William Poole (economist)
William Poole | |
|---|---|
| Born | June 19, 1937 Wilmington, Delaware, U.S. |
| Occupation | Economist |
| Years active | 1964–present |
| Known for | Eleventh president of the Federal Reserve Bank of St. Louis (1998–2008) |
William Poole (born June 19, 1937) is a notable American economist who held the position of the eleventh president of the Federal Reserve Bank of St. Louis from March 23, 1998, until March 31, 2008. In 2007, he participated as a voting member on the Federal Open Market Committee, offering insights from his District during national monetary policy deliberations. After concluding his tenure at the Federal Reserve, Poole took on roles as Senior Fellow at the Cato Institute, Senior Advisor to Merk Investments, and Distinguished Scholar in Residence at the University of Delaware starting in fall 2008.
Biography
Originating from Wilmington, Delaware, Poole completed his undergraduate studies with an A.B. degree at Swarthmore College in 1959. He subsequently earned an M.B.A. in 1963 and a Ph.D. in economics in 1966, both from the University of Chicago. In recognition of his achievements, Swarthmore conferred upon him a Doctor of Laws degree in 1989.
Poole’s professional journey began at the Board of Governors of the Federal Reserve System in 1964, where he advanced to senior economist between 1969 and 1974. He then transitioned to academia at Brown University, where he chaired the economics department twice and led the Center for the Study of Financial Markets and Institutions. Prior to his appointment at the St. Louis Fed, he held the Herbert H. Goldberger Professorship in Economics at Brown.
His extensive advisory experience includes serving as senior adviser to the Brookings Panel on Economic Activity (1970–1990), visiting economist at the Reserve Bank of Australia (1980–81), and membership on the Council of Economic Advisers (1982–85). Additionally, he advised several Federal Reserve Banks such as those in New York and Boston. From 1985 until joining the Federal Reserve Bank of St. Louis, Poole was an adjunct scholar at the Cato Institute and participated in the Shadow Open Market Committee. His advisory contributions extended to the Congressional Budget Office Panel of Economic Advisors (1989–95), along with visiting scholar roles at Erasmus University and Federal Reserve Banks in San Francisco and Boston.
Poole authored two significant works: Money and the Economy: A Monetarist View (1978) and Principles of Economics (1991). Throughout his decade-long leadership at the St. Louis Fed, he delivered more than 150 presentations on economic policy matters.
Beyond academia, Poole has engaged in leadership positions including director for United Way of Greater St. Louis, trustee for Webster University, and member of the Chancellor's Council at University of Missouri-St. Louis between 1999 and 2003. His accolades include induction into The Johns Hopkins Society of Scholars (2005), receipt of the Adam Smith Award from the National Association for Business Economics (2006), and earning the Frederick Heldring Award from the Global Interdependence Center (2007).
Speaking out
In a July 10, 2008 interview with Bloomberg News concerning government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac, Poole asserted that "Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer." His remarks triggered a sharp decline in GSE stock prices, leading to reactions from congressional representatives, OFHEO regulators, Treasury officials, and President George W. Bush, all aiming to stabilize markets and prevent a government bailout.
Poole delivered the keynote address at the 2009 Tulane Corporate Law Institute.
In April 2009, addressing concerns related to Treasury Secretary Timothy Geithner's involvement during the 2008 financial crisis, Poole criticized actions by the Federal Reserve that expanded its balance sheet from $900 billion in October 2007 to more than $2 trillion through money creation "out of thin air." He cautioned this approach could provoke "massive inflation" while bypassing congressional budgetary authority. Poole advocated that many bailout initiatives should be enacted through legislation rather than administered by the Federal Reserve.
See also
External links
- 1937 births
- 20th-century American economists
- 21st-century American economists
- Brown University faculty
- Cato Institute people
- Economists from Delaware
- Economists from Missouri
- Federal Reserve Bank of St. Louis presidents
- Federal Reserve economists
- Living people
- People from Wilmington, Delaware
- Swarthmore College alumni
- United States Council of Economic Advisers
- University of Chicago Booth School of Business alumni
- University of Delaware faculty