Laird Names Role as Domestic Affairs Counselor at White House
Melvin R. Laird returns from retirement to serve as counselor to the president for domestic affairs with Cabinet rank. He aims to say no to impulsive White House requests, recalling times Nixon aides misread the president and urging restraint on domestic actions. Laird previously refused a $300 million Penn Central loan under the Defense Production Act.
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Girard Trust Hikes Prime Lending Rate
Girard Trust Bank the third largest in Philadelphia announces a rise in its prime lending rate from 7 percent to 7 percent to curb inflation. The move targets large borrowers and may pressure expansion spending while leaving small business and consumer loans to follow government protections.Industry-wide prime increases expected as a result.
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Hearings Emphasize Testimony In Watergate Probe
Washington AP reports ongoing Senate Watergate hearings focus on swift public testimony about political espionage and coverups. Special prosecutor Archibald Cox seeks private testimony or closed sessions to protect prosecutions, risking delays and post public scrutiny of high officials.
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