Eccles #5, Chair No More

As Janet Yellen leaves on her final day as Chair of the Federal Reserve System we take a look back at the last complicated transition from one Chair to the next - that of Marriner Eccles 70 years ago to the day. As always, I can be reached for comments, feedback, or questions on twitter or via my website www.thebanksterpodcast.com.

Introduction

I am Alexander Bagehot and you’re listening to The Bankster Podcast, the only podcast dedicated to the fascinating and ever more consequential world of central banking.

On February 3rd Janet Yellen will walk out of the Federal Reserve for the last time as Chairwoman of the most important financial institution in the world. Her’s was a career of firsts. But in an uncomfortable ending to a term as Chair she is not alone. In fact, exactly 70 years to the day, February 3rd, 1948 Marriner Eccles ended his term as Chair of the Federal Reserve.

As I was rereading about Eccles’ experience, I couldn’t help but see striking parallels to the end of Janet Yellen’s incredible term as Chair. So for today’s episode I’m going to share a dramatic reading of a few pages from the biography of Marriner Eccles, written by Sidney Hyman.

Conclusion

As always, I can be reached for comments, feedback, or questions on twitter or via my website www.thebanksterpodcast.com.

Today’s episode was written, edited, and produced by me, Alexander Bagehot. Thanks to all of you for listening, and I’ll see you next time on The Bankster Podcast!