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G. William Miller

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534: 2406: 593:, at the Brookings Institution, and in different branches of the Federal Reserve System. When President Carter looked for a successor to Miller as Federal Reserve Chairman in 1979, MacLaury was on the short list again (the CEOs Jones and Shapiro were not). As the president decided between Miller and MacLaury in 1978, the people he consulted (including Jones and Shapiro) unanimously favored Miller given his potential to provide leadership while learning technical details on-the-job. When the president spoke with Miller about the position, Miller expressed concern that he lacked the necessary background but agreed to serve in the role if the president wished it. 3044: 602:
challenged his qualifications, and the questions covered a host of issues like Miller's views of the Federal Reserve's independence. Miller voiced support for and belief in the Fed's independence, which (based on Miller's different Senate testimonies) is a position he held before and after his time as the Federal Reserve Chair. Allegations against both Textron and Miller's actions as its leader spurred the committee to investigate the company. Following what one senator called the "most detailed nomination hearings" he had ever seen, Miller was vindicated and unanimously approved by the Senate.
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poured gasoline on it during the administration of President Jimmy Carter. Without question the most partisan and least respected chairman in the Fed's history, this former Textron executive worked in tandem with fellow Carter appointee, Treasury Secretary W. Michael Blumenthal, in pursuit of monetary policies that were expansionist domestically and devaluationist internationally. The goals were to spur employment and exports, with little thought to the dollar's value. By early 1980, inflation was running at 14 percent per year.
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retained that role following his 1974 election as chairman of Textron's board of directors. He held these posts until he joined to the Federal Reserve Board. Despite the economy's weakening state during his time as CEO, Textron's sales grew 65% to $ 2.8bn as the company operated 180 plants worldwide. This allowed the company's sales and net income to keep pace with the decade's accelerating inflation (albeit with a temporary dip in inflation-adjusted net income during the 1973-75 recession).
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disregarded Miller's ban. To some extent Miller's outsider status was intentional. Miller tried to "run the Fed as if he were still in charge of a corporation," and he was "much less inclined to act on his own initiative." It is rare for the influential chair's opinion to not carry the vote at Board of Governors and FOMC meetings, but Miller was outvoted by the Board of Governors at a meeting in 1979 where he opposed an increase in the
2493: 589:) were successful CEOs of large corporations. These men were connected to Washington and the Carter Administration and in their own ways bridged policy and business. Within four days of receiving the short list, President Carter had narrowed it to Miller and the fourth suggestion: Bruce MacLaury, a trained economist with experience at the Treasury under 569:. President Carter recognized Burns's understanding of the business community, but Burns openly criticized the administration, acted against White House objectives, and (contrary to the administration's goals) prioritized fighting the era's accelerating inflation over unemployment. Consequently, the president asked Vice President 663:, was used increasingly during this time to describe the high rate of inflation, which failed to spur the economy. Even as the situation worsened, Miller insisted that contractionary policies like an overly aggressive interest rate increase would not fight inflation but rather encourage it while hurting the economy's growth. 467:
as an assistant secretary. He became a vice president of the company in 1957, CFO in 1958, and both the COO and company president in 1960. In the following years, Textron's sales boomed across a range of consumer goods, industrial equipment, and aerospace products. He became Textron's CEO in 1968 and
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In anticipation of the end of Burns's term as Fed chairman in March 1978, President Carter announced in December 1977 that Miller was his nominee to replace Burns. The announcement received lukewarm reception as US markets slightly worsened, media coverage expressed uncertainty about the relatively
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Under Arthur Burns, who chaired the Fed from 1970 to 1978, and under G. William Miller, who was chairman from January 1978 to August 1979, the Fed provided the monetary fuel for an inflation that began as a flicker and grew into a fearsome blaze... If Nixon appointee Burns lit the fire, Miller
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was 4.9% in 1976 and 6.7% in 1977. In at least one speech, Miller identified inflation as the nation's primary domestic challenge since (in his view) it was the chief obstacle preventing full employment. Even so, he did not favor aggressive interest rate action that would jeopardize growth. For
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After Carter's administration ended, Miller founded G. William Miller & Co., a Washington private investment company that he likened to a discreet, Swiss-style merchant bank. He also served positions on a number of charitable and nonprofit organizations. These included treasurer of the
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said that "America's central bankers have all made their weight felt across the political sphere, with the possible exception of William Miller, whose brief tenure in 1978-79 was notable for his attempts to ban smoking at the board.". FOMC members who had historically smoked during meetings
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for the first-ever confirmation hearings for a Federal Reserve chairman. Up until this time, the Senate had questioned and voted on the president's nominees to the Board of Governors while the US president selected the chairman and vice chairman. Some senators were reserved about Miller and
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Nomination of G. William Miller : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, second session, on the nomination of G. William Miller to be Chairman of the Board of Governors of the Federal Reserve Board, January 24,
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example, he supported the FOMC's continued policy of placing a tight target range around the federal funds rate that underpins much of the financial system. The modest increases in this target range during Miller's tenure did little to rein in inflation. In contrast, Miller's successor (
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to replace Miller. He thus became the first person in history to serve as both Treasury Secretary and Chairman of the Federal Reserve. As Treasury Secretary, Miller is best known for his role on the Chrysler Loan Guarantee Board, which oversaw management of a
750:. Miller agreed that "The administration does not favor, as a general proposition, government aid to private corporations," but thought an exception should be made in Chrysler's case. Chrysler recovered in the early 1980s and paid off the loan early. 681:
Miller's manner of running the Fed did not endear him to his peers or outside observers. Miller was not perceived as having great prestige; not coming from an economics or Wall Street background, he was seen as an "outsider." A 2003 article in
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Nomination of G. William Miller : hearing before the Committee on Finance, United States Senate, Ninety-sixth Congress, first session on the nomination of G. William Miller to be Secretary of the Treasury, July 27,
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Continuation of the nomination of G. William Miller : hearings before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, second session ... February 27 and 28,
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Miller's economic policies failed to contain inflation and had little impact on rising unemployment rates. The poor state of the economy was a major factor in Carter's 1980 defeat by Ronald Reagan.
