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Profile: House Banking and Currency Committee
House Banking and Currency Committee was a participant or observer in the following events:
President Nixon urges House Minority Leader Gerald Ford (R-MI) to ensure that the House Banking and Currency Committee fails to investigate the source of the freshly minted, sequential stack of $100 bills found on the Watergate burglars (see 2:30 a.m.June 17, 1972). Ford, who has proven his loyalty to Nixon by mounting an unsuccessful bid to impeach Supreme Court Justice William Douglas at Nixon’s behest (see Mid-April 1970), complies without question. Ford will later lie about his actions during his confirmation hearings to become vice president (see October 12, 1973). Ford, according to reporter Seymour Hersh, “understood that personal and political loyalty would get him further in Washington than complete testimony.” [Werth, 2006, pp. 234]
Wright Patman. [Source: MichaelJournal.org]The House Banking and Currency Committee rejects a proposal to probe possible violations of banking laws in connection with the Watergate burglary (see 2:30 a.m.June 17, 1972) and other alleged irregularities in Republican campaign financing. The vote is 20-15, with six Democrats voting with all the panel’s Republicans. Chairman Wright Patman (D-TX), author of the proposal, accuses the White House of “engineering” the rejection of the probe. Patman’s probe would have subpoenaed around 40 individuals and organizations, including top Nixon campaign aides. [Arkansas Democrat, 10/3/1972]
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