible to meet...
Meeting again a day later, the steering committee reversed itself and placed the names of Patman and Hays again in nomination, but whether the caucus would approve them was in some doubt. Hays seemed most likely to survive, since his committee controls travel expenses for the members, and he dangled promises of more travel at an increased $45 per day. To replace Hebert, the steering group named Melvin Price of Illinois; to succeed Poage, it selected Thomas Foley of Washington. But when it meets again this week the caucus will have the right, for the first time in the procedures...
...leader of the Armed Services Committee, said he will carry his case to the House floor. "I'm using every means at my command to fight back," he declared. Any such move would be resented by the controlling Democrats, and Albert would probably rule it out of order. Patman assailed the secrecy of the voting, and Hays said that his initial rejection left him "in a state of shock...
...these four chairmen become the targets of the rebellion? Although all but Patman are conservatives, the four were shot down more because of the autocratic manner in which they have dominated their committees than because of ideology. Hebert, who has represented a New Orleans-area district for 34 years, is a witty but stubborn cold warrior who has rarely challenged Pentagon policy. Poage, a raspy-voiced Texan who was elected to Congress in 1936, has been an advocate of farm subsidies and opponent of liberalizing food-stamp programs. Ohio's Hays, serving his 14th term, highhandedly controlled many congressional...
Consequently, bankers can see no way at the moment to get off the interest-rate treadmill. Wright Patman, chairman of the House Banking and Currency Committee, has urged President Nixon to order an interest-rate freeze or rollback, but there seems little chance that the Administration will take his advice. The best hope that bankers can offer is the rather wan one that eventually the psychological shock of a 10½% or 11% prime will finally make chiefs of big corporations think twice about seeking more loans...