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Economic historians have generally considered Miller's short tenure unsuccessful. The high inflation that Miller did not rein in required harsh "shock therapy" treatment by his successor,
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and the National Alliance of Businessmen. He also served on two bilateral international economic councils: the US-USSR Trade and Economic Council and the Polish-US Economic Council.
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for about eight years (Textron's headquarters is in the Boston Fed's district), and he was on the board of several corporations. He was also a member of the Business Council and the
2880: 192: 397:, an unusual background for a central bank chairman. However, shortly after his appointment, Miller left the Board of Governors to take position of treasury secretary in the 3404: 3337: 3297: 502:'s 1976 presidential campaign. After Carter's election, Miller chaired the President's Committee on HIRE, which tried to explore the issues surrounding veteran employment. 674:
all advocated for increasing the interest rate prior to the April FOMC 1979 meeting, where Miller opposed such measures. Carter had to admonish his own staff over the
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Department of the Treasury Resignation of W. Michael Blumenthal and Nomination of G. William Miller To Be Secretary. July 19, 1979, American Reference Library
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Miller's restraint in fighting inflation caused distress among members of the Carter Administration itself. Treasury Secretary Blumenthal, Inflation Adviser
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Miller also forayed into politics and public service. From 1963 to 1965, Miller was Chairman of the Industry Advisory Council of the President's Committee on
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to create a list of candidates to replace Burns when his term as chairman expired. The vice president presented a list of four names. Three (Miller,
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Scott-Stokes, Henry (1977-12-30). "Reactions Vary for Economists on Fed Change: Economists Express Pleasure and Regret at Dismissal of Burns".
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Miller is also known for managing the freezing and partial unfreezing of $ 12 billion in Iranian funds held in the United States during the
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Miller was Fed chairman for just over a year when Carter appointed him Secretary of the Treasury in August 1979, replacing
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Rowen, Hobart (1978-11-26). "Miller Resisting Overkill Policy: Miller Presumes Ability to Fine-Tune Economy".
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Santow, Leonard J. (2009). "Do They Walk on Water?: Federal Reserve Chairmen and the Fed". ABC-CLIO: 89–90.
1573: 566: 483: 430: 371: 96: 362:(March 9, 1925 – March 17, 2006) was an American businessman and investment banker who served as the 65th 1833: 1729: 1096: 688: 646: 3267: 453: 398: 1204:
Farnsworth, Clyde H. (1977-12-29). "Burns in Out as Chief of Fed; Carter Names Miller, Textron Head".
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Farnsworth, Clyde (1977-12-29). "Burns Is Out as Chief of Fed; Carter Names Miller, Textron Head".
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unknown nominee's views, and economists' reactions varied. In this context, Miller sat before the
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During Miller's tenure (and arguably in large part due to Miller's preferred policies), the
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and graduated the top of the class of 1952. From there he joined the law firm of
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from 1978 to 1979. Miller was the first person to hold both of those posts.
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Minutes and Policy Actions of the Federal Open Market Committee, Historical
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In 1956, Miller joined the rapidly growing Rhode Island–based conglomerate
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United States Senate Committee on Banking, Housing, and Urban Affairs
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H. John Heinz III Center for Science, Economics and the Environment
