Controvery Over Current Monetary Policy
Public controversy over shortages of credit and high costs of borrowing has prepared the way for sharp debates at the 1957 session of Congress on monetary policies of the Federal Reserve Board and the Eisenhower administration. Official insistence upon keeping credit tight has brought heated attack—as well as solid defense—in recent months from financial experts, business leaders, state-local executives, and ordinary citizens. The prospective chairman of the congressional Joint Economic Committee, Rep. Wright Patman (D-Tex.), warned in December that unless current restrictions were relaxed Congress might well adopt special legislation to make credit more readily available.1 The impact of tight credit on the housing industry already has brought promises of early investigations by the House Veterans Affairs Committee and the ...