Eugene Robert Black
Eugene Black | |
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6th Chairman of the Federal Reserve | |
In office May 19, 1933 – August 15, 1934 | |
President | Franklin D. Roosevelt |
Preceded by | Eugene Meyer |
Succeeded by | Marriner S. Eccles |
Member of the Federal Reserve Board of Governors | |
In office May 19, 1933 – August 15, 1934 | |
President | Franklin D. Roosevelt |
Preceded by | Eugene Meyer |
Succeeded by | Marriner S. Eccles |
President of the Federal Reserve Bank of Atlanta | |
In office August 15, 1934 – December 19, 1934 | |
Preceded by | W. S. Johns (Acting) |
Succeeded by | Oscar Newton |
In office January 13, 1928 – May 19, 1933 | |
Preceded by | Max Wellborn |
Succeeded by | W. S. Johns (Acting) |
Personal details | |
Born | (1873-01-07)January 7, 1873 Atlanta, Georgia, U.S. |
Died | December 19, 1934(1934-12-19) (aged 61) Atlanta, Georgia, U.S. |
Education | University of Georgia (BA) Atlanta Law School (LLB) |
Eugene Robert Black I (January 7, 1873 – December 19, 1934) was an American attorney and businessman who served as the 6th chairman of the Federal Reserve from 1933 to 1934. Before and after his term as chairman, Black also served as the governor of the Federal Reserve Bank of Atlanta from 1928 to 1933 and again from August 1934 until his death in December of the same year.[1]
His eldest son, Eugene R. Black Sr., became the third president of the World Bank Group, serving from 1949 to 1962.
Early life
He was born in Atlanta, Georgia, on January 7, 1873. He attended the University of Georgia, where he was a member of the Chi Phi Fraternity and the Phi Kappa Literary Society. Black practiced law for 28 years until he became president of the Atlanta Trust Company in 1921.
Career
In 1928, he became Governor of the Federal Reserve Bank of Atlanta. He succeeded the longtime governor, Max Wellborn, who was also his daughter's father-in-law. When the Wall Street Crash of 1929 happened, he and two cashiers rushed to Nashville, Tennessee, to supply currency and credit to banks in the city and surrounding region. The situation worsened with other cities in the region experiencing bank runs.
Black kept his district afloat by rushing large quantities of cash to banks that were experiencing runs and extending credit to any bank that could offer any asset of value. He kept this policy active through the Great Depression into 1933. He, along with George L. Harrison, the governor of the Federal Reserve Bank of New York, recommended open market purchases to increase reserves. His insistence on expansionist policies led to the President appointing Black to the Federal Reserve Board in 1933.[2]
Personal life
In 1897, he married Gussie Grady, the daughter of Henry W. Grady, the Atlanta journalist and orator.[3] They had a son, Eugene Robert Black II.[4] Black died of a heart attack on December 19, 1934, in Atlanta, Georgia.[1]
References
- ^ a b "Eugene Black Dies Of Heart Attack. Governor of Federal Reserve Guided System in Nation's Critical Era of Finance. President's Close Friend. 'Depositors Owe Much to You,' Roosevelt Wrote When He Quit Post Aug. 15". The New York Times. December 20, 1934.
- ^ Richardson, Gary; Troost, William (May 2005). "Monetary Intervention Mitigated Banking PanicsDuring the Great Depression" (PDF). Archived from the original (PDF) on September 27, 2006. Retrieved August 23, 2006.
- ^ "Eugene R. Black Dies at 93; Ex-President of World Bank". The New York Times. February 21, 1992.
- ^ Eugene "Gene" Robert Black, Sr., was the first in the family to use the "Sr." designation; his son was known as Eugene Robert Black, Jr. or Eugene Robert Black III.
Further reading
- Meltzer, Allan H. (2003). A History of the Federal Reserve – Volume 1: 1913–1951. Chicago: University of Chicago Press. pp. 240–499. ISBN 978-0226520001.
