Roy Young | |
|---|---|
 | |
| 4th Chairman of the Federal Reserve | |
| In office October 4, 1927 – August 31, 1930 | |
| President |
Calvin Coolidge Herbert Hoover |
| Deputy | Edmund Platt |
| Preceded by | Daniel Richard Crissinger |
| Succeeded by | Eugene Meyer |
| Member of the Federal Reserve Board | |
| In office October 4, 1927 – August 31, 1930 | |
| President | Calvin Coolidge Herbert Hoover |
| Preceded by | Daniel Richard Crissinger |
| Succeeded by | Menc Szymczak |
| 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 |
| 3rd 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 (aged 78) Chestnut Hill, Massachusetts, U.S. |
| Political party | Republican |
| Spouse | Amy Goodrich Bosson |
Roy Archibald Young (May 17, 1882 – December 31, 1960) was an American banker who served as the 4th chairman of the Federal Reserve from 1927 to 1930. During his tenure as chairman, the Wall Street Crash of 1929 occurred, which signaled the beginning of the Great Depression. Before and after his term at the Federal Reserve Board, Young also served as the president of the Federal Reserve Bank of Minneapolis from 1919 to 1927 and Federal Reserve Bank of Boston from 1930 to 1942. [1]
Early life
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 Citizens National Bank as vice president in 1913. [3]
Career
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 Merchants National Bank 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]
Death
He died on December 31, 1960, in Chestnut Hill, Massachusetts. [1]
References
- ^ 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
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