Marriner S. Eccles

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Marriner S. Eccles, 1937

Marriner S. Eccles (born September 9, 1890 in Logan , Utah as Marriner Stoddard Eccles , † December 18, 1977 in Salt Lake City ) was an American entrepreneur and chairman of the Federal Reserve Board .

Eccles was born in Logan, Utah , the eldest of nine children from the marriage of entrepreneur David Eccles and his second wife, Ellen Stoddard Eccles . Eccles worked in his father's company from an early age. In 1905 he attended Brigham Young College for four years , after which he went on a Mormon mission to Scotland , his father's homeland , for two years , where he met May Campbell Young , whom he married in the United States in 1913 and had three children with her .

When his father died unexpectedly in 1912, Marriner Eccles took over the management of the businesses that were left to the Ellen Eccles family. In 1924, with his brother George and members of the Browning banking family, he founded the Eccles-Browning Affiliated Banks in Ogden , which grew through the acquisition of additional banks in Utah, Idaho and Wyoming. The administration of the banks was taken over by the holding company First Security Corporation , which Eccles co-founded in 1928 and of which he was president.

Eccles Banken survived the global economic crisis that began in 1929 with practically no damage. The Great Depression ruled North America in the 1930s .

Eccles was originally a Republican ; after Roosevelt was elected president in the United States in late 1932 presidential election in 1932 (he would remain so until his death in 1945), Eccles became a supporter of the Democratic government's New Deal policy . Eccles was called up to Washington to help deal with the crisis. He helped draft the Emergency Banking Act of 1933, the Banking Act of 1933, and the Federal Housing Act of 1934. He drafted the Eccles Bill , which, as the Banking Act of 1935, was to restructure the Federal Reserve System and give the central bank powers to do so Missing was widely viewed as complicit in the 1929 crisis. Eccles was appointed chairman of the board of governors of the Federal Reserve System , a post he would hold until January 31, 1948.

Eccles played a key role in the Bretton Woods Conference (July 1944) which led to the establishment of the World Bank and the International Monetary Fund .

He supported the Marshall Plan and sat on the Advisory Board of the Export-Import Bank of the United States . Under Truman , Eccles was no longer to serve as chairman from 1948, but remained vice chairman until he resigned in 1951.

After his resignation, Eccles moved to Salt Lake City and resumed family businesses, including the First Security Corporation , which his brother George ran during his political career , the Amalgamated Sugar Company and the early Eccles' Washington time building the Hoover Dam involved and sold to General Electric in 1976 Utah Construction Company .

As a speaker and author, Eccles mainly dealt with the topics of overpopulation of the earth, the US participation in the Vietnam War and the diplomatic recognition of the People's Republic of China . Eccles set up charitable foundations, mostly operating in Utah, and was awarded honorary doctorates.

Marriner S. Eccles died on December 18, 1977 at the age of 87 in Salt Lake City . In 1982, the Federal Reserve building in Washington DC was named the Eccles Building in his honor .

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Footnotes

  1. ^ Norman Davies , Europa im Krieg, Nikol Verlag 2013, pp. 608f.
personal data
SURNAME Eccles, Marriner S.
ALTERNATIVE NAMES Eccles, Marriner Stoddard (full name)
BRIEF DESCRIPTION American entrepreneur and Chairman of the Federal Reserve Board
DATE OF BIRTH September 9, 1890
PLACE OF BIRTH Logan , Utah
DATE OF DEATH 18th December 1977
Place of death Salt Lake City , Utah