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Eccles Fired As Reserve Chairman Traced To Giannini Power
Washington reports tie the abrupt removal of Federal Reserve Chair Marriner S. Eccles to A P Giannini and a push for tougher bank holding company laws. The narrative alleges Giannini’s vast Trans-America empire and political clout shaped the ouster while Eccles faced opposition over anti inflation policies and blunt defense of his stance. Truman then designated Thomas B McCabe to replace him to ease a difficult transition.
MENTIONED IN THIS ARTICLE
Washington
Eccles
A. P. Giannini
Giannini
Marriner S. Eccles
Federal Reserve Board
New Deal
White House
Treasury
Truman
Snyder
I. Giannini
West
trans-America
Sen. Tobey
Senate Banking and Currency Committee
California
Arizona
Nevada
Oregon
Senate Banking Committee
Gianninis
Thomas B. McCabe