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Cost of Living Council gives voluntary rate restraint stance
House Banking chair Patman criticizes the Cost of Living Council for not imposing rate controls and for exempting all interest rates. He accuses President Nixon of violating the Economic Stabilization Act and argues consumers, small businesses, and farmers remain harmed by high rates as postal rates rise. The council says it will seek voluntary restraints and notes a separate postal rate increase of 23.9 percent effective Jan. 24.
MENTIONED IN THIS ARTICLE
Washington
Cost of Living Council
Council
House Banking and Currency Committee
Wright Patman
D-Tex
U.S. Postal Service
Postal Service
Committee On Interest and Dividends
Patman
Congress