Roy Archibald Young (May 17, 1882 – December 31, 1960) was an American banker who served as the 4th
chairman of the Federal Reserve from 1927 to 1930. During his tenure as chairman, the
Wall Street Crash of 1929 occurred, which signaled the beginning of the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
. Before and after his term at the Federal Reserve Board, Young also served as the president of the
Federal Reserve Bank of Minneapolis from 1919 to 1927 and
Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except ...
from 1930 to 1942.
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Early life
Roy A. Young was born on May 17, 1882 to James Wilson Young a miller and millwright from Ontario, Canada and Julia Healy an Irish immigrant in Marquette, Michigan. Young was a messenger for a bank at the age of eight. He then worked as assistant cashier and joined the Citizens National Bank as vice president in 1913.
Career
From 1919 to 1927 he was president of the Federal Reserve Bank of Minneapolis before becoming chairman of the Federal Reserve Board. From 1930 to 1942 he served as president of the Federal Reserve Bank of Boston. After his resignation, he changed to become chairman of the Merchants National Bank and later chairman of American Woolen Company
The American Woolen Company is a designer, manufacturer and distributor of men’s and women’s worsted and woolen fabrics. Based in Stafford Springs, Connecticut, the company operates from the 160-year-old Warren Mills, which it acquired from Lo ...
.
During his term in office as chairman of the Federal Reserve Board there was confrontation between the Federal Reserve Board and the Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New ...
under George L. Harrison
George Leslie Harrison (January 26, 1887 – March 5, 1958) was an American banker, insurance executive and advisor to Secretary of War Henry L. Stimson during World War II.
Early life and education
Harrison was born in San Francisco, California o ...
of how to curb speculation that led '' inter alia'' to the stock market boom of the late 1920s. The Board was in favor of putting "direct pressure" on the lending member banks while the Federal Reserve Bank of New York wanted to raise the discount rate.
The Board under Young disapproved this step, however Young himself was not fully convinced that the policy of using pressure would work and refused to sign the ''1929 Annual Report'' of the Board because it contained parts favorable to this policy.
Death
He died on December 31, 1960, in Chestnut Hill, Massachusetts.
References
Further reading
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External links
Statements and Speeches of Roy A. Young
{{DEFAULTSORT:Young, Roy Archibald
1882 births
1960 deaths
American Woolen Company
Chairs of the Federal Reserve
Coolidge administration personnel
Federal Reserve Bank of Boston presidents
Federal Reserve Bank of Minneapolis presidents
Hoover administration personnel