Boards Quote by Wright Patman
“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.”
About This Quote
Source Speech: Congressional testimony, 1935
The current Open Market Committee serves private interests, not the public, and should be replaced by public servants on the Federal Reserve Board.
In simple terms: Committee favors private interests; replace with public servants.
Key Takeaway
Advocate for public control of monetary policy.
Themes
public policy
economics
government
transparency
accountability
Mood
concerned
critical
determined
Type
political
economic
reform
When to use this quote
- legislative hearings
- policy debates
- banking regulation
- public advocacy
Key Concepts
monetary policy
institutional reform
public interest
central banking
Questions to Reflect On
- Who benefits from the current committee?
- How can public oversight improve monetary decisions?
A Different Perspective
Political resistance may impede reform.
![“I am somewhat influenced by the years that I've spent trying to actually get things done, whether it was reforming education in Arkansas or a survey and Legal Services Corporation board when President [Jimmy ]Carter appointed me and trying to get lawyers for poor people. I have worked in these…” quote by Hillary Clinton](https://sms4smile.com/quotes/img-quotes/6c7/hillary-clinton-51_action_i-am-somewhat-influenced-by-the-years-th_9078.jpg)
