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Marriner Eccles: Father Of The Modern Federal Reserve

Marriner Eccles

Marriner Eccles was one of the premier economic thinkers of his time. The Chairman of the Federal Reserve under Presidents Roosevelt and Truman, Marriner was integral to the economic policies of the 1930s and '40s; he was a staunch advocate for the independence of the nation's central bank, and a voice of the New Deal.

Discover one of the premier economic thinkers of the 1930s — Marriner S. Eccles.

Eccles leaves behind a legacy as one of the premier economic thinkers of the time, a strong believer in the idea that an economic system should work for the common man, whose stewardship cemented the Federal Reserve as the independent, effective institution it is today. The Marriner S. Eccles Federal Reserve Board Building, with its statue of Marriner inside, is a testament to his life and legacy.

In a speech before Congress in 1933, with the nation in the throes of the Great Depression, a previously-unknown banker from Utah took to the podium to advocate for unprecedented, major government interventions in the economy — from unemployment insurance to housing assistance. His name was Marriner Eccles, and his ideas would soon propel him to the seat of chairman of the Federal Reserve.

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Marriner Eccles' experiences during the Great Depression led to an epiphany — rather than relying solely on the free market, Marriner came to believe that in times of economic hardship, the federal government had a responsibility to intervene on behalf of the people, or risk the collapse of democracy and capitalism both.

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