Strong, Benjamin 1872-1928

BANKER

Reputation.

Benjamin Strong, governor of the New York Federal Reserve Bank from 1914 through 1928, was regarded by his contemporaries as the greatest central banker America had produced since Nicholas Biddle (president of the Bank of the United States from 1823 to 1836). He was considered more influential than his superior, the chairman of the Board of Governors of the Federal Reserve System in Washington. Strong died one year before the crash occurred, but controversy raged and continues to rage about what role his policies played in bringing on the crash.

Policies.

In his first years as governor, Strong had advocated an extremely conservative and limited role for the Federal Reserve banks, but during World War I he condoned their expansion of services, particularly in regard to issuing Liberty Bonds. Following the war those in New York financial circles lobbied for the increased use of war-profits...

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