Historical Note
The Board of Governors of the Federal Reserve did not exist prior to the major reorganization of the Fed in 1935 (Banking Act of 1935). Prior to that time, the "Federal Reserve Board" (created in 1913 under the Federal Reserve Act) had a Board of Directors. The directors' salaries were significantly lower (at $12,000 when first appointed in 1914) and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D.C. were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935.
Prior to 1935, the heads of the twelve district "Federal Reserve Banks" were called "Governors". In the 1935 act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis"), as part of a major shift of power to Washington.
Thus, Marriner Eccles was the first actual "Chairman of the Board of Governors of the Federal Reserve Board". The others prior to 1935 were "Chairman of the Board of Directors of the Federal Reserve System", with much more circumscribed power.
Read more about this topic: Chairman Of The Federal Reserve
Famous quotes containing the words historical and/or note:
“Historical! Must it be historical to catch your attention? Even though historicity, like notoriety, denotes nothing more than that something has occurred.”
—Franz Grillparzer (1791–1872)
“During the cattle drives, Texas cowboy music came into national significance. Its practical purpose is well known—it was used primarily to keep the herds quiet at night, for often a ballad sung loudly and continuously enough might prevent a stampede. However, the cowboy also sang because he liked to sing.... In this music of the range and trail is “the grayness of the prairies, the mournful minor note of a Texas norther, and a rhythm that fits the gait of the cowboy’s pony.””
—Administration in the State of Texa, U.S. public relief program (1935-1943)