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Policy preferences of FOMC members as revealed by dissenting votes
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for the 1941–1942 school year, he received an appointment to the
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Secrets of the Temple: How the Federal Reserve Runs the Country
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as chairman of the Federal Reserve in 1978. Miller came from a
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A History of the Federal Reserve – Volume 2, Book 2: 1970–1986
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fair trade relations between the United States and Japan
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The order of the sentence is reversed for clarity here.
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After leaving the Coast Guard, Miller enrolled in the
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American businessman and investment banker (1925–2006)
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as Fed Chairman in March 1978. He inherited a high
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Public–Private Investment Program for Legacy Assets
1501:(1). National Bureau of Economic Research: 129–62. 1493:Romer, Christina D.; Romer, David H. (2003-12-01). 1372:"Factbox: History of Senate Votes for Fed Chairman" 788:George William Miller died on March 17, 2006, from 1712: 1710: 1605: 1465: 1172: 1088: 1612:. New York: John Wiley & Sons, Inc. pp.  1271: 1269: 1161: 733:as part of a major cabinet shuffle in which five 3806: 725:Miller's signature, as used on American currency 2831:Director of the Office of Management and Budget 1707: 1566: 3865:Respiratory disease deaths in Washington, D.C. 1858:Secretaries of the Treasury, G. William Miller 1389: 1387: 1385: 1266: 942:"Obituary: Fed Chairman G. William Miller, 81" 3789:Personal consumption expenditures price index 2964: 2431: 1984: 1630: 1574:"Record of Policy Actions: November 21, 1978" 965: 963: 911: 909: 907: 905: 903: 901: 899: 897: 848: 846: 844: 842: 840: 838: 836: 1869:Statements and Speeches of G. William Miller 1404: 1352: 877:1930 and 1940 United States Federal Censuses 537:G. William Miller's swearing in ceremony as 3388:2009 Supervisory Capital Assessment Program 3305:Federal Reserve v. Investment Co. Institute 2678:Secretary of Health, Education, and Welfare 1382: 528: 505:At the time he joined the Washington-based 486:. In 1966 and 1967, he was a member of the 3393:Term Asset-Backed Securities Loan Facility 2978: 2971: 2957: 2722:Secretary of Housing and Urban Development 2438: 2424: 1991: 1977: 1599: 1597: 1492: 1366: 1364: 1203: 1082: 1080: 1078: 1076: 1074: 1020: 960: 935: 933: 931: 929: 894: 833: 56:August 6, 1979 â€“ January 20, 1981 29: 3885:United States secretaries of the treasury 2925:Chair of the Council of Economic Advisers 2000:United States Secretaries of the Treasury 1783: 1753: 1751: 1506: 939: 737:members were replaced. Carter appointed 3875:United States Coast Guard Academy alumni 1608:Back from the Brink: The Greenspan Years 1545:"New Directions in U.S. Economic Policy" 1290: 1004:"Digest of Corporate Earnings Reports". 852: 720: 710:Back from the Brink: The Greenspan Years 532: 412: 409:was chosen as his successor at the Fed. 1951:United States Secretary of the Treasury 1824: 1603: 1594: 1361: 1312: 1247: 1118: 1116: 1086: 1071: 926: 777:, and chairman of the Washington-based 490:. Miller also served in the think tank 364:United States secretary of the treasury 174:March 8, 1978 â€“ August 6, 1979 109:March 8, 1978 â€“ August 6, 1979 44:United States Secretary of the Treasury 3807: 3069:Monetary Policy Report to the Congress 2703:Secretary of Health and Human Services 1757: 1748: 1667: 1542: 1468:Inside the Fed: Making Monetary Policy 1463: 1439: 1170: 1031: 792:, a lung condition, at the age of 81. 3830:Carter administration cabinet members 3362:Unfair or Deceptive Acts or Practices 2952: 2822: 2465: 2419: 1972: 1557: 1486: 716: 3825:20th-century American businesspeople 3777:Monetary policy of the United States 3356:Emergency Economic Stabilization Act 3313:Northeast Bancorp v. Federal Reserve 3286:Humphrey–Hawkins Full Employment Act 1276:"Volcker and Roosa Praise Nominee". 1113: 1034:Ministry Recalled: The Central Years 922:. Hathi Trust Digital Library. 1978. 