World Library  
Flag as Inappropriate
Email this Article

Marriner Stoddard Eccles

Article Id: WHEBN0000774697
Reproduction Date:

Title: Marriner Stoddard Eccles  
Author: World Heritage Encyclopedia
Language: English
Subject: David Eccles (businessman), Thomas B. McCabe, First Security Corporation, Brigham Young College, Chair of the Federal Reserve
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Marriner Stoddard Eccles

Marriner Stoddard Eccles
7th Chairman of the Board of Governors of the Federal Reserve
In office
November 15, 1934 – February 3, 1948
President Franklin D. Roosevelt
Harry S. Truman
Preceded by Eugene R. Black
Succeeded by Thomas B. McCabe
Member of the Federal Reserve Board
In office
November 15, 1934 – July 14, 1951 (resigned)[1]
Personal details
Born September 9, 1890
Logan, Utah, USA
Died December 18, 1977 (aged 87)
Salt Lake City, Utah, USA
Nationality American
Alma mater Brigham Young College
Profession Banker, Businessperson, Economist
Religion The Church of Jesus Christ of Latter-day Saints (Mormon)

Marriner Stoddard Eccles (September 9, 1890 – December 18, 1977) was a U.S. banker, economist, and member and chairman of the Federal Reserve Board.

Marriner Stoddard Eccles was known during his lifetime chiefly as having been the Chairman of the Federal Reserve under President Franklin Delano Roosevelt. He has been remembered for having even anticipated and certainly then having supported the theories of John Maynard Keynes relative to "inadequate aggregate spending" in the economy which appeared during his tenure.[2] As Eccles wrote in his memoir Beckoning Frontiers (1951):

"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth ... to provide men with buying power. ... Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. ... The other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."[3]

Contents

  • Biography 1
  • Legacy 2
  • References 3
  • External links 4

Biography

Born in Chairman of the Federal Reserve. Eccles was reappointed chair in 1936, 1940, and 1944 and served until 1948.[1] In February 1944, Roosevelt appointed Eccles for another 14-year term on the board and Eccles stayed on the board until 1951, when he resigned a few months after the 1951 Accord.[2] Eccles had also participated in post-World War II Bretton Woods negotiations that created the World Bank and International Monetary Fund.

Eccles retired to Intermountain West in support of educational, artistic, humanitarian, and scientific activities. He died in Salt Lake City, Utah in 1977 and was entombed in the Larkin Sunset Lawn Mausoleum.

Legacy

Eccles was and is seen as an early proponent of demand stimulus projects to fend off the ravages of the Great Depression. Eccles was famously rebuked by Congresswoman Jessie Sumner (R, IL) during a House of Representatives hearing on the increasingly liberal policies of the Roosevelt administration and the Federal Reserve, when she said, "you just love socialism".[4] He became known as a defender of Keynesian ideas, though his ideas predated Keynes' The General Theory of Employment, Interest, and Money (1936). In that respect, he is considered by some to have seen monetary policy having secondary importance and that as a result he allowed the Federal Reserve to be sublimated to the interests of the Treasury. In this view, the Federal Reserve after 1935 acquired new instruments to command monetary policy, but it did not change its behavior significantly.[2] Further, his defense of the Federal Reserve-Treasury accord in 1951 is sometimes seen as a reversal of his previous policy stances.

The Eccles Building that houses the headquarters of the Federal Reserve in Washington, D.C. was named after Eccles 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 St. Germain (D, RI).[5]

References

  1. ^ a b "Membership of the Board ..., 1914-Present: Appointive Members", FRB webpage. Retrieved 2012-03-29.
  2. ^ a b c Timberlake, Richard, "The Tale of Another Chairman: ... [T]he legacy of W.M. Martin and Marriner Eccles, former Fed chairmen", The Region (Federal Reserve Bank of Minneapolis magazine), June 1999. Retrieved 2012-03-29.
  3. ^ Eccles, Marriner S. Hyman, Sydney, ed. Beckoning Frontiers: Public and Personal Recollections. New York:  
  4. ^ Woods, Randall Bennett, A changing of the guard: Anglo-American relations, 1941-1946 (The University of North Carolina Press 1990) ISBN 978-0807818770.
  5. ^ "Public Law 97-320". Retrieved 2009-01-26. 

External links

  • Utah History Encyclopedia Biography
  • University of Utah Biography
  • Biography, bookrags.com.
  • Hyman, Sydney, Marriner S. Eccles: Private Entrepreneur and Public Servant (Palo Alto, CA: Graduate School of Business, Stanford University, 1976)
  • Biography on Richmond Fed's website
  • "People Who Made a Difference: Marriner S. Eccles", history.utah.gov.
  • 1933 Senate Testimony
  • Papers of Marriner S. Eccles digitized from holdings of the University of Utah
  • Statements and Speeches of Marriner S. Eccles
Government offices
Preceded by
Eugene R. Black
Chairman of the Federal Reserve
1934–1948
Succeeded by
Thomas B. McCabe
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.