Roy A. Young
Roy A. Young | |
|---|---|
| Born | Template:Birth date Marquette, Michigan, U.S. |
| Died | December 31, 1960 (aged 78) Chestnut Hill, Massachusetts, U.S. |
| Occupation | Banker |
| Years active | 1900s–1940s |
| Known for | 4th chairman of the Federal Reserve (1927–1930), president of the Federal Reserve Bank of Minneapolis (1919–1927), president of the Federal Reserve Bank of Boston (1930–1942) |
Roy Archibald Young (May 17, 1882 – December 31, 1960) was a prominent American banker who held the position of the 4th chairman of the Federal Reserve from 1927 until 1930. His leadership period included the Wall Street crash of 1929, which triggered the onset of the Great Depression. Prior to this role, Young was president of the Federal Reserve Bank of Minneapolis from 1919 to 1927 and later led the Federal Reserve Bank of Boston between 1930 and 1942.
Early life
Young was born in Marquette, Michigan, to James Wilson Young, a miller originally from Ontario, Canada, and Julia Healy, an immigrant from Ireland. He entered the banking industry at a young age, beginning as a messenger at eight years old. By 1913, he had progressed to assistant cashier and was appointed vice president of the Citizens National Bank.
Career
Young served as president of the Federal Reserve Bank of Minneapolis from 1919 through 1927 before being named chairman of the Federal Reserve Board. Following his term on the Board, he assumed the presidency of the Federal Reserve Bank of Boston until 1942. After leaving public service, he moved into executive roles in the private sector, including chairman positions at Merchants National Bank and subsequently at the American Woolen Company.
During his tenure as chairman, Young encountered significant disputes between the Federal Reserve Board and the Federal Reserve Bank of New York regarding measures to restrain stock market speculation in the late 1920s. The Board supported using "direct pressure" on member banks, whereas New York preferred increasing the discount rate. Despite the Board's decision against raising rates, Young harbored skepticism about the efficacy of direct pressure and notably declined to endorse the Board's 1929 Annual Report because it advocated that policy.
Death
Roy A. Young passed away on December 31, 1960, in Chestnut Hill, Massachusetts.