421:, in 1925. His family soon moved to 3064:Federal Reserve Statistical Release 670:, and Chief Presidential Economist 366:from 1979 to 1981. A member of the 13: 3880:United States Coast Guard officers 3845:Cravath, Swaine & Moore people 3350:Subprime mortgage crisis responses 1900:Federal Reserve Board of Governors 1818: 1443:Remarks at the National Press Club 1248:Deutsch, Claudia H. (2001-09-15). 853:McFadden, Robert D. (2006-03-19). 521:, and he was Chairman of both the 507:Federal Reserve Board of Governors 488:National Council on the Humanities 450:University of California, Berkeley 417:George William Miller was born in 294:University of California, Berkeley 162:Federal Reserve Board of Governors 14: 3896: 3415:Commercial Paper Funding Facility 3368:Commercial Paper Funding Facility 2823: 1851: 1668:Miller, G. William (1978-07-19). 1543:Miller, G. William (1978-12-12). 1440:Miller, G. William (1978-06-07). 1291:MacLaury, Bruce K. (1992-11-05). 830:1930 United States Federal Census 405:resigned. New York Fed President 285:United States Coast Guard Academy 3870:UC Berkeley School of Law alumni 3752:Criticism of the Federal Reserve 3326:Expedited Funds Availability Act 3042: 2881:Ambassador to the United Nations 2491: 2404: 1091:A History of the Federal Reserve 773:, a trustee and director of the 332: 314: 3835:Carter administration personnel 3220:U.S. Treasury Department Accord 1927:Chairman of the Federal Reserve 1722: 1661: 1551: 1536: 1457: 1433: 1421: 1346: 1329: 1321:. Simon and Schuster. pp.  1306: 1284: 1241: 1212: 1197: 1136: 1124:"G. William Miller (1979-1981)" 1040: 1025: 1014: 997: 567:Chairman of the Federal Reserve 372:chairman of the Federal Reserve 97:Chairman of the Federal Reserve 3850:Deaths from pulmonary fibrosis 3422:Corner Post v. Federal Reserve 3374:Primary Dealer Credit Facility 1430:, from the Department of Labor 987:"Digest of Earnings Reports". 980: 940:Bernstein, Adam (2006-03-20). 880: 871: 824: 809: 763: 678:used to carry on the dispute. 613:economy, still suffering from 515:Federal Reserve Bank of Boston 1: 3860:People from Sapulpa, Oklahoma 3840:Chairs of the Federal Reserve 3011:Federal Open Market Committee 1581:Federal Open Market Committee 855:"Obituary: G. William Miller" 795: 790:idiopathic pulmonary fibrosis 561:took office, Nixon-appointee 477:Central Congregational Church 370:, he also served as the 11th 3381:Bloomberg v. Federal Reserve 3280:Electronic Fund Transfer Act 3262:Home Mortgage Disclosure Act 3256:Equal Credit Opportunity Act 3144:National Monetary Commission 1799:. 1979-07-30. Archived from 1692:. 1979-04-30. Archived from 1646:. 1979-10-22. Archived from 484:Equal Employment Opportunity 431:Work Projects Administration 7: 2747:Secretary of Transportation 2466: 1834:University of Chicago Press 1684:"The Fed vs. Jimmy's Aides" 1604:Beckner, Steven K. (1996). 1464:Melton, William C. (1985). 1097:University of Chicago Press 647:International Monetary Fund 641:and almost 42% against the 509:in 1978, Miller had been a 475:, Miller was active in the 454:Cravath, Swaine & Moore 10: 3901: 3577:Vice Chair for Supervision 3274:Federal Reserve Reform Act 3268:Community Reinvestment Act 2489: 615:the increase in oil prices 3855:People from Borger, Texas 3739: 3606: 3541: 3432: 3292:International Banking Act 3122: 3077: 3051: 3040: 3034:Federal Reserve Bank Note 3019: 2986: 2923: 2906:National Security Advisor 2904: 2879: 2854: 2829: 2818: 2795: 2770: 2745: 2720: 2701: 2676: 2657: 2632: 2613: 2596:Secretary of the Interior 2594: 2569: 2550: 2527:Secretary of the Treasury 2525: 2500: 2472: 2461: 2402: 2006: 1957: 1948: 1940: 1935: 1924: 1916: 1906: 1896: 1890: 1885: 1313:Greider, William (1987). 381:nominated him to succeed 353: 345: 340:United States Coast Guard 327: 309: 304: 276: 268: 258: 241: 217: 212: 208: 198: 186: 178: 167: 159: 147: 135: 121: 113: 102: 94: 82: 70: 60: 49: 41: 37: 28: 21: 3226:Bank Holding Company Act 2615:Secretary of Agriculture 1032:Gibson, Raymond (1992). 545:(right), Vice-President 539:Federal Reserve Chairman 529:Federal Reserve Chairman 439:U.S. Coast Guard Academy 389:world, rather than from 2730:Patricia Roberts Harris 2711:Patricia Roberts Harris 2692:Patricia Roberts Harris 1446:(Speech). St. Louis Fed 1224:Wharton Alumni Magazine 1087:Meltzer, Allan (2003). 1036:. Monadnock Publishers. 1007:The Wall Street Journal 990:The Wall Street Journal 973:The Wall Street Journal 3344:Gramm–Leach–Bliley Act 3215:Employment Act of 1946 2980:Federal Reserve System 2797:Secretary of Education 2686:Joseph A. Califano Jr. 1791:"Carter's Great Purge" 1771:Cite journal requires 1524:Cite journal requires 1171:Carter, Jimmy (2010). 