Word: shepardson
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Dates: during 1960-1969
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...President, who plainly does not cherish Martin's independent ways, reappointed him with reluctance, made a barebones announcement of the news. Johnson also made a point of including the information that Board Member Charles N. Shepardson, a longtime Martin supporter, will face mandatory retirement when he reaches 70 late this month. Another sour note was struck by Texas Democrat Wright Patman, chairman of the House Banking Committee and an outspoken easy-money advocate. Martin's reappointment, said Patman, will "cause this Administration much sorrow in future years...
...chooses, the President will soon be able to add another monetary liberal to the Fed's changing lineup. Under an obscure civil service rule unearthed recently, Charles N. Shepardson, 71, the board's sturdiest conservative, must retire by May 1 unless Johnson overrides the regulation. With or without Chairman Martin, it would seem, the once staid Fed has become a temple of iconoclasts...