Benjamin Strong, the Federal Reserve, and the limits to interwar American nationalism: Part II: Strong and the Federal Reserve System in the 1920s

From: Economic Quarterly - Federal Reserve Bank of Richmond | Date: April 1, 2000| Author: | Copyright information

1. BENJAMIN STRONG: CONTEMPORARY VIEWS

Controversial in life, the dominating figure of Benjamin Strong, first governor of the Federal Reserve Bank of New York, continues to precipitate debate long after his death in 1928. "There are," intoned former President Herbert Hoover, "crimes far worse than murder for which men should be reviled and punished."1 Perhaps slightly biased by the fact that the Great Depression had ruined his presidency, he was referring to what he perceived as deficiencies in Federal Reserve policy during the 1920s. In particular, Hoover believed that the United States ...

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