The Nation: The Fun Fed

The Fun Fed Ever since the 1930s, Texas Democrat Wright Patman has been fulminating to bring the Federal Reserve System under tighter Government control. As it is, the Fed is a unique agency that, by design, is not subject to congressional appropriations or Government audit. It pays its own way largely out of interest earned on federal securities. The intention was, and is, to give the Fed a measure of independence from political control.

In one of his perennial attacks, Patman, head of the House Banking and Currency Committee, last week at a subcommittee hearing accused...

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