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Bank rate hike sparks clash with Nixon administration
A group led by Manufacturers Hanover Trust raised their prime lending rate by half a point, prompting a confrontation with the White House. Dr. Burns questioned costs justifying the increase while Fed Chairman Burns invited bank reps to Washington to present data supporting the rise. Rep. Patman denounced the move and warned of renewed antitrust scrutiny and upcoming hearings on the Economic Stabilization Act.
MENTIONED IN THIS ARTICLE
NEW York Stock Exchange
New York
Manufacturers Hanover Trust Company
Nixon
Arthur F. Burns
Federal Reserve Board
Washington
Ian Tao
Sarnkag Amarin
Osama
Lima
eSteen
Culigan
Wacom
SNR
Eas
Ering
Marco
Ml Plamel
Uylawans
Teaiarnaicae Et
Harener
Masonie
Kent
France
Vega Bank
Planatbankeas
Yao
Avatar
Southwest
Amy SudeLey
Eamien Core
Dyer
Arnel
Progress Svela Ieere
RoyalgavéLns
Boston
Esa
Frances
Fitzentin
Eerie Et
Soren
Ak Hee
UlerBk Brkaror SD
Harobelt
Famene Wee Fages
Heinoh
Ida Bingk
Stelvio
Coilfm Grown
Pepasus Fund
Ira
Allige Propert & Jensen Sds Aly
Hanness
Allis
Ager Sibel
Irene Ion
Morelin
Aled Mane
Ealtunilibine
Ah Ulead Wectrie
Angela
NEA
York
TeySiner
Janitadsie
Ieee
Sociedad
Wall Street
Wright Patman
House Banking and Currency Committee
Patman
Texas
Deag
House
Hanover