History

Marriner Eccles: Father of the Modern Federal Reserve

Marriner Eccles was one of the premier economic thinkers of his time. The Chairman of the Federal Reserve under Presidents Roosevelt and Truman, Marriner was integral to the economic policies of the 1930s and '40s; he was a staunch advocate for the independence of the nation's central bank, and a voice of the New Deal.

Marriner Eccles: Father of the Modern Federal Reserve

56m 40s

Marriner Eccles was one of the premier economic thinkers of his time. The Chairman of the Federal Reserve under Presidents Roosevelt and Truman, Marriner was integral to the economic policies of the 1930s and ‘40s; he was a staunch advocate for the independence of the nation’s central bank, and a voice of the New Deal.

Episodes

  • Marriner Eccles: Father of the Modern Federal Reserve: asset-mezzanine-16x9

    Marriner Eccles: Father of the Modern Federal Reserve

    56m 40s

    Marriner Eccles was one of the premier economic thinkers of his time. The Chairman of the Federal Reserve under Presidents Roosevelt and Truman, Marriner was integral to the economic policies of the 1930s and ‘40s; he was a staunch advocate for the independence of the nation’s central bank, and a voice of the New Deal.

Extras + Features

  • Extended Trailer: asset-mezzanine-16x9

    Extended Trailer

    1m

    Discover one of the premier economic thinkers of the 1930s — Marriner S. Eccles.

  • The Treasury-Federal Reserve Accord: asset-mezzanine-16x9

    The Treasury-Federal Reserve Accord

    2m 25s

    In modern history, the U.S. Treasury and the Federal Reserve have operated as fully separate institutions — the Treasury manages the nation’s debt, while the Fed sets monetary policy — but this was not always the case. Throughout the 1940s, the Fed had worked with the Treasury to help finance the war effort, but by the 1950s, it was time for this arrangement to come to an end.

  • The Role of the Modern Federal Reserve: asset-mezzanine-16x9

    The Role of the Modern Federal Reserve

    2m 37s

    What is the role of the Federal Reserve in regulating the U.S. economy? The Fed has two major roles: monetary policy, accomplished through the setting of interest rates, and oversight of the financial system, such as the regulation of the banking system at large. Through these two sets of tools, the Fed can stimulate a sluggish economy, reduce inflation, and ensure banks are operating properly.

  • Marriner Eccles' Road to the Chairman of the Federal Reserve: asset-mezzanine-16x9

    Marriner Eccles' Road to the Chairman of the Federal Reserve

    4m

    In a speech before Congress in 1933, with the nation in the throes of the Great Depression, a previously-unknown banker from Utah took to the podium to advocate for unprecedented, major government interventions in the economy — from unemployment insurance to housing assistance. His name was Marriner Eccles, and his ideas would soon propel him to the seat of chairman of the Federal Reserve.

  • The Great Depression: asset-mezzanine-16x9

    The Great Depression

    2m 38s

    Marriner Eccles' experiences during the Great Depression led to an epiphany — rather than relying solely on the free market, Marriner came to believe that in times of economic hardship, the federal government had a responsibility to intervene on behalf of the people, or risk the collapse of democracy and capitalism both.

  • Marriner Eccles – The Early Years: asset-mezzanine-16x9

    Marriner Eccles – The Early Years

    5m 7s

    Long before he came to head the Federal Reserve Board, Marriner Eccles began life as the son of Scottish immigrants, Mormon settlers searching for a better life in Northern Utah. Marriner would get his business acumen from his father, David Eccles — a successful entrepreneur, and at the time one of the wealthiest men between Denver and San Francisco.

  • Trailer: asset-mezzanine-16x9

    Trailer

    30s

    Marriner Eccles was one of the premier economic thinkers of his time. The Chairman of the Federal Reserve under Presidents Roosevelt and Truman, Marriner was integral to the economic policies of the 1930s and '40s; he was a staunch advocate for the independence of the nation’s central bank, and a voice of the New Deal.

Schedule

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