President Truman nominated two new members to the Federal Reserve Board last week. Both were hand-picked by FRB Chairman William McChesney Martin. The appointees (who must still be confirmed by the Senate):

¶Abbot Low Mills, 53, Republican, first vice president of the Portland (Ore.) U.S. National Bank, replacing Marriner Eccles, who resigned last June (TIME, June 25) with more than six years of a regular 14-year term to go. A lifelong banker from a banking family, Mills shares Martin's view that Federal Reserve policy should be independent and not dominated by the Treasury, a policy that Eccles helped reaffirm...

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!