Word: patman
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...ceiling on meat may keep the overall food-price index from rising as much as it otherwise would have for the next few months, but many politicians and labor leaders argue that more extensive controls will be necessary. Texas Democrat Wright Patman, chairman of the House Banking Committee, has offered a bill that would place a freeze on all retail prices and interest rates and roll back some rents as well. Even Republicans feel that further action should be taken on the Hill. Says Representative Garry Brown of Michigan: "I worry whether people will be content with just a ceiling...
...wages. The answer is to hold down food costs and other costs." To do so, Meany proposed a World War Il-style controls program that would include a ceiling on profits and Government allocation of credit as well as stiff wage-price guidelines. Committee Chairman Wright Patman favors a stern program that would roll back rents to the levels of Jan. 10 (the last day of Phase II), freeze prices and interest rates across the board for 60 days at the levels of March 16, and then give way to stringent controls...
...weeks ago, grudgingly pared it by one-fourth of a percentage point to 6½%. But several banks made it clear that they would go back up to 6¾% at the first chance. Burns won his shaky victory by reminding the bankers that Texas Democratic Representative Wright Patman, their perennial bête noire, is trying to get Congress to legislate a mandatory freeze on interest rates...
...With Patman in effect waiting in the wings, Burns then elaborated a plan for a split prime rate that he believes could take the political heat off the banks. He promised to have specific guidelines ready within a month. Under his program, the cost of loans to giant corporations, which can tap the bond or stock markets for money when that seems better than borrowing from banks, will be keyed to the movement of other interest rates. Right now, that would be sharply up. The prime rate for smaller businesses-say those seeking bank loans of less than...
...bank instead of starting one, the holding company offers customers no new choice and could eliminate "potential competition" at some later date. The lower courts have ruled that present antitrust legislation covers only actual competition, and found against Justice. If the Supreme Court upholds the earlier decisions, Representative Wright Patman of Texas, the scourge of big banks, intends to get at them in Congress. He plans a bill making the test of "potential competition" mandatory in all bank mergers that are subject to Government approval...