Treasury Fed Accord

Biographies

 

Background information on key figures involved in the historic agreement between the Treasury Department and the Federal Reserve


Marriner Stoddard Eccles
Chairman and Member of the Board of Governors (1934-1951)

Eccles was selected as Chairman (then called "governor") of the Board of Governors by Roosevelt in 1934 and served until 1948. He sponsored the Banking Act of 1935, which restructured the Federal Reserve System to be the centralized monetary authority that it is today.


Ralph Leach
Chief of the Government Finance Section of the Research Division at the Board of Governors (1950-1953)

As a staff economist at the Board of Governors, Leach was consulted by leading members of the FOMC during the Fed's conflict with the Treasury. His firsthand account of those events provides the basis for two unique articles in the Economic Quarterly.


William McChesney Martin Jr.
Chairman of the Board of Governors (1951-1970)

Martin's tenure as Chairman is the longest in history. Prior to his term at the Fed, Martin was an assistant secretary of the Treasury and served as the key negotiator of the Accord for that institution. He then became Chairman of the Board of Governors and worked to solidify the Fed's independence.


Thomas Bayard McCabe
Chairman of the Board of Governors (1948-1951)

McCabe was the Chairman of the Federal Reserve when the Accord was achieved. His leadership was instrumental in establishing a firm opposition to the restrictive rate pegging policies that were being imposed on the Fed by the Treasury.


Winfield Riefler
Assistant to Chairman McCabe and Chairman Martin (1948-1959)

Riefler was one of the key negotiators of the Accord for the Federal Reserve. He was a highly valued adviser to both Chairman McCabe and Chairman Martin.


John Wesley Snyder
Secretary of the Treasury (1945-1953)

Snyder was a crucial ally to his lifelong friend Truman during the administration's conflict with the Federal Reserve. He was also instrumental in implementing the Truman Doctrine and the Marshall Plan after World War II.


Allan Sproul
President of the Federal Reserve Bank of New York (1941-1956)

As the president of the influential New York Fed, Sproul was a highly respected member of the FOMC. His advocacy of Fed independence was essential to the establishment of the Accord.


Harry Truman
33rd President of the United States (1945-1953)

Truman led the opposition to Federal Reserve independence. Truman viewed the Fed's support of the bond market as critical to his administration's efforts to manage the reconstruction of Europe and U.S. involvement in the Korean War.

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