Roy A. Young
Roy Young | |
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4th Chair of the Federal Reserve | |
In office October 4, 1927 – August 31, 1930 | |
President | Calvin Coolidge Herbert Hoover |
Deputy | Edmund Platt |
Preceded by | Daniel Crissinger |
Succeeded by | Eugene Meyer |
Member of the Federal Reserve Board of Governors | |
In office October 4, 1927 – August 31, 1930 | |
President | Calvin Coolidge Herbert Hoover |
Preceded by | Daniel Crissinger |
Succeeded by | |
4th President of the Federal Reserve Bank of Boston | |
In office September 1, 1930 – March 31, 1942 | |
Preceded by | William P. G. Harding |
Succeeded by | William Paddock |
President of the Federal Reserve Bank of Minneapolis | |
In office October 1, 1919 – September 26, 1927 | |
Preceded by | Theodore Wold |
Succeeded by | W. B. Geery |
Personal details | |
Born | Roy Archibald Young May 17, 1882 Marquette, Michigan, U.S. |
Died | December 31, 1960 Chestnut Hill, Massachusetts, U.S. | (aged 78)
Political party | Republican |
Spouse(s) | Amy Goodrich Bosson |
Roy Archibald Young (May 17, 1882 – December 31, 1960) was an American banker. Most significantly, he was chairman of the Federal Reserve Board between 1927 and 1930 during the presidencies of Calvin Coolidge and Herbert Hoover. During his tenure as chairman of the Federal Reserve Board, the Stock Market Crash of 1929 occurred and the United States went into an economic depression. He also was president of the Federal Reserve Banks in Minneapolis (1919-1927) and Boston (1930-1942).[1]
Biography[]
Roy A. Young was born on May 17, 1882 to James Wilson Young a miller and millwright from Ontario, Canada and Julia Healy an Irish immigrant in Marquette, Michigan.[2]
Young was a messenger for a bank at the age of eight. He then worked as assistant cashier and joined the as vice president in 1913.[3] From 1919 to 1927 he was president of the Federal Reserve Bank of Minneapolis before becoming chairman of the Federal Reserve Board.[4] From 1930 to 1942 he served as president of the Federal Reserve Bank of Boston. After his resignation, he changed to become chairman of the and later chairman of American Woolen Company.[5]
During his term in office as chairman of the Federal Reserve Board there was confrontation between the Federal Reserve Board and the Federal Reserve Bank of New York under George L. Harrison of how to curb speculation that led inter alia to the stock market boom of the late 1920s. The Board was in favor of putting "direct pressure" on the lending member banks while the Federal Reserve Bank of New York wanted to raise the discount rate. The Board under Young disapproved this step, however Young himself was not fully convinced that the policy of using pressure would work and refused to sign the 1929 Annual Report of the Board because it contained parts favorable to this policy.[6]
He died on December 31, 1960 in Chestnut Hill, Massachusetts.[1]
References[]
- ^ Jump up to: a b "Roy A. Young Dead. A Banker In Boston". New York Times. January 2, 1961.
- ^ "Biographical Record Houghton, Baraga and Marquette Counties". 1903.
- ^ "Roy Archibald Young". The National Currency Foundation. Retrieved June 16, 2015.
- ^ "Federal Reserve Has A New Chief. Roy A. Young, Appointed to This High Post, Is a Practical Banker Who Knows the Agricultural Northwest Thoroughly". New York Times. October 2, 1927.
- ^ Federal Reserve Bank of Boston Presidents
- ^ Friedman, Milton; Anna Schwartz (1963). A monetary history of the United States, 1867 - 1960. Princeton: Princeton University Press. pp. 254–266. ISBN 0-691-00354-8.
Further reading[]
- Meltzer, Allan H. (2003). A History of the Federal Reserve – Volume 1: 1913–1951. Chicago: University of Chicago Press. pp. 100–559. ISBN 978-0226520001.
- Friedman, Milton; Schwartz, Anna J. (1993) [1963]. A Monetary History of the United States, 1867–1960. Chicago: University of Chicago Press. pp. 256–416. ISBN 978-0691003542.
External links[]
- 1882 births
- 1960 deaths
- American Woolen Company
- Chairs of the Federal Reserve
- Federal Reserve Bank of Boston presidents
- Coolidge administration personnel
- Hoover administration personnel