Benjamin Strong
1872 – 1928 American Governor of the Federal Reserve Bank of New York (1914-1928)
The New York Fed governor who ran US monetary policy in the 1920s and worked closely with Norman.
- Affiliations
- Dominant force in early US central banking and a key partner in interwar monetary cooperation.
Benjamin Strong was the first Governor of the Federal Reserve Bank of New York and the most powerful American central banker of his era. He built the New York Fed into the center of US monetary policy and cooperated closely with Europe, especially Britain. His decision to ease credit in 1927 to support the gold standard is often linked to the stock market boom. He died in 1928, leaving the Federal Reserve divided on the eve of the crash.
Connections
- associate of Hjalmar Schacht — Cooperated on stabilizing European currencies in the 1920s.
- associate of Montagu Norman — Close friend and collaborator; they vacationed together and coordinated Anglo-American policy.
- associate of Montagu Norman — Close friend and main partner in Anglo-American central-bank cooperation.
In the timeline
- 1910 The secret Jekyll Island meeting mentioned
- 1914 Benjamin Strong takes charge of the New York Fed central figure
- 1914 Benjamin Strong becomes first governor of the New York Fed central figure
- 1916 Strong's scouting trip and first meeting with Norman mentioned
- 1918 The Norman-Strong compact between the central banks mentioned
- 1923 Hjalmar Schacht appointed head of the Reichsbank mentioned
- 1927 Benjamin Strong's easy-money rate cut central figure
- 1928 Death of Benjamin Strong central figure
- 1928 Benjamin Strong sails for Europe to resign central figure
- 1928 Death of Benjamin Strong central figure