BANKING: A Prophet's Charges

None of those who came to Washington with Franklin D. Roosevelt's New Deal held on to his job longer than Marriner S. Eccles, the onetime Mormon missionary who became the Administration's financial prophet. At a time when even F.D.R. was talking about a balanced budget, Eccles, a successful banker and a Republican, dumfounded his colleagues by proposing that the U.S. "spend" its way out of depression. Before a Senate committee in 1933, he described the need for many of the alphabet agencies which later came into being. But Eccles never considered himself...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!