1144:Annual Report, 61st ed 755:Iranian hostage crisis 726: 714: 554: 425:, the largest city in 3772:Lender of last resort 3448:William P. G. Harding 3250:Smithsonian Agreement 3180:Emergency Banking Act 3006:Federal Reserve Banks 2634:Secretary of Commerce 2535:W. Michael Blumenthal 1836:. pp. 844–1010. 1428:Consumer Prince Index 785:) from 1990 to 1992. 724: 700: 655:, the combination of 621:. The change in the 541:, with Chief Justice 536: 494:. In 1968, he aided 448:School of Law at the 413:Early life and career 403:W. Michael Blumenthal 399:Carter administration 360:George William Miller 346:Years of service 222:George William Miller 77:W. Michael Blumenthal 3454:Daniel R. Crissinger 3338:FDIC Improvement Act 3238:Truth in Lending Act 3209:Bretton Woods system 3138:Aldrich–Vreeland Act 3029:Federal Reserve Note 2856:Trade Representative 2780:James R. Schlesinger 2552:Secretary of Defense 1638:"The Squeeze of '79" 623:Consumer Price Index 130:Frederick H. Schultz 3204:Banking Act of 1935 3150:Federal Reserve Act 2914:Zbigniew Brzezinski 2772:Secretary of Energy 1886:Government offices 1696:on October 15, 2010 1472:. Dow Jones-Irwin. 947:The Washington Post 818:Wall Street Journal 549:(right), President 519:Business Roundtable 3607:Current presidents 3588:Christopher Waller 3478:Marriner S. Eccles 3192:Glass–Steagall Act 3102:Federal funds rate 2805:Shirley Hufstedler 2786:Charles Duncan Jr. 2659:Secretary of Labor 2585:Benjamin Civiletti 2502:Secretary of State 1944:Michael Blumenthal 1936:Political offices 1803:on August 22, 2009 859:The New York Times 771:American Red Cross 731:Michael Blumenthal 727: 717:Treasury Secretary 555: 272:Ariadna Rogojarsky 3802: 3801: 3646:Loretta J. Mester 3636:Patrick T. Harker 3502:G. William Miller 3490:William M. Martin 3442:Charles S. Hamlin 2946: 2945: 2942: 2941: 2864:Robert S. Strauss 2845:James T. McIntyre 2814: 2813: 2541:G. William Miller 2413: 2412: 1967: 1966: 1958:Succeeded by 1907:Succeeded by 1860:—Official profile 1826:Meltzer, Allan H. 1175:White House Diary 605:Miller succeeded 587:Irving S. Shapiro 579:Reginald H. Jones 547:Walter F. Mondale 427:Hutchinson County 419:Sapulpa, Oklahoma 357: 356: 235:Sapulpa, Oklahoma 23:G. William Miller 3892: 3563:Philip Jefferson 3484:Thomas B. McCabe 3409:Durbin amendment 3198:Gold Reserve Act 3046: 3045: 2973: 2966: 2959: 2950: 2949: 2933:Charles Schultze 2820: 2819: 2761:Neil Goldschmidt 2648:Philip Klutznick 2642:Juanita M. Kreps 2571:Attorney General 2495: 2494: 2463: 2462: 2440: 2433: 2426: 2417: 2416: 2408: 1993: 1986: 1979: 1970: 1969: 1941:Preceded by 1917:Preceded by 1891:Preceded by 1883: 1882: 1847: 1812: 1811: 1809: 1808: 1787: 1781: 1780: 1774: 1769: 1767: 1759: 1755: 1746: 1744: 1742: 1741: 1726: 1720: 1716:Belden, Susan. 1714: 1705: 1704: 1702: 1701: 1680: 1674: 1673: 1665: 1659: 1658: 1656: 1655: 1650:on June 11, 2010 1634: 1628: 1627: 1611: 1601: 1592: 1591: 1589: 1588: 1578: 1570: 1564: 1563: 1555: 1549: 1548: 1540: 1534: 1533: 1527: 1522: 1520: 1512: 1510: 1490: 1484: 1483: 1471: 1461: 1455: 1454: 1452: 1451: 1437: 1431: 1425: 1419: 1418: 1408: 1402: 1401: 1391: 1380: 1379: 1368: 1359: 1358: 1350: 1344: 1343: 1341: 1333: 1327: 1326: 1320: 1310: 1304: 1303: 1301: 1300: 1288: 1282: 1281: 1273: 1264: 1263: 1261: 1260: 1245: 1239: 1238: 1236: 1235: 1216: 1210: 1209: 1201: 1195: 1194: 1178: 1168: 1159: 1158: 1156: 1155: 1140: 1134: 1133: 1131: 1130: 1120: 1111: 1110: 1094: 1084: 1069: 1068: 1066: 1065: 1059: 1052: 1044: 1038: 1037: 1029: 1023: 1022: 1018: 1012: 1011: 1001: 995: 994: 984: 978: 977: 967: 958: 957: 955: 954: 937: 924: 923: 913: 892: 891: 884: 878: 875: 869: 868: 866: 865: 850: 831: 828: 822: 821: 813: 775:Washington Opera 712: 708:Steven Beckner, 672:Charles Schultze 575:General Electric 543:Warren E. Burger 523:Conference Board 513:director of the 435:Amarillo College 368:Democratic Party 338: 336: 335: 320: 318: 317: 305:Military service 281:Amarillo College 252:Washington, D.C. 248: 231: 229: 213:Personal details 201: 189: 172: 150: 138: 107: 85: 73: 54: 33: 19: 18: 3900: 3899: 3895: 3894: 3893: 3891: 3890: 3889: 3805: 3804: 3803: 3798: 3735: 3686:Alberto Musalem 3676:Austan Goolsbee 3608: 3602: 3583:Michelle Bowman 3544: 3537: 3496:Arthur F. Burns 3472:Eugene R. Black 3428: 3126: 3118: 3085:Discount window 3073: 3047: 3043: 3038: 3015: 2982: 2977: 2947: 2938: 2919: 2900: 2875: 2850: 2825: 2810: 2791: 2766: 2741: 2716: 2697: 2672: 2653: 2628: 2623:Robert Bergland 2609: 2590: 