Eugene Black
6th Chairman of the Federal Reserve
In office
May 19, 1933 – August 15, 1934
PresidentFranklin D. Roosevelt
Preceded byEugene Meyer
Succeeded byMarriner S. Eccles
Member of the Federal Reserve Board of Governors
In office
May 19, 1933 – August 15, 1934
PresidentFranklin D. Roosevelt
Preceded byEugene Meyer
Succeeded byMarriner S. Eccles
President of the Federal Reserve Bank of Atlanta
In office
August 15, 1934 – December 19, 1934
Preceded byW. S. Johns (Acting)
Succeeded byOscar Newton
In office
January 13, 1928 – May 19, 1933
Preceded byMax Wellborn
Succeeded byW. S. Johns (Acting)
Personal details
Born(1873-01-07)January 7, 1873
Atlanta, Georgia, U.S.
DiedDecember 19, 1934(1934-12-19) (aged 61)
Atlanta, Georgia, U.S.
EducationUniversity of Georgia (BA)
Atlanta Law School (LLB)

Eugene Robert Black I (January 7, 1873 – December 19, 1934) was an American attorney and businessman who served as the 6th chairman of the Federal Reserve from 1933 to 1934. Before and after his term as chairman, Black also served as the governor of the Federal Reserve Bank of Atlanta from 1928 to 1933 and again from August 1934 until his death in December of the same year.[1]

His eldest son, Eugene R. Black Sr., became the third president of the World Bank Group, serving from 1949 to 1962.

Early life

He was born in Atlanta, Georgia, on January 7, 1873. He attended the University of Georgia, where he was a member of the Chi Phi Fraternity and the Phi Kappa Literary Society. Black practiced law for 28 years until he became president of the Atlanta Trust Company in 1921.

Career

In 1928, he became Governor of the Federal Reserve Bank of Atlanta. He succeeded the longtime governor, Max Wellborn, who was also his daughter's father-in-law. When the Wall Street Crash of 1929 happened, he and two cashiers rushed to Nashville, Tennessee, to supply currency and credit to banks in the city and surrounding region. The situation worsened with other cities in the region experiencing bank runs.

Black kept his district afloat by rushing large quantities of cash to banks that were experiencing runs and extending credit to any bank that could offer any asset of value. He kept this policy active through the Great Depression into 1933. He, along with George L. Harrison, the governor of the Federal Reserve Bank of New York, recommended open market purchases to increase reserves. His insistence on expansionist policies led to the President appointing Black to the Federal Reserve Board in 1933.[2]

Personal life

In 1897, he married Gussie Grady, the daughter of Henry W. Grady, the Atlanta journalist and orator.[3] They had a son, Eugene Robert Black II.[4] Black died of a heart attack on December 19, 1934, in Atlanta, Georgia.[1]

References

  1. 1 2 "Eugene Black Dies Of Heart Attack. Governor of Federal Reserve Guided System in Nation's Critical Era of Finance. President's Close Friend. 'Depositors Owe Much to You,' Roosevelt Wrote When He Quit Post Aug. 15". The New York Times. December 20, 1934.
  2. ↑ Richardson, Gary; Troost, William (May 2005). "Monetary Intervention Mitigated Banking PanicsDuring the Great Depression" (PDF). Archived from the original (PDF) on September 27, 2006. Retrieved August 23, 2006.
  3. ↑ "Eugene R. Black Dies at 93; Ex-President of World Bank". The New York Times. February 21, 1992.
  4. ↑ Eugene "Gene" Robert Black, Sr., was the first in the family to use the "Sr." designation; his son was known as Eugene Robert Black, Jr. or Eugene Robert Black III.

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