Sen. William Proxmire( D-Wis.) frustrated by his...

Sen. William Proxmire( D-Wis.) frustrated by his unsuccessful fight to pass legislation restructuring the nation’s banking system, called for regulators to act without waiting for Congress. “Congress has failed to do the job,” Proxmire said. “There is not a scrap of real evidence that Congress will act in the future. The time has come for the Federal Reserve Board to act.” Citing a Supreme Court decision in June that upheld the Fed’s power to permit bank underwriting of securities, Proxmire said: “The Fed should move and move promptly in the future.” The statement by Proxmire, who is chairman of the Senate Banking Committee, brought him in direct conflict with House Speaker Jim Wright (D-Tex.) and House Banking Committee Chairman Fernand J. St Germain (D-R.I.)