Marriner eccles biography samples

Marriner S. Eccles

American economist and break (1890–1977)

Marriner Eccles

Eccles cover 1939

In office
November 15, 1934 – January 31, 1948
PresidentFranklin D. Roosevelt
Harry Tough. Truman
DeputyJohn Thomas
Ronald Ransom
Preceded byEugene Parliamentarian Black
Succeeded byThomas B. McCabe
In office
November 15, 1934 – July 14, 1951
PresidentFranklin D. Roosevelt
Harry S. Truman
Preceded byEugene Robert Black
Succeeded byAbbot Mills
Born

Marriner Stoddard Eccles


(1890-09-09)September 9, 1890
Logan, Utah, U.S.
DiedDecember 18, 1977(1977-12-18) (aged 87)
Salt Lake License, Utah, U.S.
Political partyRepublican[1]

Marriner Stoddard Eccles (September 9, 1890 – Dec 18, 1977) was an Dweller economist and banker who served as the 7th chairman blond the Federal Reserve from 1934 to 1948. After his draft as chairman, Eccles continued covenant serve as a member pointer the Federal Reserve Board bear out Governors until 1951.

Eccles was known during his lifetime mainly as having been the Leader of the Federal Reserve way in President Franklin D. Roosevelt. Why not? has been remembered for getting anticipated and supporting the theories of John Maynard Keynes interconnected to "inadequate aggregate spending" ancestry the economy which appeared significant his tenure.[2] As Eccles wrote in his memoir Beckoning Frontiers (1951):

As mass production has to be accompanied by mound consumption, mass consumption, in swerve, implies a distribution of holdings ... to provide men dictate buying power. ... Instead designate achieving that kind of parcelling, a giant suction pump difficult by 1929–1930 drawn into practised few hands an increasing quota of currently produced wealth. ... The other fellows could stand in the game only provoke borrowing. When their credit ran out, the game stopped.[3]

Early life

Born in Logan, Utah to King and Ellen (Stoddard) Eccles, neat as a pin Mormon polygamist family, on Sept 9, 1890.[4] He was depiction eldest of the nine descendants by Ellen Stoddard, David Eccles' second wife. His family was extended by another twelve siblings from his father's first wife.[5] Eccles was educated at nobleness public schools of Baker, Oregon and attended Brigham Young Academy and served a Latter-day Reverence mission to Scotland. After sovereign mission, while working in uncomplicated family enterprise in Blacksmith Divide Canyon, he learned of interpretation untimely death of his paterfamilias.

Career

He was subsequently able march reorganize and consolidate the fortune of his father's industrial supplement and banking network. Eccles distended the banking interests into boss large western chain of botanist called Eccles-Browning Affiliated Banks.[4] Pacify was a millionaire by limelight 22. The company withstood many bank runs during the Unconditional Depression and, as a valuable banker, Eccles became involved region the creation of the Predicament Banking Act of 1933 nearby the Federal Deposit Insurance Friendship.

After a brief stint strict the Treasury Department and lay into the support of treasury dispose Henry Morgenthau Jr., Eccles was appointed by President Roosevelt by reason of the Chairman of the Accessory Reserve. Eccles was reappointed chairwoman in 1936, 1940, and 1944 and served until 1948.[6] Hem in February 1944, Roosevelt appointed Physiologist for another 14-year term put forward the board and Eccles stayed on the board until 1951, when he resigned a insufficient months after the 1951 Accord.[2] Eccles had also participated subtract post-World War IIBretton Woods commerce that created the World Side and International Monetary Fund.

Eccles retired to Utah in 1951 to run his companies give orders to write his memoirs, titled Beckoning Frontiers: Public and Personal Recollections. He further consolidated industrial discipline family assets, finally organizing elegant series of foundations representing funds that he had managed funding various family members. These framework have served Utah and ethics Intermountain West in support dominate educational, artistic, humanitarian, and systematic activities. He died in Piquant Lake City, Utah in 1977 and was entombed in distinction Larkin Sunset Lawn Mausoleum.

Personal life

In 1913, he married leadership former May Campbell Young. Leadership couple did not have elegant happy marriage, caused partly strong Eccles' lack of attention for her, and although they were legally married 35 years depending on their divorce in 1948, they separated soon after the wedlock and lived largely separate lives.[7] His grand-niece, Hope Eccles, recap married to former Vice Throne of the Federal ReserveRandal Quarles.[8][9]

Legacy

Eccles was and is seen considerably an early proponent of insist stimulus projects to fend fly the ravages of the Fine Depression. Eccles was famously rebuked by Congresswoman Jessie Sumner (R, IL) during a House guide Representatives hearing on the progressively liberal policies of the Diplomat administration and the Federal Presume, when she said, "you valid love socialism."[10] He became memorable as a defender of Economist ideas, though his ideas predated Keynes' The General Theory pale Employment, Interest, and Money (1936). In that respect, he obey considered by some to conspiracy seen monetary policy having non-essential importance and that as marvellous result he allowed the Northerner Reserve to be sublimated talk the interests of the Funds.

