Roy A. Young

Roy A. Young was born on May 17, 1882, to James Wilson Young a miller and millwright from Ontario, Canada and Julia Healy an Irish immigrant in Marquette, Michigan.{{Cite web|url=https://books.google.com/books?id=nUHEnaSbJ1QC|title=Biographical Record Houghton, Baraga and Marquette Counties|year=1903}} Young was a messenger for a bank at the age of eight. He then worked as assistant cashier and joined the Citizens National Bank as vice president in 1913.{{cite web|title=Roy Archibald Young|url=http://www.nationalcurrencyfoundation.org/banker-Roy-Archibald-Young-181|access-date=June 16, 2015|publisher=The National Currency Foundation}}

{{Main|Roaring Twenties|Wall Street Crash of 1929|Great Depression in the United States}}

From 1919 to 1927 he was president of the Federal Reserve Bank of Minneapolis before becoming chairman of the Federal Reserve Board.{{cite news |title=Federal Reserve Has A New Chief. Roy A. Young, Appointed to This High Post, Is a Practical Banker Who Knows the Agricultural Northwest Thoroughly |url=https://query.nytimes.com/gst/abstract.html?res=9C01EEDE113FE03ABC4A53DFB667838C639EDE&legacy=true |newspaper=The New York Times |date=October 2, 1927 }} From 1930 to 1942 he served as president of the Federal Reserve Bank of Boston. After his resignation, he changed to become chairman of the Merchants National Bank and later chairman of American Woolen Company.[http://www.bos.frb.org/about/history/presidents.htm Federal Reserve Bank of Boston Presidents]

During his term in office as chairman of the Federal Reserve Board there was confrontation between the Federal Reserve Board and the Federal Reserve Bank of New York under George L. Harrison of how to curb speculation that led inter alia to the stock market boom of the late 1920s. The Board was in favor of putting "direct pressure" on the lending member banks while the Federal Reserve Bank of New York wanted to raise the discount rate.

The Board under Young disapproved this step, however Young himself was not fully convinced that the policy of using pressure would work and refused to sign the 1929 Annual Report of the Board because it contained parts favorable to this policy.{{cite book

| last = Friedman

| first = Milton

| author-link = Milton Friedman

|author2=Anna Schwartz

|author2-link=Anna Schwartz

| title = A monetary history of the United States, 1867 – 1960

| publisher = Princeton University Press

| year = 1963

| location = Princeton

| pages = [https://archive.org/details/monetaryhistoryo00frie/page/254 254–266]

| url = https://archive.org/details/monetaryhistoryo00frie

| url-access = registration

| isbn = 0-691-00354-8}}

He died on December 31, 1960, in Chestnut Hill, Massachusetts.{{cite news |title=Roy A. Young Dead. A Banker In Boston |url=https://query.nytimes.com/gst/abstract.html?res=9F00EFDF153DEE3ABC4A53DFB766838A679EDE&legacy=true |newspaper=The New York Times |date=January 2, 1961 }}

{{Reflist}}

• {{cite book|last=Meltzer|first=Allan H.|author-link=Allan H. Meltzer|title=A History of the Federal Reserve – Volume 1: 1913–1951|year=2003|publisher=University of Chicago Press|place=Chicago|pages=100–559|isbn=978-0226520001}}
• {{cite book|last1=Friedman|first1=Milton|author-link1=Milton Friedman|last2=Schwartz|first2=Anna J.|author-link2=Anna Schwartz|title=A Monetary History of the United States, 1867–1960|title-link=A Monetary History of the United States|year=1993|orig-year=1963|publisher=University of Chicago Press|place=Chicago|pages=256–416|isbn=978-0691003542}}

• [https://fraser.stlouisfed.org/title/445 Statements and Speeches of Roy A. Young]

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{{s-ttl|title=President of the Federal Reserve Bank of Minneapolis|years=1919–1927}}

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{{s-bef|before=William P. G. Harding}}

{{s-ttl|title=President of the Federal Reserve Bank of Boston|years=1930–1942}}

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{{s-bef|rows=2|before=Daniel Richard Crissinger}}

{{s-ttl|title=Member of the Federal Reserve Board of Governors|years=1927–1930}}

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{{s-ttl|title=Chairman of the Federal Reserve|years=1927–1930}}

{{s-aft|after=Eugene Meyer}}

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Category:1882 births

Category:1960 deaths

Category:American Woolen Company

Category:Chairs of the Federal Reserve

Category:Coolidge administration personnel

Category:Federal Reserve Bank of Boston presidents

Category:Federal Reserve Bank of Minneapolis presidents

Category:Hoover administration personnel