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Roy A. Young

Roy Archibald Young
Roy A. Young 2.jpg
4th Chairman of the Federal Reserve
In office
October 4, 1927 – August 31, 1930
PresidentCalvin Coolidge
Herbert Hoover
DeputyEdmund Platt
Preceded byDaniel Richard Crissinger
Succeeded byEugene Meyer
4th President of the Federal Reserve Bank of Boston
In office
September 1, 1930 – March 31, 1942
Preceded byWilliam P. G. Harding
Succeeded byWilliam W. Paddock
Personal details
Born(1882-05-17)May 17, 1882
Marquette, Michigan, U.S.
DiedDecember 31, 1960(1960-12-31) (aged 78)
Chestnut Hill, Massachusetts, U.S.
Political partyRepublican
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

He was born on May 17, 1882 in Marquette, Michigan.

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.[2] From 1919 to 1927 he was president of the Federal Reserve Bank of Minneapolis before becoming chairman of the Federal Reserve Board.[3] 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.[4]

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.[5]

He died on December 31, 1960 in Chestnut Hill, Massachusetts.[1]

References

  1. ^ a b "Roy A. Young Dead. A Banker In Boston". New York Times. January 2, 1961.
  2. ^ "Roy Archibald Young". The National Currency Foundation. Retrieved June 16, 2015.
  3. ^ "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.
  4. ^ Federal Reserve Bank of Boston Presidents
  5. ^ 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.

External links

Government offices
Preceded by
Daniel Crissinger
Chair of the Federal Reserve
1927–1930
Succeeded by
Eugene Meyer