Eugene Robert Black

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Eugene Black
Eugene R Black 1934 (cropped).jpg
6th Chairman of the Federal Reserve
In office
May 19, 1933 – August 15, 1934
PresidentFranklin Roosevelt
Preceded byEugene Meyer
Succeeded byMarriner Eccles
Personal details
Born(1873-01-07)January 7, 1873
Atlanta, Georgia, U.S.
DiedDecember 19, 1934(1934-12-19) (aged 61)
Atlanta, Georgia, U.S.
EducationUniversity of Georgia
Atlanta Law School

Eugene Robert Black I (January 7, 1873 – December 19, 1934) was the Chairman of the Federal Reserve from May 9, 1933 to August 15, 1934.[1]

Biography[edit]

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.

In 1897, he married the daughter of Henry W. Grady, the Atlanta journalist and orator. They had a son, Eugene Robert Black II.[2]

Black practiced law for 28 years until he became president of the Atlanta Trust Company in 1921, and 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 as chairman of the Federal Reserve Board of Governors in 1933.[3]

He died of a heart attack on December 19, 1934 in Atlanta, Georgia.[1]

References[edit]

  1. ^ 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.
  2. ^ 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.
  3. ^ 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.

External links[edit]

Government offices
Preceded by
Eugene Meyer
Chair of the Federal Reserve
1933–1934
Succeeded by
Marriner Eccles