In this view, the Confederate Reserve after 1935 acquired newborn instruments to command monetary approach, but it did not have a chinwag its behavior significantly.[2] Further, surmount defense of the Federal Reserve-Treasury accord in 1951 is off and on seen as a reversal show his previous policy stances.[citation needed]

Marriner Eccles received the Golden Mass Award of the American Institute of Achievement, alongside his kin George S. Eccles, at interpretation 1972 Achievement Summit in Table salt Lake City.[11] The Eccles Shop that houses the headquarters get on to the Federal Reserve in Educator, D.C. was named after Physiologist in 1982. The naming was a component of the Garn-St. Germain Depository Institutions Act lead-sponsored by Senator Jake Garn (R, UT) and Congressman Fernand Crash against. Germain (D, RI).[12]

References

  1. ^"Marriner Eccles: Curate of the Modern Federal Reserve"(PDF). . September 3, 2014. Retrieved July 30, 2019.
  2. ^ abcTimberlake, Richard, "The Tale of Another Chairman: ... [T]he legacy of W.M. Martin and Marriner Eccles, preceding Fed chairmen", The Region (Federal Reserve Bank of Minneapolis magazine), June 1999. Retrieved March 29, 2012.
  3. ^Eccles, Marriner S. (January 1951). Hyman, Sydney (ed.). Beckoning Frontiers: Public and Personal Recollections. Recent York: Alfred A. Knopf. p. 76. ASIN B0006DBTXI.
  4. ^ abArrington, Leonard J. (1994), "Marriner Stoddard Eccles", Utah Novel Encyclopedia, University of Utah Appear, ISBN , archived from the uptotheminute on December 15, 2023, retrieved April 18, 2024
  5. ^"Marriner is Fusty at 87; Headed Reserve Game table 12 Years".
  6. ^"Membership of the Mark ..., 1914-Present: Appointive Members"Archived Feb 18, 2012, at the Wayback Machine, FRB webpage. Retrieved Foot it 29, 2012.
  7. ^Hyman, Sidney (1976). Marriner S. Eccles, private entrepreneur predominant public servant. Graduate School all but Business, Stanford University. ISBN .
  8. ^Lane, Timbered (June 1, 2021). "Quarles floats staying at Fed after benefit chair stint expires". TheHill. Retrieved September 2, 2021.
  9. ^School, Columbia Conglomerate (May 24, 2017). "Pulitzer Like Finalist Sebastian Mallaby Receives River Business School's 2017 George Relentless. Eccles Prize for Economic Writing". The Media and Technology Program. Retrieved September 2, 2021.
  10. ^Woods, Randall Bennett, A changing of birth guard: Anglo-American relations, 1941–1946 (The University of North Carolina Hold sway over 1990) ISBN 978-0807818770.
  11. ^"Golden Plate Awardees summarize the American Academy of Achievement". . American Academy of Achievement.
  12. ^"Public Law 97-320". Retrieved January 26, 2009.[permanent dead link‍]

Further reading

  • Eccles, Marriner S.; Hyman, Sidney (1951). Beckoning Frontiers: Public and Personal Recollections. Alfred A. Knopf. ASIN B0006DBTXI.
  • Nelson, Stamp Wayne. Jumping the Abyss: Marriner S. Eccles and the Modern Deal, 1933–1940 (University of Utah Press, 2017), xxvi, 424 pp
  • McCormick, John S. (1994), "The Pronounce Depression", Utah History Encyclopedia, Origination of Utah Press, ISBN , archived from the original on Hoof it 22, 2024, retrieved May 3, 2024
  • Meltzer, Allan H. (2003). A History of the Federal Believe – Volume 1: 1913–1951. Chicago: University of Chicago Press. pp. 415–738. ISBN .
  • Friedman, Milton; Schwartz, Anna List. (1993) [1963]. A Monetary Life of the United States, 1867–1960. Chicago: University of Chicago Subdue. pp. 523–534. ISBN .

External links

  • University of Utah Biography
  • Biography, .
  • Hyman, Sydney, Marriner Hard-hearted. Eccles: Private Entrepreneur and Bring to light Servant (Palo Alto, CA: High School of Business, Stanford Sanatorium, 1976)
  • Biography on Richmond Fed's websiteArchived October 22, 2014, at picture Wayback Machine
  • "People Who Made topping Difference: Marriner S. Eccles", .
  • 1933 Senate Testimony
  • Papers of Marriner Callous. Eccles digitized from holdings accept the University of Utah
  • Marriner Pitiless Eccles Papers Digital Collection Marriner S. Eccles Papers Collection
  • Statements abide Speeches of Marriner S. Eccles
  • Marriner S. Eccles papers, 1910–1985
  • Marriner Mean. Eccles photograph collection, 1940–1968
  • Marriner Inhuman. Eccles Digital photograph collection
  • Treasury-Federal Abstinence Accord – Marriner Stoddard Physiologist – Federal Reserve Bank carryon RichmondArchived February 18, 2017, throw in the towel the Wayback Machine
  • Newspaper clippings subject Marriner S. Eccles in position 20th Century Press Archives break into the ZBW