Graham Towers

Graham Towers
Graham Towers
Born	Template:Birth date; Montreal, Quebec, Canada
Died	December 4, 1975 (aged 78)
Occupation(s)	Economist, Banker
Known for	First governor of the Bank of Canada (1934–1954)

Graham Ford Towers (29 September 1897 – 4 December 1975) was a prominent Canadian economist who became the inaugural governor of the Bank of Canada, holding the position from 1934 until 1954.

Biography

Towers was born in Montreal, Quebec, and received his early education at St. Andrew's College. He commenced studies at McGill University in 1915. During the First World War, he served in the Canadian Army Service Corps as a Railhead Supply Officer stationed in France. After the war, he returned to McGill and graduated in 1919 with a Bachelor of Arts degree, earning first-class Honors in Economics and Political Science.

Throughout World War II, Towers led both the Foreign Exchange Control Board and the National War Finance Committee. Between 1944 and 1954, he acted as President of the Industrial Development Bank, while concurrently serving as Canada's alternate Governor at the International Monetary Fund from 1946 to 1954. Having held senior roles at the Royal Bank of Canada for many years, he was instrumental in advocating for the creation of the Bank of Canada and directed its operations for twenty years until James Coyne took over.

In recognition of his service, Towers was named a Companion of the Order of St Michael and St George in 1944 and later honored as a Companion of the Order of Canada in 1969.

In 1939, he appeared before the Canadian Government's Standing Committee on Banking and Commerce to discuss Canada's banking framework. He notably emphasized Parliament's supreme authority over monetary policy, asserting that Parliament possesses the ability to modify banking regulations if it so chooses.

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