" Kennedy's comptroller of the currency, James J. Saxon, grew increasingly at odds with the powerful Federal Reserve Board by encouraging broader investment and lending powers for non-Fed banks. Saxon also decided that such banks could underwrite state and local obligation bonds, further weakening the dominant Federal Reserve banks. In June 1963 Kennedy took the ultimate step against the Fed by authorizing the issuance of more than $4 billion in "United States Notes" through the U.S. Treasury, not the Federal Reserve. "Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest," ............. .............. Kennedy's economic policies and proposals were publicly attacked by Fortune magazine editor Charles J. V. Murphy, New York governor Nelson Rockefeller, David Rockefeller, and the editors of the Wall Street Journal. "
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