Lyndon Johnson actually said...

A few weeks ago, in an effort to curb the competitive rate race between banks and thrift institutions which were competing for savings, the Federal Reserve Board and the Federal Deposit Insurance Corporation reduced the ceiling rates of interest which banks could pay on certain types of deposits.

Context

Remarks at the Signing of the Interest Rate Control Bill

09/20/1966

https://www.presidency.ucsb.edu...

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