2565: 2546: 2521: 2496: 2492: 2487: 2468: 2457: 2444: 2414: 2409: 2400: 2002: 1997: 1963: 1954: 1946: 1930: 1922: 1920:Arthur F. Burns 1912: 1903: 1894: 1854: 1844: 1821: 1819:Further reading 1816: 1815: 1806: 1804: 1789: 1788: 1784: 1772: 1770: 1761: 1760: 1756: 1749: 1739: 1737: 1728: 1727: 1723: 1715: 1708: 1699: 1697: 1682: 1681: 1677: 1666: 1662: 1653: 1651: 1636: 1635: 1631: 1624: 1602: 1595: 1586: 1584: 1576: 1572: 1571: 1567: 1560:Washington Post 1556: 1552: 1541: 1537: 1525: 1523: 1514: 1513: 1491: 1487: 1480: 1462: 1458: 1449: 1447: 1438: 1434: 1426: 1422: 1410: 1409: 1405: 1393: 1392: 1383: 1370: 1369: 1362: 1351: 1347: 1339: 1335: 1334: 1330: 1311: 1307: 1298: 1296: 1289: 1285: 1275: 1274: 1267: 1258: 1256: 1246: 1242: 1233: 1231: 1218: 1217: 1213: 1202: 1198: 1191: 1169: 1162: 1153: 1151: 1142: 1141: 1137: 1128: 1126: 1122: 1121: 1114: 1107: 1085: 1072: 1063: 1061: 1057: 1050: 1046: 1045: 1041: 1030: 1026: 1019: 1015: 1003: 1002: 998: 986: 985: 981: 969: 968: 961: 952: 950: 938: 927: 915: 914: 895: 886: 885: 881: 876: 872: 863: 861: 851: 834: 829: 825: 815: 814: 810: 805: 798: 766: 719: 713: 707: 557:When President 531: 496:Hubert Humphrey 415: 383:Arthur F. Burns 333: 331: 315: 313: 292: 283: 259:Political party 250: 246: 233: 227: 225: 224: 223: 199: 187: 173: 168: 148: 142:Arthur F. Burns 136: 128: 126:Stephen Gardner 108: 103: 83: 71: 55: 50: 24: 17: 12: 11: 5: 3898: 3888: 3887: 3882: 3877: 3872: 3867: 3862: 3857: 3852: 3847: 3842: 3837: 3832: 3827: 3822: 3817: 3800: 3799: 3797: 3796: 3791: 3786: 3785: 3784: 3774: 3769: 3764: 3759: 3754: 3749: 3743: 3741: 3737: 3736: 3734: 3733: 3723: 3713: 3703: 3693: 3683: 3673: 3666:Raphael Bostic 3663: 3653: 3643: 3633: 3623: 3612: 3610: 3604: 3603: 3601: 3600: 3598:Adriana Kugler 3595: 3590: 3585: 3580: 3570: 3560: 3549: 3547: 3539: 3538: 3536: 3535: 3534:(2018–present) 3529: 3523: 3517: 3514:Alan Greenspan 3511: 3505: 3499: 3493: 3487: 3481: 3475: 3469: 3463: 3457: 3451: 3445: 3438: 3436: 3430: 3429: 3427: 3426: 3418: 3412: 3405:Dodd–Frank Act 3402: 3396: 3390: 3385: 3377: 3371: 3365: 3359: 3353: 3347: 3341: 3335: 3329: 3323: 3317: 3309: 3301: 3295: 3289: 3283: 3277: 3271: 3265: 3259: 3253: 3247: 3241: 3235: 3234:(1961–present) 3229: 3223: 3217: 3212: 3206: 3201: 3195: 3189: 3183: 3177: 3171: 3165: 3159: 3153: 3147: 3141: 3134: 3132: 3120: 3119: 3117: 3116: 3114:Primary dealer 3111: 3110: 3109: 3107:Overnight rate 3099: 3094: 3093: 3092: 3081: 3079: 3075: 3074: 3072: 3071: 3066: 3061: 3055: 3053: 3049: 3048: 3041: 3039: 3037: 3036: 3031: 3025: 3023: 3017: 3016: 3014: 3013: 3008: 3003: 2998: 2993: 2987: 2984: 2983: 2976: 2975: 2968: 2961: 2953: 2944: 2943: 2940: 2939: 2937: 2936: 2929: 2927: 2921: 2920: 2918: 2917: 2910: 2908: 2902: 2901: 2899: 2898: 2895:Donald McHenry 2892: 2885: 2883: 2877: 2876: 2874: 2873: 2867: 2860: 2858: 2852: 2851: 2849: 2848: 2842: 2835: 2833: 2827: 2826: 2816: 2815: 2812: 2811: 2809: 2808: 2801: 2799: 2793: 2792: 2790: 2789: 2783: 2776: 2774: 2768: 2767: 2765: 2764: 2758: 2751: 2749: 2743: 2742: 2740: 2739: 2733: 2726: 2724: 2718: 2717: 2715: 2714: 2707: 2705: 2699: 2698: 2696: 2695: 2689: 2682: 2680: 2674: 2673: 2671: 2670: 2663: 2661: 2655: 2654: 2652: 2651: 2645: 2638: 2636: 2630: 2629: 2627: 2626: 2619: 2617: 2611: 2610: 2608: 2607: 2600: 2598: 2592: 2591: 2589: 2588: 2582: 2575: 2573: 2567: 2566: 2564: 2563: 2556: 2554: 2548: 2547: 2545: 2544: 2538: 2531: 2529: 2523: 2522: 2520: 2519: 2513: 2506: 2504: 2498: 2497: 2490: 2488: 2486: 2485: 2482:Walter Mondale 2478: 2476: 2474:Vice President 2470: 2469: 2459: 2458: 2443: 2442: 2435: 2428: 2420: 2411: 2410: 2403: 2401: 2399: 2398: 2393: 2388: 2383: 2378: 2373: 2368: 2363: 2358: 2353: 2348: 2343: 2338: 2333: 2328: 2323: 2318: 2313: 2308: 2303: 2298: 2293: 2288: 2283: 2278: 2273: 2268: 2263: 2258: 2253: 2248: 2243: 2238: 2233: 2228: 2223: 2218: 2213: 2208: 2203: 2198: 2193: 2188: 2183: 2178: 2173: 2168: 2163: 2158: 2153: 2148: 2143: 2138: 2133: 2128: 2123: 2118: 2113: 2108: 2103: 2098: 2093: 2088: 2083: 2078: 2073: 2068: 2063: 2058: 2053: 2048: 2043: 2038: 2033: 2028: 2023: 2018: 2013: 2007: 2004: 2003: 1996: 1995: 1988: 1981: 1973: 1965: 1964: 1959: 1956: 1947: 1942: 1938: 1937: 1933: 1932: 1923: 1918: 1914: 1913: 1908: 1905: 1898:Member of the 1895: 1892: 1888: 1887: 1881: 1880: 1871: 1866: 1861: 1853: 1852:External links 1850: 1849: 1848: 1843:978-0226213514 1842: 1820: 1817: 1814: 1813: 1782: 1773:|journal= 1747: 1721: 1706: 1675: 1660: 1629: 1622: 1593: 1565: 1550: 1535: 1526:|journal= 