Word: frb
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...chairman of the Federal Reserve Board, Eccles reorganized the System through the Banking Act of 1935, took the Government securities market out of the control of private bankers. Even after President Truman demoted him in 1948, Eccles stayed on as an FRB governor, crying for Government economy amid inflation as loudly as he had cried for spending in deflation. It was largely Eccles' opposition to Treasury Secretary Snyder's easy-money policies last winter that forced the rise in Government interest rates and tightening of credit (TIME, March...
Parting Shot. This week, after 17 years on the FRB, Marriner Eccles was ready to hand in his resignation. He wanted to go back to run his family's Utah banks, sugar factories and lumber mills. As befits a departing prophet, Marriner Eccles left behind a book of revelations-his autobiography (Beckoning Frontiers; Alfred A. Knopf, New York, $5), published this week. His most interesting revelation concerned his own demotion. Never able to get Truman to tell him why he was moved out of the FRB chair, Eccles thinks it was because he (Eccles) wanted to clip the power...
...Answer. Eccles asked the then Attorney General, Tom Clark, to prosecute Transamerica as a monopoly, but got no where. So Eccles decided that FRB should do so. In November 1947 FRB ordered an anti-trust investigation. The President declined to reappoint Eccles as FRB chairman two months later. Writes Eccles: "The principal pressure that shaped the President's decision came . .. from within the inner citadel of the Giannini banking interests . . . Those who were responsible ... no doubt expected that I would resign . . . and the way would be cleared thereafter for continuous expansion...
Would the appointment of a Treasury man cost FRB its victory and make it a captive of the Treasury? Those who had fought Snyder's cheap-money policy did not think so. From his childhood, Bill Martin has been steeped in the tradition of FRB independence. His 76-year-old father, now a St. Louis lawyer, had helped Carter Glass write the Federal Reserve Act of 1913, had long served as president of St. Louis' Federal Reserve Bank. "Bill Martin," said one of his friends, "was literally raised in the Federal Reserve System...
...Army as a private, rose to colonel. After the war, President Truman appointed him to run the Export-Import Bank, from which he moved to the Treasury two years ago. Nobody thought that the appointment of Martin would permanently settle the dispute over the national fiscal policy. But FRB members felt that Martin could be counted on to back their fight for a sounder money policy...