GOVERNMENT: The Commodore Speaketh

James K. ("the Commodore") Vardaman Jr., freshman member of the Federal Reserve Board of Governors, likes to tell businessmen what they like to hear. Last week at Virginia Beach, Jake Vardaman gave conventioning Morris Plan bankers a cheerful little earful. Said he: "I hope we shall soon be freed of all regulations except those that Congress shall itself decree." He referred specifically to famed Regulation W (curbing consumer credit sales) as objectionable "in principle."

No pronouncement,by a governor of the Federal Reserve, which administers Regulation W under Executive Order, could have been...

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