Banking: Cool Camp

In five years as chief regulator of the 5,011 U.S. national banks, James J. Saxon became one of the Government's most activist bureaucrats and one of the most contentious. He chartered more than 500 new banks, permitted 510 banking mergers, and empowered commercial banks for the first time to get into revenue-bond underwriting, the direct-leasing business and insurance selling. Along the way, he irritated two U.S. Presidents and obstreperously tangled with such Washington Pooh-Bahs as Robert Kennedy, William McChesney Martin, Nicholas Katzenbach, Senator John McClellan and Congressman Wright Patman—as well as leaders of the Securities and Exchange Commission, the...

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