George Wilder Mitchell (February 23, 1904 – January 25, 1997) was an American economist who served as the 9th vice chairman of the Federal Reserve from 1973 to 1976. Prior to his term as vice chairman, Mitchell served as a member of the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...

, taking office in 1961. He was a long-time staffer at the

Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Federal Reserve Board of Governors, make up the United States' central bank. The Chicago Reserve Bank serves the Sevent ...

before his appointment to the Board. Mitchell was an early promoter of electronic banking.

Early life and education

Mitchell was born on February 23, 1904, to George Ray and Minnie Mitchell in rural Richland Center, WI. He graduated from the

University of Wisconsin A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, t ...

in 1925. After graduating, he worked as a research assistant at the

University of Iowa The University of Iowa (UI, U of I, UIowa, or simply Iowa) is a public university, public research university in Iowa City, Iowa, United States. Founded in 1847, it is the oldest and largest university in the state. The University of Iowa is org ...

and the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...

until 1932.JKF Library
(Accessed December 5, 2009)

Career

In 1933, Mitchell was hired as the Director of Research for the Illinois Tax Commission. In 1940, he became Assistant to the Director of Revenue for the State of

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...

. In 1943, Mitchell joined the staff of the

, but was also as a consultant for the Bureau of Internal Revenue. During this time, Mitchell simultaneously served as Director of Finance for the State of Illinois under Governor Adlai Stevenson. He was later appointed as the head of research for the Chicago Fed. In 1961,

President John F. Kennedy John Fitzgerald Kennedy (May 29, 1917 – November 22, 1963), often referred to by his initials JFK and the nickname Jack, was an American politician who served as the 35th president of the United States from 1961 until assassination of Joh ...

appointed Mitchell as a Governor for the Federal Reserve Board.Barry Meie
George W. Mitchell, 92, Ex-Official at the Fed
New York Times, February 1, 1997 (Accessed December 5, 2009) In 1973, President

Richard Nixon Richard Milhous Nixon (January 9, 1913April 22, 1994) was the 37th president of the United States, serving from 1969 to 1974. A member of the Republican Party, he previously served as a representative and senator from California and was ...

appointed Mitchell as the

Vice Chair of the Federal Reserve The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of ...

. He served under Fed Chairman

Arthur F. Burns Arthur Frank Burns (April 27, 1904 – June 26, 1987) was an American economist and diplomat who served as the 10th chairman of the Federal Reserve from 1970 to 1978. He previously chaired the Council of Economic Advisers under President Dwight ...

. Shortly thereafter, he was thrust into a difficult position of resisting a guarantee of the municipal bonds of

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, echoing the stance favored by President

Gerald Ford Gerald Rudolph Ford Jr. ( ; born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was an American politician who served as the 38th president of the United States from 1974 to 1977. He was the only president never to have been elected ...

. Mitchell stated that a guarantee would be akin to a

bailout A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy. A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global sys ...

and would subject the Fed to all manner of political pressures. Ultimately, the federal government helped New York City avoid bankruptcy with a loan and debt restructuring by the Municipal Assistance Corporation in 1975. Mitchell was a member of the American Economic Association, American Finance Association, and National Committee on Government Finance, Brookings Institution.

References

External links

Statements and Speeches of George Wilder Mitchell
{{DEFAULTSORT:Mitchell, George W. 1904 births 1997 deaths Ford administration personnel Lyndon B. Johnson administration personnel Kennedy administration personnel Nixon administration personnel People from Richland Center, Wisconsin University of Chicago alumni Vice Chairs of the Federal Reserve