Patman Sees Housing Setback: Session Opens Aid for Bankers"
ncp. Wright Patman (D- j Thc chairman of the House Tex.) warned yesterday that Banking and Currency Com-ÛÏvery black cloudsÛÛÓskyrock- mittee declared that many of eting interest rates and a rap- the gains envisioned under idly tightening money supply the 1965 housing laws ÛÏal-ÛÓare hanging over the future'ready have been wiped outÛ</br></br>Because interest is the biggest single cost in housing, Patman said, the Federal Reserve Board has more to say about the success or failure of housing programs than the new Department of Housing and Urban Development.</br></br>ÛÏI say that this is bad public policy,Û Patman emphasized. ÛÏI say that it is policy which should be reversed without delay so we can get on with the job of building a better America.Û</br></br>Patman and Sen. John J. Sparkman, chairman of the Senate Banking CommitteeÛªs Housing Subcommittee, spoke at yesterdayÛªs opening session of the National Housing ConferenceÛªs 35th annual meeting at the Statler Hilton.</br></br>The Conference, made up of non-governmental leaders in the housing and urban development fields, has participated in developing national housing policies since passage of the first Federal housing law in 1932.