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Wright Patman

Wright Patman Quotes

U.S. congressman

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Famous Wright Patman Quotes

“Bad as "independence" is, the main fault of the Federal Reserve System - an admirable system if conducted in the public interest - is that too much power and control rests in the hands of people whose private interests are directly affected by the Federal Reserves' actions.”

PeopleIfsWisdomHandsActionPoliticsInterestEconomyToo MuchIndependenceFaultsLiberalismAffectedReservesAdmirableFederal ReservePublic InterestPower And ControlToo Much Power
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“The Open Market Committee, as presently established, is plainly not in the public interest. This committee must be operated by purely public servants, representatives of the people as a whole and not any single interest group. The Open Market Committee should be abolished, and its powers transferred to the Federal Reserve Board - the present public members of the committee, with reasonably short terms of office.”

PeopleShouldWholeWisdomPoliticsTermInterestEconomyGroupsMembersOfficeServantBoardsLiberalismRepresentativesReservesCommitteesShort TermFederal ReservePublic InterestPublic ServantsInterest Groups
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“If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.”

PeopleIfsBelievePoliticsPresidentInterestCan DoEconomyPolicyCongressPursueLiberalismRepresentativesReservesReverseFederal ReservePublic Interest
Author:Wright Patman
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