Business: Eccles on Inflation

When Franklin D. Roosevelt moved into the White House in 1933, Marriner Stoddard Eccles was a Republican banker in Ogden, Utah with a reputation for success and a hatful of original ideas. Not until 1934 did the lean, intense young Mormon go to Washington to dig in as an assistant to the Secretary of the Treasury. Within a year, to the vast consternation of his fellow Eastern bankers, Mr. Eccles was head of the Federal Reserve Board and writing his novel notions into the law of the land. He was not only...

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