marriner eccles quotes

Eccles would later return to Utah to pursue his many business interests.

Without specifically mentioning Trump in a speech to introduce a new KUED documentary about Eccles, Powell praised how Eccles insisted that the Fed must be “absolutely free” from politics, and created an independent system to control interest rates for the long-term good — rather than short-term political gain.
By Harris H. Simmons, Aaron V. Osmond and Nina Barnes | Special to The Tribune Roosevelt soon appointed him to the Federal Reserve’s board of governors — and in 1934 the president appointed him as its chairman at age 44. Powell noted that the Fed’s headquarters in Washington, D.C., is named for Eccles. He also figured significantly in the establishment of the World Bank and the International Monetary Fund.New Provo-Orem rapid bus now rivals the ridership of TRAX Green Line50K redesigned Utah driver licenses have been returned because of bad addresses. It led to an accord that clearly gave the Fed that power. Later, he would duel with President Harry Truman over whether the Treasury Department or the Fed should set and control interest rates. Pathetic.”As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected. He would later take stands against prevailing opinion that were vindicated, including opposing the Vietnam War and favoring opening relations with China.sltrib.com © 1996-2020 The Salt Lake Tribune. Eccles pushed such ideas as unemployment insurance and what became Social Security before Roosevelt took office. Federal Reserve Board Chairman Jerome Powell in Salt Lake City on Monday revived an old warning from Utahn Marriner Eccles — father of the Federal Reserve System — perhaps to help push back against President Donald Trump’s aggressive pressure to lower interest rates. The pair honored Eccles — who is seen as the father of the modern Federal Reserve System, and a man who helped guide America out of the Great Depression — at the premiere of a new “His ideas helped form the basis of Franklin D. Roosevelt’s New Deal and anticipated the not-yet published tenets of British economist John Maynard Keynes,” said He recounted how Eccles as a relatively unknown banker from Utah — his family ran First Security Bank (later acquired by Wells Fargo) — started giving speeches during the Great Depression about possible solutions that caught the attention of Congress and Roosevelt. “He accepted on the condition that Roosevelt support a restructuring of the Fed, which had failed to counter the contraction gripping the nation’s economy. https://www.sltrib.com/news/politics/2019/10/07/amid-trump-pressure-fed When I sit in my usual seat, he stands looking over my left should in an enigmatic expression neither approving or disapproving on his face — talk about pressure.” Quarles added that Eccles is seen as the “architect of the complex system of governance that assures the American people that monetary and financial policy will be pursued as their sole interest,” not politics. “I sit in the office where he sat,” Powell said. Powell's comments Monday in Salt Lake City came after President Donald Trump has repeatedly pressured Powell to lower interest rates and said the United States is missing out on economic opportunities because of "boneheads" at the Federal Reserve.

“Perhaps most importantly from my perspective as Fed Chair, he is responsible more than any other person for the fact that the United States today has an independent central bank — a central bank able to make decisions in the long-term best interest of the economy, without regard to the political pressures of the moment,” Powell said. That comes as Trump has criticized the Fed for not lowering interest rates enough to fuel the economy. In an Oct. 1 tweet, Trump said rates are too high and that Fed officials “are their own worst enemies, they don’t have a clue. He recognized a need for intervention in markets after he helped save his own banks from runs by instructing tellers to move slowly, which prevented depositors from pulling out all of their funds amid panics. He also ran unsuccessfully for the U.S. Senate here in 1952 as a Republican. (Photo courtesy of the University of Utah) Marriner Eccles' tenure with the Federal Reserve began during the administration of Franklin Delano Roosevelt, a period in which he helped guide the country out of the Great Depression and through World War II.
“His portrait hangs in a room where I frequently meet with guests or colleagues and staff. Pathetic!

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