Word: reuss
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...Kraut with clout," joked Henry Schoellkopf Reuss last week after House Democrats voted him chairman of the Banking and Currency Committee. For 20 years as Representative from his Milwaukee district, Reuss had suffered Congress's archaic seniority system, waiting impatiently in the wings for his turn...
...intense, scholarly man, Reuss has had a longtime interest in the abstrusities of fiscal and monetary policy, a passion shared by his wife Margaret, an economics professor. Reuss describes himself as Lincolnian in economics. "The Government should do for people that, and only that, which they can't do for themselves, like standing up to conglomerates and multinationals, and other examples of giantism," he said. "I believe in low interest rates, fair prices and jobs for all. If that be Populism, I'm a Populist...
Some Government agencies, he argues, give perverse incentives to export scarce goods like wheat and cotton, and to export credit, which allows rich countries to buy U.S. goods at less than market prices. Last year Reuss suggested the creation of a congressional price-supply ombudsman to act as watchdog over rising prices. Finally, he would finance a tax reduction for low-to middle-income Americans by, among other things, closing loopholes such as untaxed capital gains at death, hobby-farm deductions, and tax-exempt interest on bonds...
...Thomas Enders, an Assistant Secretary of State, launched the idea in a speech at Yale before it had been discussed with other policymakers. Treasury Secretary William Simon said the speech surprised not only him but also "many people in the State Department." Representative Henry Reuss, Democrat of Wisconsin, observed in dismay: "I just wonder what it shall profit the American consumer of oil if he is freed from the tyranny of the OPEC only to be ripped off by the U.S. oil companies...
That Frome refused to do, with the result that he lost his biggest platform. Says Congressman Reuss: "If Field & Stream has no place for Frome, then we have come to a time when the voice of conservation is, quite literally, a voice crying in the wilderness...