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Patman wrote A Primer On Money -- the first book that clearly and honestly explained how our money and banking systems operate. For that we all owe him a tribute. Without that book, virtualy nothing on this website would have seen the light of day.
Link to a .pdf of Wright Patman's "A Primer On Money" / http://www.primeronmoney.com/page3ofjunewebsite.html
Wright Patman / An American Hero
Abstract: As a Congressman from Texas from 1929 to 1976, Wright Patman supported Populist-type legislation which aided farmers, small businessmen and consumers. His perennial target in the postwar era was the Federal Reserve System. He resented the central bank's political independence and believed that "high"interest rates
brought about by monetary policy actions benefited banks and harmed ordinary citizens. Rather than attacking the Fed's control of monetary policy directly, Patman tried to improve Fed accountability to Congress by subjecting the Fed's budgetary process and expenditures to government audit and/or the Congressional appropriations process.
Despite numerous investigations, reports, and pieces of legislation, Patman's crusade failed to achieve its objectives. Nevertheless, his persistent criticism over 25 years undoubtedly created an atmosphere for change. Eschewing the indirect approach, Patman's political heirs in Congress demanded and received more accountability (and less secrecy) from the Fed regarding monetary policy objectives. Ironically Patman's abortive crusade may have paved the way for their later success.
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