Roy A. Young

Roy Archibald Young (born May 17, 1882 in Marquette , Michigan , † December 31, 1960 in Chestnut Hill , Massachusetts ) was an American finance manager who was governor of the Federal Reserve System Committee between 1927 and 1930 .

Life

Young worked as a messenger for the First National Bank of Marquette at the age of eight, and after attending Marquette High School, he began working as an assistant cashier at the Marquette National Bank . He then moved to the First National Bank of Marquette as an assistant cashier and in 1913 became vice president of Citizens National Bank . Six years later he became president of the Federal Reserve Bank of Minneapolis in 1919 and held this post until 1927. In this role he saw a great deal of change, as foreign demand for agricultural products fell after World War I , prices fell and many banks were in crisis were. While bank storms and panic reactions resulted in 20 percent of banks across the country being forced to close between 1921 and 1929, bank closings were particularly high in the Federal Reserve System's ninth district, part of the Federal Reserve Bank of Minneapolis : 31 percent in Minnesota , 62 percent in North Dakota and 70 percent each of the banks in South Dakota and Montana .

In September 1927, US President Calvin Coolidge named Young fourth governor of the Federal Reserve System Committee in Washington, DC, succeeding Daniel R. Crissinger . He held this post from October 4, 1927 to August 31, 1930 and was then replaced by Eugene Meyer . During his tenure, it came to the Black Thursday on October 24, 1929 and for the Black Tuesday October 29, 1929 and later in the Great Depression and the global economic crisis . Young put his main focus on strengthening the banking system to influence monetary policy . He considered issuing money, rediscounting , agreeing on international transactions, and other traditional banking activities to be the basic functions of the central banking system. He was less concerned with bringing about changes that affect the economic environment.

After the end of his tenure as governor of the Federal Reserve System Committee, Young accepted the post of US $ 30,000 annually as governor and president of the Federal Reserve Bank of Boston in 1930, succeeding William Harding, who died on April 7, 1930 who served as the second governor of the Federal Reserve System Committee from 1916 to 1922. He remained in this function until 1942 and then became president and later chairman of the board of directors of Merchants National Bank in Boston . He later became a member of the board of directors of the American Woolen Company , of which he became chairman in 1954. His marriage to Amy Goodridge Bosson had two daughters.

Web links

• Roy A. Young on the Federal Reserve System home page