James Robertson (central banker)
James L. Robertson | |
|---|---|
| Born | Template:Birth date Broken Bow, Nebraska, U.S. |
| Died | February 23, 1994 (aged 86) |
| Occupation(s) | Economist, attorney |
| Years active | 1927–after 1973 |
| Known for | Member of the Federal Reserve Board of Governors (1952–1973), Vice Chairman (1966–1973) |
James L. Robertson (October 1, 1907 – February 23, 1994) was a prominent American economist who held a position on the Federal Reserve Board of Governors between 1952 and 1973. He served as the board's vice chairman from 1966 until 1973.
Early life and career
Robertson was born in Broken Bow, Nebraska in 1907. He obtained both a Bachelor of Arts and a Bachelor of Law from George Washington University. Beginning in 1927, he was employed at the U.S. Senate Post Office, where he advanced to Chief Clerk from 1928 through 1931.
In 1931, he gained admission to the Bar of the Court of Appeals for the District of Columbia. The following year, he earned a Master of Law degree from Harvard Law School and briefly held the position of special agent with the Federal Bureau of Investigation. In 1933, Robertson became assistant counsel on the legal team at the OCC. He was admitted to practice before the United States Supreme Court in 1935 and elevated to assistant chief counsel at the OCC in 1942.
During World War II, he served as a lieutenant in the United States Navy Reserve from 1943 to 1944. After his military service, Robertson was appointed First Deputy Comptroller of the Currency. In 1952, President Harry S. Truman appointed him to the Federal Reserve Board. Later, President Lyndon B. Johnson reappointed him in 1964, and Robertson assumed the role of vice chairman in 1966.
Career
While on the Federal Reserve Board, Robertson championed the establishment of a federal banking commission aimed at unifying bank examination and regulation within a single entity. Presently, this oversight is divided among:
- The Office of Comptroller of the Currency (OCC)
- The Federal Reserve
- The Federal Deposit Insurance Corporation (FDIC)
Robertson gained recognition for frequently casting dissenting votes during board deliberations. A notable example occurred in 1965 when he stood alone opposing the approval of Grace National Bank's acquisition by Marine Midland Bank, expressing:
"I cannot accept the view that simply because Grace has in effect been labeled a limited service bank and Marine Midland a full service bank, there is no significant competition."
Concerning the Truth in Lending Act, he provided testimony before the Senate Banking and Currency Committee's Subcommittee on Financial Institutions in 1969:
"The functions vested in the Board by the Truth in Lending Act should not be taken as a precedent for assigning to the Board wide-ranging duties in consumer protection. Such an assignment would conflict with our primary duties in monetary policy. We recommend that responsibility for implementing such legislation be assigned to an agency more familiar with consumer issues."
Following his departure from the Federal Reserve, Robertson practiced law with the firm Bierbauer and Rockefeller as an attorney.