Word: reuss
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There was evidence last week that Congress also will compromise if it has to, or even retreat. Wisconsin Democrat Henry Reuss, chairman of the House Banking Committee and a zealous critic of the policies of the Federal Reserve Board, introduced a pair of bills to make the Fed more of a "creature of Congress." One was a reaction to Chairman Arthur Burns' tight-money policy in 1974; Reuss called for increasing the money supply at an annual rate of 6% with the aim of bringing down interest rates. His second bill would establish a mandatory credit allocation program...
...unusual evening encounter with the Banking Committee, Burns wagged his finger in rebuke as he declared that Reuss's bills would "undermine our market system and wreck chances for an economic recovery." Lowering interest rates at a faster pace than the Fed has set, argued Burns, would lead to an "explosive" expansion of money and credit and fire up inflation. Burns also said that he was not aware of any shortage of funds available to credit-worthy borrowers. He apparently made a persuasive case, since Reuss backed down, withdrew his bills, and accepted a largely meaningless compromise. The committee...
...Reuss (the name rhymes with Joyce) was born 62 years ago into a Milwaukee banking family headed by his grandfather, a German immigrant. He studied at Cornell University, graduated from Harvard Law School in 1936, and won the Bronze Star in World War II for action in the crossing of the Rhine. Back home, he ran unsuccessfully for mayor, helped organize an anti-Joseph McCarthy drive called Operation Truth, and was defeated in a campaign for the Senate in 1952. But two years later, Reuss stumped Wisconsin's fifth district, making speeches in his fluent German, and was elected...
...Reuss who urged the U.S. to break the relationship between the dollar and gold that helped set the stage for devaluation of the dollar in 1971. He also proposed legislation in 1970 that gave the President standby authority to impose wage and price controls. Reuss is a convinced environmentalist. Four years ago, he seized on an 1899 act that prohibited the dumping of wastes into interstate waterways and put it to use in the antipollution movement...
...response to Watergate was original, if ignored: Reuss urged his colleagues to pass a constitutional amendment to recall the President when a three-fifths majority of each house of Congress issued a vote of no confidence...