Marriner Stoddard Eccles, a prominent Utah banker, played a crucial role in shaping the New Deal policies of President Franklin D. Roosevelt during the Great Depression. Born on September 9, 1890, in Logan, Utah, Eccles came from a devout Mormon family with strong values of hard work and integrity.
Before becoming involved in politics, Eccles was a successful businessman in the 1920s. He ran several financial institutions and a construction company, which helped him gain recognition in the business world. However, it was his expertise in economics and finance that caught the attention of FDR's 'brain trust' and led to his appointment as the 7th Chairman of the Board of Governors of the Federal Reserve in 1934.
During his tenure at the Federal Reserve, Eccles adopted a series of bold proposals to address the economic crisis. He advocated for direct government intervention in the economy through the establishment of wage laws, the implementation of public works projects, and the provision of public welfare. His ideas were instrumental in guiding the country out of the depths of the Great Depression and setting the stage for recovery.
Throughout his career, Eccles remained dedicated to serving the public interest and upholding the values of economic justice and equality. His legacy continues to inspire policymakers and economists to this day, as his contributions to the New Deal and the Federal Reserve have had a lasting impact on the economic landscape of the United States.
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