1508:10.3386/w10161 1485: 1478: 1456: 1432: 1420: 1403: 1381: 1360: 1355:New York Times 1345: 1328: 1305: 1283: 1278:New York Times 1265: 1254:New York Times 1240: 1211: 1206:New York Times 1196: 1189: 1160: 1135: 1112: 1105: 1070: 1039: 1024: 1013: 996: 979: 959: 925: 893: 879: 870: 832: 823: 807: 806: 804: 803: 799: 797: 794: 765: 762: 718: 715: 705: 571:Walter Mondale 530: 527: 414: 411: 355: 354: 351: 350: 347: 343: 342: 329: 328:Branch/service 325: 324: 311: 307: 306: 302: 301: 278: 274: 273: 270: 266: 265: 260: 256: 255: 249:(aged 81) 245:March 17, 2006 243: 239: 238: 221: 219: 215: 214: 210: 209: 206: 205: 202: 196: 195: 190: 184: 183: 180: 176: 175: 165: 164: 160:Member of the 157: 156: 151: 145: 144: 139: 133: 132: 123: 119: 118: 115: 111: 110: 100: 99: 92: 91: 86: 80: 79: 74: 68: 67: 62: 58: 57: 47: 46: 39: 38: 35: 34: 26: 25: 22: 15: 9: 6: 4: 3: 2: 3897: 3886: 3883: 3881: 3878: 3876: 3873: 3871: 3868: 3866: 3863: 3861: 3858: 3856: 3853: 3851: 3848: 3846: 3843: 3841: 3838: 3836: 3833: 3831: 3828: 3826: 3823: 3821: 3818: 3816: 3813: 3812: 3810: 3795: 3792: 3790: 3787: 3783: 3780: 3779: 3778: 3775: 3773: 3770: 3768: 3765: 3763: 3760: 3758: 3755: 3753: 3750: 3748: 3745: 3744: 3742: 3738: 3731: 3730:San Francisco 3727: 3724: 3721: 3717: 3714: 3711: 3707: 3704: 3701: 3697: 3696:Neel Kashkari 3694: 3691: 3687: 3684: 3681: 3677: 3674: 3671: 3667: 3664: 3661: 3657: 3656:Thomas Barkin 3654: 3651: 3647: 3644: 3641: 3637: 3634: 3631: 3627: 3626:John Williams 3624: 3621: 3617: 3616:Susan Collins 3614: 3613: 3611: 3609:(by district) 3605: 3599: 3596: 3594: 3591: 3589: 3586: 3584: 3581: 3578: 3574: 3571: 3568: 3564: 3561: 3558: 3554: 3553:Jerome Powell 3551: 3550: 3548: 3546: 3540: 3533: 3532:Jerome Powell 3530: 3527: 3524: 3521: 3518: 3515: 3512: 3509: 3506: 3503: 3500: 3497: 3494: 3491: 3488: 3485: 3482: 3479: 3476: 3473: 3470: 3467: 3464: 3461: 3458: 3455: 3452: 3449: 3446: 3443: 3440: 3439: 3437: 3435: 3431: 3424: 3423: 3419: 3416: 3413: 3410: 3406: 3403: 3400: 3397: 3394: 3391: 3389: 3386: 3383: 3382: 3378: 3375: 3372: 3369: 3366: 3363: 3360: 3357: 3354: 3351: 3348: 3345: 3342: 3339: 3336: 3333: 3330: 3327: 3324: 3321: 3320:Greenspan put 3318: 3315: 3314: 3310: 3307: 3306: 3302: 3299: 3296: 3293: 3290: 3287: 3284: 3281: 3278: 3275: 3272: 3269: 3266: 3263: 3260: 3257: 3254: 3251: 3248: 3245: 3242: 3239: 3236: 3233: 3230: 3227: 3224: 3221: 3218: 3216: 3213: 3210: 3207: 3205: 3202: 3199: 3196: 3193: 3190: 3187: 3184: 3181: 3178: 3175: 3172: 3169: 3166: 3163: 3160: 3157: 3154: 3151: 3148: 3145: 3142: 3139: 3136: 3135: 3133: 3130: 3125: 3121: 3115: 3112: 3108: 3105: 3104: 3103: 3100: 3098: 3097:Federal funds 3095: 3091: 3088: 3087: 3086: 3083: 3082: 3080: 3078:Federal funds 3076: 3070: 3067: 3065: 3062: 3060: 3057: 3056: 3054: 3050: 3035: 3032: 3030: 3027: 3026: 3024: 3022: 3018: 3012: 3009: 3007: 3004: 3002: 2999: 2997: 2994: 2992: 2989: 2988: 2985: 2981: 2974: 2969: 2967: 2962: 2960: 2955: 2954: 2951: 2934: 2931: 2930: 2928: 2926: 2922: 2915: 2912: 2911: 2909: 2907: 2903: 2896: 2893: 2890: 2887: 2886: 2884: 2882: 2878: 2871: 2868: 2865: 2862: 2861: 2859: 2857: 2853: 2846: 2843: 2840: 2837: 2836: 2834: 2832: 2828: 2824:Cabinet-level 2821: 2817: 2806: 2803: 2802: 2800: 2798: 2794: 2787: 2784: 2781: 2778: 2777: 2775: 2773: 2769: 2762: 2759: 2756: 2753: 2752: 2750: 2748: 2744: 2737: 2736:Moon Landrieu 2734: 2731: 2728: 2727: 2725: 2723: 2719: 2712: 2709: 2708: 2706: 2704: 2700: 2693: 2690: 2687: 2684: 2683: 2681: 2679: 2675: 2668: 2665: 2664: 2662: 2660: 2656: 2649: 2646: 2643: 2640: 2639: 2637: 2635: 2631: 2624: 2621: 2620: 2618: 2616: 2612: 2605: 2602: 2601: 2599: 2597: 2593: 2586: 2583: 2580: 2577: 2576: 2574: 2572: 2568: 2561: 2558: 2557: 2555: 2553: 2549: 2542: 2539: 2536: 2533: 2532: 2530: 2528: 2524: 2517: 2516:Edmund Muskie 2514: 2511: 2508: 2507: 2505: 2503: 2499: 2483: 2480: 2479: 2477: 2475: 2471: 2464: 2460: 2455: 2452: 2448: 2441: 2436: 2434: 2429: 2427: 2422: 2421: 2418: 2407: 2397: 2394: 2392: 2389: 2387: 2384: 2382: 2379: 2377: 2374: 2372: 2369: 2367: 2364: 2362: 2359: 2357: 2354: 2352: 2349: 2347: 2344: 2342: 2339: 2337: 2334: 2332: 2329: 2327: 2324: 2322: 2319: 2317: 2314: 2312: 2309: 2307: 2304: 2302: 2299: 2297: 2294: 2292: 2289: 2287: 2284: 2282: 2279: 2277: 2274: 2272: 2269: 2267: 2264: 2262: 2259: 2257: 2254: 2252: 2249: 2247: 2244: 2242: 2239: 2237: 2234: 2232: 2229: 2227: 2224: 2222: 2219: 2217: 2214: 2212: 2209: 2207: 2204: 2202: 2199: 2197: 2194: 2192: 2189: 2187: 2184: 2182: 2179: 2177: 2174: 2172: 2169: 2167: 2164: 