Business: Are They Needed in a Peacetime Economy?


WHEN President Eisenhower suggested in his economic report to the nation that Congress study the problem of direct controls on credit, he touched off a hot argument. Democratic Senator J. W. Fulbright, chairman of the Senate Banking and Currency Committee, said that he would be "sympathetic" to any such request. He considered holding hearings on direct consumer credit controls such as the wartime Regulation W, which specified minimum down payments and maximum loan terms. Allan Sproul, president of the Federal Reserve Bank of New York, is also worried, feels that credit abuses in boom times can become a "serious...

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