External links
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- Statements and Speeches of Eugene R. Black
Other offices | ||
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Preceded by | President of the Federal Reserve Bank of Atlanta 1928–1933 | Succeeded by W. S. Johns Acting |
Preceded by W. S. Johns Acting | President of the Federal Reserve Bank of Atlanta 1934 | Succeeded by Oscar Newton |
Government offices | ||
Preceded by Eugene Meyer | Member of the Federal Reserve Board of Governors 1933–1934 | Succeeded by |
Chairman of the Federal Reserve 1933–1934 |
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![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png)
(Antecedents)
- Aldrich–Vreeland Act (1908)
- National Monetary Commission (1909–1912)
- Federal Reserve Act (1913)
- Pittman Act (1918)
- Edge Act (1919)
- Phelan Act (1920)
- Regulation D (c. 1930)
- Emergency Banking Act (1933)
- Regulation Q (1933)
- Glass–Steagall Act (1933)
- Gold Reserve Act (1934)
- Banking Act of 1935
- Bretton Woods system (1944–1971)
- Employment Act of 1946
- U.S. Treasury Department Accord (1951)
- Bank Holding Company Act (1956)
- FOMC actions (1961–present)
- Truth in Lending Act (1968)
- Nixon shock (1971)
- Smithsonian Agreement (1971)
- Equal Credit Opportunity Act (1974)
- Home Mortgage Disclosure Act (1975)
- Community Reinvestment Act (1977)
- Federal Reserve Reform Act (1977)
- Electronic Fund Transfer Act (1978)
- Humphrey–Hawkins Full Employment Act (1978)
- International Banking Act (1978)
- DIDMC Act (1980)
- Federal Reserve v. Investment Co. Institute (1981)
- Northeast Bancorp v. Federal Reserve (1985)
- Greenspan put (1987)
- Expedited Funds Availability Act (1987)
- FIRRE Act (1989)
- FDIC Improvement Act (1991)
- Gramm–Leach–Bliley Act (1999)
- Subprime mortgage crisis responses (2007–2010)
- Emergency Economic Stabilization Act (2008)
- Unfair or Deceptive Acts or Practices (2008)
- Commercial Paper Funding Facility (2008–2010)
- Primary Dealer Credit Facility (2008–2010)
- Bloomberg v. Federal Reserve (2009)
- 2009 Supervisory Capital Assessment Program
- Term Asset-Backed Securities Loan Facility (2009–2010)
- Public–Private Investment Program for Legacy Assets (2009–)
- Dodd–Frank Act (2010; Durbin amendment)
- Commercial Paper Funding Facility (2020–2021)
- Corner Post v. Federal Reserve (2024)
- Charles S. Hamlin (1914–1916)
- William P. G. Harding (1916–1922)
- Daniel R. Crissinger (1923–1927)
- Roy A. Young (1927–1930)
- Eugene Meyer (1930–1933)
- Eugene R. Black (1933–1934)
- Marriner S. Eccles (1934–1948)
- Thomas B. McCabe (1948–1951)
- William M. Martin (1951–1970)
- Arthur F. Burns (1970–1978)
- G. William Miller (1978–1979)
- Paul Volcker (1979–1987)
- Alan Greenspan (1987–2006)
- Ben Bernanke (2006–2014)
- Janet Yellen (2014–2018)
- Jerome Powell (2018–present)
governors
(by district)
- Susan Collins (Boston)
- John Williams (New York)
- Patrick T. Harker (Philadelphia)
- Loretta J. Mester (Cleveland)
- Thomas Barkin (Richmond)
- Raphael Bostic (Atlanta)
- Austan Goolsbee (Chicago)
- Alberto Musalem (St. Louis)
- Neel Kashkari (Minneapolis)
- Jeff Schmid (Kansas City)
- Lorie Logan (Dallas)
- Mary C. Daly (San Francisco)