2162: 2159: 2157: 2154: 2152: 2149: 2147: 2144: 2142: 2139: 2137: 2134: 2132: 2129: 2127: 2124: 2122: 2119: 2117: 2114: 2112: 2109: 2107: 2104: 2102: 2099: 2097: 2094: 2092: 2089: 2087: 2084: 2082: 2079: 2077: 2074: 2072: 2069: 2067: 2064: 2062: 2059: 2057: 2054: 2052: 2049: 2047: 2044: 2042: 2039: 2037: 2034: 2032: 2029: 2027: 2024: 2022: 2019: 2017: 2014: 2012: 2009: 2008: 2005: 2001: 1994: 1989: 1987: 1982: 1980: 1975: 1974: 1971: 1962: 1953: 1952: 1945: 1939: 1934: 1929: 1928: 1921: 1915: 1911: 1902: 1901: 1889: 1884: 1879: 1875: 1872: 1870: 1867: 1865: 1862: 1859: 1856: 1855: 1845: 1839: 1835: 1831: 1827: 1823: 1822: 1802: 1798: 1797: 1792: 1786: 1778: 1765: 1754: 1752: 1735: 1734:The Economist 1731: 1725: 1719: 1713: 1711: 1695: 1691: 1690: 1685: 1679: 1671: 1664: 1649: 1645: 1644: 1639: 1633: 1625: 1623:0-471-16127-6 1619: 1615: 1610: 1609: 1600: 1598: 1582: 1575: 1569: 1561: 1554: 1546: 1539: 1531: 1518: 1509: 1504: 1500: 1496: 1489: 1481: 1479:9780870945441 1475: 1470: 1469: 1460: 1445: 1444: 1436: 1429: 1424: 1416: 1415: 1407: 1399: 1398: 1390: 1388: 1386: 1378:. 2010-01-25. 1377: 1373: 1367: 1365: 1356: 1349: 1338: 1332: 1324: 1319: 1318: 1309: 1294: 1287: 1280:. 1977-12-29. 1279: 1272: 1270: 1255: 1251: 1244: 1230:on 2011-06-10 1229: 1225: 1221: 1215: 1207: 1200: 1192: 1190:9780374280994 1186: 1182: 1177: 1176: 1167: 1165: 1149: 1148:St. Louis Fed 1145: 1139: 1125: 1119: 1117: 1108: 1106:9780226519999 1102: 1098: 1093: 1092: 1083: 1081: 1079: 1077: 1075: 1060:on 2018-03-25 1056: 1049: 1043: 1035: 1028: 1017: 1010:. 1978-02-16. 1009: 1008: 1000: 993:. 1969-01-29. 992: 991: 983: 976:. 1977-12-29. 975: 974: 966: 964: 949: 948: 943: 936: 934: 932: 930: 921: 920: 912: 910: 908: 906: 904: 902: 900: 898: 889: 883: 874: 860: 856: 849: 847: 845: 843: 841: 839: 837: 827: 820:. 1977-12-29. 819: 812: 808: 801: 800: 793: 791: 786: 784: 780: 776: 772: 761: 758: 756: 751: 749: 745: 740: 736: 732: 723: 711: 704: 699: 697: 692: 690: 689:discount rate 685: 684:The Economist 679: 677: 673: 669: 664: 662: 658: 654: 653: 648: 644: 640: 636: 631: 629: 624: 620: 616: 612: 608: 603: 600: 594: 592: 588: 584: 580: 576: 572: 568: 564: 560: 552: 548: 544: 540: 535: 526: 524: 520: 516: 512: 508: 503: 501: 497: 493: 489: 485: 480: 478: 474: 469: 466: 461: 459: 458:New York City 455: 451: 447: 442: 440: 436: 432: 428: 424: 420: 410: 408: 404: 400: 396: 392: 388: 384: 380: 375: 373: 369: 365: 361: 352: 348: 344: 341: 330: 326: 323: 322:United States 312: 308: 303: 299: 295: 290: 286: 282: 279: 275: 271: 267: 264: 261: 257: 253: 244: 240: 236: 232:March 9, 1925 220: 216: 211: 207: 203: 197: 194: 191: 185: 181: 177: 171: 166: 163: 158: 155: 152: 146: 143: 140: 134: 131: 127: 124: 120: 116: 112: 106: 101: 98: 93: 90: 87: 81: 78: 75: 69: 66: 63: 59: 53: 48: 45: 40: 36: 32: 27: 20: 3747:Central bank 3726:Mary C. Daly 3640:Philadelphia 3593:Lisa D. Cook 3573:Michael Barr 3526:Janet Yellen 3520:Ben Bernanke 3508:Paul Volcker 3501: 3466:Eugene Meyer 3460:Roy A. Young 3420: 3379: 3311: 3303: 3232:FOMC actions 3186:Regulation Q 3174:Regulation D 2889:Andrew Young 2870:Reubin Askew 2667:Ray Marshall 2604:Cecil Andrus 2579:Griffin Bell 2560:Harold Brown 2540: 2454:Jimmy Carter 2330: 1949: 1925: 1910:Paul Volcker 1897: 1829: 1805:. Retrieved 1801:the original 1794: 1785: 1764:cite journal 1738:. Retrieved 1736:. 2005-08-13 1733: 1730:"After Alan" 1724: 1698:. Retrieved 1694:the original 1687: 1678: 1663: 1652:. Retrieved 1648:the original 1641: 1632: 1607: 1585:. Retrieved 1583:. 1978-11-21 1568: 1559: 1553: 1538: 1517:cite journal 1498: 1488: 1467: 1459: 1448:. Retrieved 1442: 1435: 1423: 1412: 1406: 1395: 1375: 1354: 1348: 1331: 1316: 1308: 1297:. Retrieved 1286: 1277: 1257:. Retrieved 1253: 1243: 1232:. Retrieved 1228:the original 1223: 1214: 1205: 1199: 1174: 1152:. Retrieved 1147: 1138: 1127:. 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Index


United States Secretary of the Treasury
Jimmy Carter
W. Michael Blumenthal
Donald Regan
Chairman of the Federal Reserve
Stephen Gardner
Frederick H. Schultz
Arthur F. Burns
Paul Volcker
Federal Reserve Board of Governors
David Lilly
Sapulpa, Oklahoma
Washington, D.C.
Democratic
Amarillo College
United States Coast Guard Academy
BS
University of California, Berkeley
LLB
United States
United States Coast Guard
United States secretary of the treasury
Democratic Party
chairman of the Federal Reserve
Jimmy Carter
Arthur F. Burns
corporate
economics
finance

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