Eugene Robert Black
Eugene Robert Black I | |
|---|---|
| Born | Template:Birth date Atlanta, Georgia, U.S. |
| Died | December 19, 1934 (aged 61) Atlanta, Georgia, U.S. |
| Occupation(s) | Lawyer, businessman |
| Known for | 6th chairman of the Federal Reserve (1933–1934), Governor of the Federal Reserve Bank of Atlanta (1928–1933, 1934) |
Eugene Robert Black I (January 7, 1873 – December 19, 1934) was a prominent American lawyer and businessman who held the position of the 6th chairman of the Federal Reserve between 1933 and 1934. Prior to this role, he was the governor of the Federal Reserve Bank of Atlanta from 1928 until 1933, and resumed this role from August 1934 until his passing later that year.
His eldest son, Eugene R. Black Sr., went on to become the third president of the World Bank Group, serving in that capacity from 1949 through 1962.
Early life
Black was born in Atlanta, Georgia and pursued his education at the University of Georgia. During his time there, he was a member of both the Chi Phi fraternity and the Phi Kappa Literary Society. He spent 28 years practicing law before assuming the presidency of the Atlanta Trust Company in 1921.
Career
In 1928, Black took over from longtime governor Max Wellborn as Governor of the Federal Reserve Bank of Atlanta. In response to the Wall Street Crash of 1929, he promptly provided currency and credit support to banks in Nashville and nearby regions to prevent widespread bank runs.
During the Great Depression, Black ensured liquidity within his district by rapidly supplying cash to distressed banks and extending credit secured by valuable collateral. Together with George L. Harrison, governor of the Federal Reserve Bank of New York, he supported open market operations aimed at increasing reserves. His proactive monetary policies resulted in his appointment to the Federal Reserve Board in 1933.
Personal life
In 1897, Black married Gussie Grady, daughter of noted Atlanta journalist and orator Henry W. Grady. They had a son, Eugene Robert Black II. Black passed away due to a heart attack on December 19, 1934, in his hometown of Atlanta, Georgia.