Thomas B. McCabe

Thomas Bayard McCabe (born July 11, 1893 in Whaleyville , Worcester County , Maryland , † May 27, 1982 ) was an American economic and finance manager who was chairman of the Board of Governors of the Federal Reserve System between 1948 and 1951 .

Life

McCabe began a post-school undergraduate degree at Swarthmore College , which he in 1915 with a Bachelor of Arts graduated (BA). After working for the Scott Paper Company for a year, he joined the US Army as a private in the US Army after the United States entered World War I in 1917 and was a captain at the end of the war in 1918 . Upon his return, he became assistant sales director at Scott Paper Company and the following year, 1919, director of the company. In the decades that followed, he rose to become Chairman of the Executive Board and Chief Executive Officer (CEO) and expanded the company, which was founded in 1897 and initially had only one factory, into a multinational group with 40,000 employees and the world's largest manufacturer of tissue paper of its time.

In addition to his career, McCabe took on public service roles and in 1937 became director of the Federal Reserve Bank of Philadelphia . In 1939, he became CEO of the Federal Reserve Bank of Philadelphia and left at that time temporarily Scott Paper Company in order during the Second World War, during the administration of US President Franklin D. Roosevelt the post of deputy head of the Department of priority of the Office of production management (Office of production management) to take over from the Office of war production WPB ( war production Board ) emerged. Later he was deputy administrator of the program for the Lend-Lease Act , 1945 Member of the Commission for the Army and Navy processing and member of the corporate advisory board of the US Department of Commerce (US Department of Commerce) . For his services in these functions he was awarded the Medal for Merit , the highest civilian honor in the USA.

After he had resumed his work with the Scott Paper Company from 1946 to 1948 , he was appointed by US President Harry S. Truman as chairman of the board of governors of the Federal Reserve System . On April 15, 1948, McCabe replaced Marriner S. Eccles in this capacity and held this office until March 31, 1951, whereupon William McChesney Martin took his place. As chairman of the Federal Reserve, he advocated a strong and independent central banking system. As it 1949-1950 disagreements between the Federal Reserve and the Treasury (US Department of the Treasury) came over interest rate policy and credit constraints, he became a member of a committee appointed by President Truman to negotiate a compromise. The agreement negotiated, the so-called 1951 Treasury-Fed Accord , was signed on March 3, 1951. Thereafter, the Federal Reserve System was no longer required to monetize the Treasury's debt at a fixed rate . Rather, the agreement strengthened the independence of the central bank and laid the foundations for the monetary policy of the Federal Reserve. After leaving the central bank, he returned to the private sector.

Web links

• Thomas B. McCabe on the Federal Reserve System home page