Marriner Stoddard Eccles
Marriner S. Eccles ( born September 9, 1890 in Logan, Utah, USA, Marriner Stoddard Eccles, † December 18, 1977 in Salt Lake City ) was an American entrepreneur and chairman of the Federal Reserve Board.
Eccles was born as the eldest of nine children of the marriage between the entrepreneur David Eccles and his second wife Ellen Stoddard Eccles in Logan, Utah. Eccles worked early on in the company of his father. In 1905 he attended for four years, the Brigham Young College, after which he went for two years on Mormon mission to Scotland, the original home of his father, where he met May Campbell Young, whom he married in 1913 in the U.S. and have three children with her should.
When his father died unexpectedly in 1912, Marriner Eccles took over the management of the companies that were left by the Ellen Eccles family. In 1924 he founded with his brother George and members of the banking family, the Eccles - Browning Browning Affiliated Banks in Ogden, which received growth through the acquisition of other banks in Utah, Idaho and Wyoming. The management of the banks took over from Eccles in 1928 co-founded holding company First Security Corporation, which he presided as president.
Eccles banks survived the 1929 onset of the global economic crisis with virtually no damage. Originally Republican, he was in the 1930's to the supporters of the New Deal policies of Roosevelt's democratic government. Eccles was summoned to Washington to help in coping with the crisis. He helped draft the Emergency Banking Act of 1933, the Banking Act of 1933 and the Federal Housing Act of 1934. He designed the Eccles Bill, which should restructure the Federal Reserve System as the Banking Act of 1935, giving the Central Bank, whose absence were widely seen as complicit in the crisis of 1929. Eccles was appointed Chairman of the Board of Governors of the Federal Reserve System, a post he would hold until January 31, 1948.
After the end of World War II, Eccles involved in the conclusion of the Bretton Woods Agreement, which led to the founding of the World Bank and the International Monetary Fund. As a supporter of the Marshall Plan, he sat on the advisory board of the Export-Import Bank. Under Truman Eccles should no longer lonely as chairman from 1948, but remained vice chairman until he retired in 1951.
After his resignation, Marriner S. Eccles moved to Salt Lake City and took over the family business back on, among other things during his political career by his brother George headed First Security Corporation, the Amalgamated Sugar Company and the Washington at the beginning of Eccles time the construction of the involved Hoover Dam and 1976 General Electric sold Utah Construction Company.
As a speaker and author to Eccles primarily dealt with the issues of overpopulation of the earth, the U.S. involvement in the Vietnam War and the diplomatic recognition of the People's Republic of China. Eccles founded charitable foundations that were active mainly in Utah, and has been honored with honorary doctorates.
Marriner S. Eccles died on December 18, 1977 at the age of 87 in Salt Lake City. In 1982 the building of the Federal Reserve in Washington DC was named in his honor in Eccles Building.